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What happens to the mortgage when a person sells their house?

by jsbach57 from Birdseye, Indiana. Jul 14th 2020 Reply


Corey Vandenberg (Coreyv)
#66 ranked lender in Indiana - 34 contributions

It is paid off at the closing by the title company

Jul 14th 2020
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,406 contributions

It depends on the type of loan. Certain loans are eligible for assumption by the buyer, but for those that are not, You establish an Escrow with and escrow company that is charged with the responsibility of collecting all the necessary paperwork and money to complete the transaction and on settlement day records the documents with the County Recorder and distributes the proper amount to each party according to the terms of the contract. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We got you covered. NEXA Mortgage is licensed in 46 states ~ www.ApplyYes.com 480-889-9000

Jul 14th 2020
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