Hi, I wonder what will happen if I have to sell my house due to change of job location and such, but I am still paying the mortgage? What will happen between me and the bank? thank you!!
2007-09-21 02:32:56 · 6 answers · asked by Tsu-Fan C 1 in Business & Finance ➔ Renting & Real Estate
When you sell your house the bank that gives a loan to the people who buy your house will pay off your loan with the that money. Anything over the amount you owe on your house will come to you in the form of a check at the closing. You won't have to do the paperwork that's what your Realtor does. She also gets a commission for selling your house. The commission is usually six percent of the sale. But that may be different depending on where you live. Hope that helps.
2007-09-21 02:40:53 · answer #1 · answered by smile4u 5 · 0⤊ 0⤋
You must continue to pay the mortgage until you no longer own the property. That is what you agreed to do when you borrowed the money. The bank expects you to keep your side of the bargain. If you need to sell your home quickly because you are moving, go to HouseBuyerNetwork.com and see if they have coverage in your area of the country with an investor or quick sale agent. Good luck!
2007-09-21 02:38:50 · answer #2 · answered by Christiane 3 · 0⤊ 1⤋
that is how 99% of houses are sold. at the closing, the new buyer pays off your mortgage with the money he gets from his new mortgage.
2007-09-21 02:37:19 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I don't understand your question. You continue to make your mortgage payments until the house is sold. You would just need to tell the bank the house is empty - I think you need to take out additional insurance. That's it.
2007-09-21 02:50:15 · answer #4 · answered by I_Hate_Stupidity 2 · 0⤊ 1⤋
You pay your mortgage until you close on your house. When you close, the money you owe on your house comes out of what you get paid for you house. Hopefully your house appreciated so you get paid more money than you owe on the house.
2007-09-21 02:37:44 · answer #5 · answered by Land Shark 3 · 0⤊ 0⤋
If you sell your house you will no longer have mortgage payments due. is this what you are asking? http://www.choicerealestate.net/
2007-09-21 03:56:19 · answer #6 · answered by Anonymous · 0⤊ 1⤋
you find a buyer for the house which is willing to pay you more then the note, you sell and move
2007-09-21 03:22:12 · answer #7 · answered by goz1111 7 · 0⤊ 1⤋
Yes, that's a good point
2016-07-30 03:37:12 · answer #8 · answered by Anonymous · 0⤊ 0⤋