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kendricks
Apprentice
Joined: 19 Oct 2004
Posts: 9
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 Posted: 11/29/07 - 06:41 Post subject: |
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| Hi! I'm paying off my house through the mortgage for almost twenty years. There are only five years left for paying off the whole mortgage. Because my job is being transferred to another city I'm forced to move to that city. I need to sell my house in order to provide enough money to buy the new one in another city. Because I already have a mortgage on this house is it possible to transfer a mortgage to the buyer's name? What is the procedure for doing this? Thank you in advance. |
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isidora
Apprentice
Joined: 05 Feb 2004
Posts: 11
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| Posted: 12/28/07 - 22:28 Post subject: |
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| It is possible to transfer your mortgage to another person. The purchaser of your house needs to agree that he will take over monthly payments. If the purchaser fails to pay on time, the lender of the mortgage must attempt to collect the money from the original borrower, in this case - you. The buyer of your house must make payments on time in order to keep the house. The new owner of the house usually keeps up the mortgage payments to preserve his interest in the property. But, there's always a possibility that he doesn’t want to do that anymore. In this case he will not be liable to make mortgage payments unless he doesn't want to. Bottom line, it is possible to sell the house which is under mortgage but you must be very careful when deciding who will be the buyer of your house. That must be the person that you can always rely on. Be careful, or you will end up with paying the mortgage for the house that you don't own anymore. |
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