Comments on: Can I sell a house without paying off mortgage?

By: Alex

Alex — Sat, 05 Jun 2010 06:00:28 +0000

Hi i found some website link i think you should look at hope it answers your question.

By: Beverly S

Beverly S — Sat, 05 Jun 2010 05:34:02 +0000

No. The buyer would not have a clear title which any lender requires. Also your mortgage papers have a “due on sale” clause- meaning you can’t sell till they are paid off.

By: DeeDee

DeeDee — Sat, 05 Jun 2010 05:21:00 +0000

not legally.

By: Andrew D

Andrew D — Sat, 05 Jun 2010 04:43:02 +0000

WOW!!! I CANNOT BELIEVE EVERYONE SAID “no”!

YES, YES, and YES- you CAN sell a house without paying off an existing mortgage.

1) If the mortgage is assumable, by all means yes! All you need to do is assign payments to the buyer of the property. It may require the lenders consent or it may also be contractually prohibited by a due on sale clause.

2) If the mortgage has a due on sale clause but it is current on payments, why would the bank call the loan if the payments kept coming in??? If it’s not broken, don’t fix it right?

-They have got bigger fish to fry such as the many, many foreclosures that have been occurring all across the nation.

You can even create a Wrap around mortgage and create a revenue stream from the sale by having the attorney who processes the transaction create an “All Inclusive Trust Deed” (aka AITD) and ensure that the larger mortgage has a higher interest rate than the smaller mortgage.

And to ensure that the bank does not call the loan, you can deed the house into a trust that you own who then sells the property creating the wrap.

But consult an attorney about the matter for sound legal advice.

BUT HERE’S THE GREAT PART-

Once you sell the property and create your wrap, you can sell the wrap to cash4promissorynotes.com if you follow “the best note” guidelines. But call them up just to make sure they can buy it.

Call me up, my contact info is on the site I just mentioned, I’ll answer any further questions you have.

By: don1862

don1862 — Sat, 05 Jun 2010 04:00:35 +0000

It depends mostly on the loan agreement you signed with the bank. There also may be some state rules. Lenders do not like for you to do that. They made the loan based on your credit rating, and would be uncomfortable with you selling. Also, they would like to force you to pay off your low interest maortgage. If it is good for you, it is bad for the bank. Because of this, there are usually terms in a loan agreement requiring you to pay off the loan if you sell it.

By: RED

RED — Sat, 05 Jun 2010 03:44:22 +0000

You could possibly get a personal loan for the balance, pay off the mortgage and then sell. You’ll still have to pay the new loan, obviously. and probably with not as good interest rate.

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Anthony — Sat, 05 Jun 2010 03:32:52 +0000

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By: David M

David M — Sat, 05 Jun 2010 02:40:17 +0000

Maybe. But ask Loan Answers. I love these guys.

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By: tex k

tex k — Sat, 05 Jun 2010 01:47:49 +0000

No because to clear a mortgage you not only pay the outstanding sum left to pay but a proportion of the interest that the bank would have charged over the 15 years.Also you will never get a cash loan at a lower rate than a mortgage rate.And if you reckon your investment return will be higher than your mortgage charge then you are sadly misguided or misinformed.You would be far better renting the house paying the mortgage of as fast as possible and then selling .I reckon you could pay the mortgage of 8 years early without incurring penalty charges ( but this does depend on your lender)then sell the house on the open market .

By: Alterfemego

Alterfemego — Sat, 05 Jun 2010 01:08:07 +0000

No, the property is collateral for that mortgage.