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Can I sell my house before mortgage is extinguished?

New York, NY |
Filed under: Real estate

In case I need to sell my house before the mortgage is extinguished, what happens?
Thanks a lot

I want to buy an apartment. Downpayment 50% of its price. The rest a 7 yearsmortgage. If I my job transfers me abroad and have to leave New York can I sell my house? Is it necessary that I extinguish the mortgage before selling?

Attorney Answers 3


The mortgage gets paid off at the closing from the sale proceeds.

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You can sellthe house, no problem. The mortgage will be paid off at the closing. But you should get a lawyer when you find a buyer

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You get a payoff letter to bring to the closing and pay the mortgage from the proceeds of the sale. The balance is what you net from the sale.

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