Posted on: 13th Jan, 2009 11:41 am
if i sell my home and pay off mortgage do i have to tell my second mortgage lender evan if i still keep up payments or will they know anyway
Hi Guest!
Welcome to forums!
I think you should inform the lender that you will be selling off the property but you should also tell them that you intend to pay off the second mortgage. If the lender comes to know about it later on, he may penalize you for selling the property without informing him. So to be on the safer side, I would suggest you to inform the lender.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
I think you should inform the lender that you will be selling off the property but you should also tell them that you intend to pay off the second mortgage. If the lender comes to know about it later on, he may penalize you for selling the property without informing him. So to be on the safer side, I would suggest you to inform the lender.
Feel free to ask if you have further queries.
Sussane
wow...again
when you sell your home, there will be a title search performed, probably by the buyer's attorney. in the course of that title search, it will be determined that you have two mortgages. in order for you to sell, both of those mortgages must be paid in full. you have no choice unless you are attempting to complete a short sale.
if that's the case, you'll need to contact your lender(s) to discuss this with them.
when you sell your home, there will be a title search performed, probably by the buyer's attorney. in the course of that title search, it will be determined that you have two mortgages. in order for you to sell, both of those mortgages must be paid in full. you have no choice unless you are attempting to complete a short sale.
if that's the case, you'll need to contact your lender(s) to discuss this with them.
