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