 |
When you sell your house do you pay of your existing mortgage and start again? |
[Edit] |
Answer
Yes is generally the correct answer, unless you are currently under an FHA mortgage, which is an assumable loan. Check with your lender for more details.
It is possible to move a loan that is secured by a mortgage (or trust deed) to another property if the lender will approve the substitution of collateral. It is rarely done in the US. It is much more common when dealing with investor loans or in the UK. So, legally there is the possibility but practically most loans are paid off when the property securing the loan is sold.
First answer by ID1223370985. Last edit by JohnCorey. Contributor trust: 53 [recommend contributor]. Question popularity: 21 [recommend question]
|
Also see on Answers.com
Research your answer: |
Answers.com > Wiki Answers > Categories > Law and Legal Issues > Property Law > Deeds and Ownership > When you sell your house do you pay of your existing mortgage and start again?
Our contributors said this page should be displayed for the questions below. (Where do these come from ) |
| If any of these are not a genuine rephrasing of the question, please help out and edit these alternates. |
