can you sell a house before you pay off the mortgage

Your mortgage loan is the superior, or senior, lien on your home in almost all cases. Basically, if you sell your house, your mortgage lender will be first in line demanding that its loan be.

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I agree about selling the house but disagree strongly about the advice to stop paying on your mortgage. When you sell the house, you must deliver a clean title, which means that your mortgage (as well as any other liens) must be paid off. The unpaid interest that accrues on your mortgage will be added to the balance that you must pay. In.

You would contract to buy your new house first, and arrange for the mortgage you need to effect the purchase. You then put your old house on the market, setting a closing date beyond the closing on the new house. That way, you can stay in your old house until you are ready to move into the new one.

If I’m wrong and you wake up next spring and you hate having your house paid for and no money in your brokerage account, go get you a mortgage. You can always undo this. When you pay off your house and burn the mortgage, take off your shoes and walk through the backyard. The grass feels different under your feet.

Most importantly, when the housing market is experiencing a glut, you need to realize that the price point where you can sell your home is likely to be less than you’d like, and possibly even less than you paid for the house. But remember, if you cannot afford to sell your house for less than you paid, you.

But, you have to get enough for it that the mortgage gets paid off, or you sell it for less than the mortgage payoff and make up the difference in cash. When you go to sell your house, all of the information about how much is owed and how much money will be made on the sale (after things like agent fees, closing costs, etc.).

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Buying a New House Before Selling the Old One. future payments will include the payment on the existing mortgage as well as the payment on a. or changes employers, she must pay back the loan in full within a short period, often 60 days.

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