What happens when you sell a house with a mortgage?

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asked Jun 4 in Real Estate - Renting by FrikLober (250 points)
What happens when you sell a house with a mortgage?

1 Answer

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answered Jun 4 by Jasire (9,360 points)
You can sell your home while it still has a mortgage on it but you do need to talk with the bank you got your mortgage from for approval.

The bank you got your mortgage from will want you to pay off the mortgage in full with the money you made from the sale of the home.

If you have any other liens on the house such as taxes etc then they too will be paid out of the proceeds from the sale of your home.

If you do sell your home remember that the mortgage will need to be paid off in full and you won't be able to just make payments on the mortgage anymore.

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