what happens to mortgage when you sell

2014-08-01  · Have you ever taken out a loan from a mortgage company or bank only to find out a few months down the road that it’s been sold? Don’t be surprised if this happens to you — multiple times — because it’s common that lenders sell mortgages.

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What Happens to Your Mortgage When You Sell Up: Part 2 In the second of a two-part series, Alisa Aragon outlines the best FAQs to take to your lender to avoid tough pre-payment penalties

What Happens to the Excess Escrow Balance When Selling a House?. If a lender finances your home, he may require you to maintain a mortgage escrow account. Each month, you will pay one-twelfth of your annual property tax and homeowners insurance obligations into the account. When the property’s insurance and taxes.

While most of these questions vary from policy to policy and home to home, the one question that can be answered no matter what type of home or policy you have is what happens to the policy when you sell your house. The Basics of Homeowners Insurance

2019-08-17  · Can I sell a home with a reverse mortgage? In a word, yes. Selling a house with a reverse mortgage is not much different than selling any other home. With a traditional mortgage, when you sell the home, you need to pay off the mortgage in full. The same applies to a reverse mortgage.

If you wish to sell your house for less than what you owe then that probably needs the approval of your mortgage holder and there is a legal procedure for that, that you must follow. The is called a short sale.

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When you sell your house, what happens to your mortgage. – Let’s say you bought a $500K house and took out a 30 year 0k loan. The total amount of the loan (principal + interest) over 30 years is $600K. After 5 years, you decide to sell the house for $550K, and you have $500K remaining on your loan.