Can I sell my house before mortgage is extinguished?

Asked about 1 year ago - New York, NY

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

Additional information

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)

  1. Eric Edward Rothstein

    Contributor Level 20

    3

    Lawyers agree

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

    I am a former federal and State prosecutor and have been doing criminal defense work for over 16 years. I was... more
  2. Richard J. Chertock

    Pro

    Contributor Level 17

    3

    Lawyers agree

    Answered . 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.

    This e-mail may contain confidential or privileged information. If you are not the intended recipient, please... more
  3. Yefim Rubinov

    Contributor Level 17

    2

    Lawyers agree

    Answered . 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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