It is possible to sell your home if you have not yet finished paying the mortgage , we will clarify all your doubts in this regard and provide you with the necessary information to know what the sales process is. It will only be necessary to be clear about some points, for example, how much the purchase and sale expenses cost, what are the requirements to carry out this process, how long it will take, among others. Is it possible to sell my home if I haven’t finished paying the mortgage? Of course, it is possible to sell your home without finishing paying the mortgage. In fact, it is a fairly common process today . It is quite similar to buying a home free of all liens, in other words, fully paid for. The latest data on home sales indicates that of those who chose to buy a property needed to apply for a mortgage loan to do so . Mortgaging is as common as selling a mortgage.
Steps to follow to sell a mortgaged home
There are two ways to sell your home without paying the mortgage. Pay off the mortgage loan with the money from the sale This is the most common way to sell a mortgaged home. To achieve this, it will be necessary to ask the bank, with which Russia Email List you have the mortgage, to provide you with the certificate of outstanding debt. This certificate lets us see how much has been paid, how much remains to be paid and how much the mortgage loan cancellation costs will be. In addition, it will be necessary to complete the Documented Legal Acts Tax (IAJD) form. If the price of the home is greater than the amount owed on the mortgage loan , the buyer issues two checks . One will be for the total amount of the mortgage in addition to the cancellation costs , and another for the rest of the money from the purchase and sale.
Mortgage subrogation
Another way to sell a mortgaged home is through mortgage subrogation. This involves transferring the mortgage to the new owner. However, the reality is that to carry out this operation, you must first obtain the bank’s approval. The entity will be in Taiwan WhatsApp Number List charge of analyzing the debt capacity of the new owner. This is a great option, since in this case, the seller does not have to pay the costs. Of canceling the mortgage and the buyer avoids opening costs. The new owner will assume all the conditions of the mortgage loan and must pay the costs of subrogation. Are there other alternatives? An alternative is to apply for a bridge mortgage , which provides the possibility. Of buying a new home before having sold the current one. To achieve this, the bank offers us a new loan , for the price of the new home. Plus the amount that remains to be paid on the previous mortgage. This way, you will be able to pay the mortgage on your first home and unify the two loans into one.
