Can You Sell the House Even When Your Home Loan Is Outstanding?
So, you're sitting on your couch, sipping on a cup of coffee, and a thought crosses your mind. What if you want to sell your house but still owe a chunk of your mortgage? It sounds like a sticky situation. To help you out, here are some tips for selling your home with an outstanding loan. The Basics of Selling with an Outstanding Loan So, how does it work? Many homeowners find themselves in this boat. The process isn't as complicated as it might seem. Step one involves reaching out to your mortgage lender. You'd need to get a payoff quote. Lastly, it would be best if you worked out how to use the sale proceeds to clear the loan. But wait, there's more to it than just these steps. Let's Break It Down You must notify your lender when you decide to sell my house fast for cash in Dallas , TX. They'll calculate a 'payoff amount,' which might differ slightly from your current loan balance due to interest and fees. So, what's next? Your home sale proceed