 What do you do if you owe more than your house is worth? |
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Additional Details
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simolianturtle2 | What is the process if you want to sale your house, but it isn't paid off yet? |
Like if you still owe $15,000 and someone wants to buy it for $25,000. When you are buying it from a person, not a real estate agency. What steps need to be taken if you don't have the money to pay off the balance before the other people pay you for the house. Any help will be appreciated.
Additional Details
~~~~We didn't get a loan for this place. We signed a contract and are making monthly payments. ~~~~ |
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Amanda H
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99% of sales are done on homes that are not paid off.
If you are making payments to someone else and you ARE NOT the person on title (THEY ARE) the person who you make payments to will have to be involved.
If YOU are on title and there is simply a recorded payment agreement, this is easy. You need the person who holds the loan to get with the title/escrow company and inform them of the total amount due (including any pro-rated interest) before closing. Then, when the new buyers buy the property and get a conventional loan, their loan puts the payment into the escrow account. The older owner whom you owe money to gets his money first, any escrow costs are deducted, and then the escrow company cuts you a check for the remaining amount. |
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Barney B
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First of all tell me, is this property registered in your name or is it still registered in the name of the person who you are paying of on a monthly basis.
barney.barnard@yahoo.co.uk |
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kl_steer
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This is what typically happens.
You own a house worth $25,000. The bank/lender has the mortgage against the property for $15,000. The mortgage is filed against the property. So anyone who wants to buy your house would know that you owe this much money to the bank. They would know this because it would be on the record. When you are ready to sell the house, say for $25,000, the buyer would hire an attorney who would run a search for all the liens and mortgage against the property and contact the creditors for a payoff amount. These lien owner or mortgage holder would authorize the removal of their lien once they receive their money. Once your attorney gets that authorization in the form of satisfaction of mortgage/lien, s/he would file it to show that the mortgage was satisfied. Buyer would then have purchased the property free from lien or mortgage. |
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newmexicorealestateforms
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Get a professional agent to help you; to market the property and complete the paper work is the same as if it was paid off the only difference is that the buyer will need to give you enough money to pay it off and you get the difference. |
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gsschulte
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if it is an actual house then it would be best to get an real estate agent involved so that all the paperwork gets done right. but what you would so is sign all the documentation with the new owner and then take your check and pay off your old loan balance. but if you are trying to do an owner will carry i dont think you can with out involving the original owner and paying them off first. |
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business creature
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Listen here buddy almost every house sold on the market to day has some sort of debt tied in to it. It’s the same process as buying any other house. When you get a loan to pay for the house from a lender they will in turn pay off the remaining balance to the previous loan tied to the house note. Then you will pay that lender you borrowed money from in monthly installments tell you pay their loan they gave you off and clear. |
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joe_ballarino
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You should have an attorney or title company process the closing for you, depends on where you live... At the closing, the buyer will bring certified funds (check as good as cash).
The closing agent will prepare a closing statement, which will include the payoff of the existing mortgage among other expenses.
Once both parties sign all the documents, the closing agent will cut a check directly to your mortgage company to pay off the outstanding balance. You will receive a check for the difference less any other costs
Joe Ballarino
http://www.AmerivestRealty.com |
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David J
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First off, I am a real estate agent in kansas city so I would probably recommend that you use a knowledgeable real estate agent even though you do not want to. However, if you are determined to go it alone, I would use a good,experienced, and recommended title company. They will be able to point you in the right direction of a very complicated transaction and provide title insurance and make sure the deed is transferred at the local county courthouse. They will also provide you with a closing statement that will show you financing costs, closing costs, with a debit and credit for both the buyer and seller of the property. The title company will also arrange to pay off the property to the bank or financing company that holds the lien on the existing property. Different states obviously have different real estate laws so again I would stress at least talking to a real estate agent or a real estate attorney. For recommendations on real estate agents in your town, you can email me at Dave@TheDaveJacksonTeam.com |
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Kathleen M
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You hire someone to do a closing for you. Usually either a title insurance company or an attorney. They will then take care of making sure everything gets paid for that needs to be paid at the closing. I work for a title company, and when we do closings we call the bank for a written pay-off letter, and then do the closing in our office. At the time of closing, we write checks for any closing fees, write a check to pay-off the mortgage and then would write a check to you as the seller for the balance due you after fees. |
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Kelly_from_Texas
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Based on these questions that you're asking, you really need help from a real estate agent. You're very confused as to what goes on when you sell a house. Good luck to you! |
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practicalwizard
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are you buying another house? you work that out with your mortgage company. if you really don't know what you're doing (i wouldn't know and i don't know what to tell you, even though my mom was a realtor) i would suggest finding a realtor. |
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