Home Mortgage

what happens when you have a fixed rate 2nd mortgage on a home and you want sell the home to move into another

Posted by admin on July 20, 2010 Leave a comment (4) Go to comments

Once you sell, your first and second will get paid off. You will start an entirely new loan for the new home.

diamond gal July 21, 2010 at 1:46 am

All mortgages and leans must be paid off during the sale
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Deb S July 21, 2010 at 2:21 am

Once you sell, your first and second will get paid off. You will start an entirely new loan for the new home.
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The Lorax July 21, 2010 at 2:30 am

need to sell for more than your mortgages totals. 1st mortgage 300k, 2nd 100k, need to sell the house for more than 400k
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Colanth July 21, 2010 at 2:55 am

If the mortgage (any mortgage) is assumable, the buyer can assume it (take it over), otherwise it gets paid off at closing.
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