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Can You Sell Land If You Have A Mortgage
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How To Sell Part Of Your Land If You Have A Mortgage
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I am selling my house and preparing to move. But you took out a loan to buy it, and you can barely repay it. And if you still have a significant amount of credit outstanding, will that hinder your sale?
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Of course, a mortgage is technically a lien against your home. This means that someone else (i.e. your lender) has a claim on the property. Unlike other liens, these are so common and easy to resolve that they are not typically considered a cloud on the title.
“Most people who sell their homes have excellent mortgages,” says Melissa Cohn, regional vice president of William Raveis Mortgage in New York City and Florida. She says, “Having a mortgage doesn’t stop you from selling your home as long as you have enough equity to pay it off in full when it closes.”
Simply put, you can sell your home even if you still owe money on the mortgage. In fact, it’s quite common for people with mortgage debt to experience this. However, once you complete the sale, you will need to pay the outstanding balance. This is often part of the check cashing round that occurs during closing. This expectation that you will use the proceeds from the sale to repay your debt is why the lender will allow the sale to proceed.
When selling a property with a lien on it, equity is important. Basically, home equity is equal to the value of your home minus the outstanding mortgage balance. For example, if your home is worth $250,000 and you owe $100,000 on the mortgage, you have $150,000 in equity. This is the cash amount, minus closing costs and expenses, that you will receive when you sign the final purchase agreement that completes the sale of your home.
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This positive home equity is what you need to repay the loan with the proceeds from the sale. As long as you sell your home for more than the outstanding balance on the mortgage, you can pay off the mortgage.
You can increase equity in your home by paying off your loan balance or realizing an increase in the value of your home through natural market changes or through improvements that increase its value.
If you can afford it, a great way to build equity is to make your 13th mortgage payment each year and designate it to be applied to the principal. This will help you pay off your mortgage faster by reducing the interest you pay on the outstanding balance.
Keep in mind that you will have to pay closing costs (including real estate agent fees, etc.) when you sell. So if your assets are barely positive, it may not be enough. If you don’t have enough equity in your home to pay off the mortgage with the proceeds from the sale, you’ll need to tap into other funds, such as savings, to make up the difference.
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One instance where you may have difficulty selling a home with a mortgage is if you have negative equity. Colloquially known as underwater or upside down, this basically means that your home is worth less than you owe on it.
Imagine buying a house for $300,000 and borrowing $240,000 with the usual 20% mortgage. Unfortunately, the local real estate market has improved and you find that you can sell the house for $215,000. If you still owe your lender $225,000, you can’t sell your house for a price that will still pay off what you owe. You are in the water.
Typically, when you sell a property, you must pay off any mortgage or loan secured by the home. You can list your property for sale and complete most of the process while the balance is outstanding, but you will need to repay the loan as the sale progresses. Here are four steps to follow:
If you are thinking of selling your home while you have a loan, the first thing you should do is contact your lender and request a notice or termination letter. This document states the amount you will have to pay the lender when you sell. The payment amount changes every month,
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