Can I sell my house before mortgage is extinguished?

Asked over 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 18

    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

Related Topics

Real estate

The term real estate means land and items permanently attached to it, like buildings. This area of law deals with who has the right to own and use these items.

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