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coalesce
 
Can you sell a house that isn't paid off yet?

Its a dumb question, but I come to you Advice [M]ay. There's a house and its owned by two parties. The parties are parting ways but what can you do with a house that's not paid off?
Old 11-07-2010, 07:31 PM coalesce is offline  
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Forever Domon
 
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that requires a lawyer. Either one has to buy the other out, or they have to sell it and split the proceeds, then pay off the mortgage jointly.
Old 11-07-2010, 07:33 PM Forever Domon is offline  
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Gibonius
 
People sell houses that aren't paid off all the time, probably 99% of the houses sold aren't paid off yet. You use the proceeds from the sale to pay off the mortgage.

The split portion would require a little bit of work, but the "not paid off yet" part is completely routine.
Old 11-07-2010, 09:26 PM Gibonius is offline  
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coalesce
 
Ok, thanks guys.
Old 11-08-2010, 10:58 AM coalesce is offline  
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joako
 
Can you even sell the house and make a profit after paying off the mortgage? If not you probably should just stop paying the mortgage live there free 2-3 years and the bank will buy it back eventually.
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Old 11-08-2010, 05:50 PM joako is offline  
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BigFuzzyArchon
 
 
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Can you even sell the house and make a profit after paying off the mortgage? If not you probably should just stop paying the mortgage live there free 2-3 years and the bank will buy it back eventually.

this

everyone who has bought and paid for their houses are dummies because this works...
Old 11-08-2010, 06:02 PM BigFuzzyArchon is offline  
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Gibonius
 
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this

everyone who has bought and paid for their houses are dummies because this works...

Of course it ruins your credit but hey, who cares about that when there's an apparent loophole in the system!
Old 11-08-2010, 06:29 PM Gibonius is offline  
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joako
 
I never stated that. I am not advocating that people stop paying their mortgage simply to live in their house for free. Don't forget about the consequences, your credit will be royally screwed for at least 7 years and you might have to file bankruptcy if your mortgage was with recourse.

BUT if you are already in a situation where you can't pay your mortgage you might as well take advantage of the situation you are in. Don't hand over the keys and move out to go rent a place, talk with a lawyer $3,000 might net you 2-3 years in "free rent."

Anyways, back on topic. The OP should probably get an appraisal done on their home to determine what it would be worth on the market today, and then call their lender to determine what the payoff amount of the mortgage is. If amount A is way lower than amount B then you either start talking to your bank about a short sale or consult an attorney to see how long you can live in your home after you stop paying the mortgage. Maybe its even possible to get a 2nd mortgage and buy a home for a reasonable price BEFORE you default on your old mortgage.
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Old 11-08-2010, 06:33 PM joako is offline  
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joako
 
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Of course it ruins your credit but hey, who cares about that when there's an apparent loophole in the system!

It's not a loophole. Banks have forclosed on homes without a mortgage! What would happen if the bank could just knock on your door unannounced and kick you out of your home without any right to represent yourself?
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Old 11-08-2010, 06:36 PM joako is offline  
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It's not a loophole. Banks have forclosed on homes without a mortgage! What would happen if the bank could just knock on your door unannounced and kick you out of your home without any right to represent yourself?
?!? WTF are you talking about? If you have no mortgage then no bank has a right to foreclose the house because no bank has a lien against it. I suppose if you have other debts that have a lien against the property then those lienholders can attempt to take it, but they won't do it without a court appearance.

Now, if you don't pay your property taxes, then the land can be taken from you, and thusly the home by way of sitting atop it. Also, I've heard, that an individual, possibly a bank, can fulfill your tax liability and claim ownership of the estate, though I don't know if that's true.

Either way...I think your post is crazy talk, or I'm misunderstanding it.
Old 11-12-2010, 10:50 AM DreamWarrior is offline  
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Forever Domon
 
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Quote:
Originally Posted by joako View Post
I never stated that. I am not advocating that people stop paying their mortgage simply to live in their house for free. Don't forget about the consequences, your credit will be royally screwed for at least 7 years and you might have to file bankruptcy if your mortgage was with recourse.

BUT if you are already in a situation where you can't pay your mortgage you might as well take advantage of the situation you are in. Don't hand over the keys and move out to go rent a place, talk with a lawyer $3,000 might net you 2-3 years in "free rent."

Anyways, back on topic. The OP should probably get an appraisal done on their home to determine what it would be worth on the market today, and then call their lender to determine what the payoff amount of the mortgage is. If amount A is way lower than amount B then you either start talking to your bank about a short sale or consult an attorney to see how long you can live in your home after you stop paying the mortgage. Maybe its even possible to get a 2nd mortgage and buy a home for a reasonable price BEFORE you default on your old mortgage.
or you could not be a worthless piece of shit. Thats always an option too.
Old 11-12-2010, 10:53 AM Forever Domon is offline  
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Forever Domon
 
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Quote:
Originally Posted by DreamWarrior View Post
?!? WTF are you talking about? If you have no mortgage then no bank has a right to foreclose the house because no bank has a lien against it. I suppose if you have other debts that have a lien against the property then those lienholders can attempt to take it, but they won't do it without a court appearance.

Now, if you don't pay your property taxes, then the land can be taken from you, and thusly the home by way of sitting atop it. Also, I've heard, that an individual, possibly a bank, can fulfill your tax liability and claim ownership of the estate, though I don't know if that's true.

Either way...I think your post is crazy talk, or I'm misunderstanding it.
hasnt stopped them. Why dont you look up how many "mistakes" bank of america has made. Theyve foreclosed on completely paid off houses, houses with current payments, houses that never even had a mortgage, houses they didnt own the mortgage on, etc.

Everytime, walking away without even a slap on the wrist after the people had to fight to get their homes back.
Old 11-12-2010, 10:55 AM Forever Domon is offline  
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illig
 
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Originally Posted by domonbaylespam View Post
hasnt stopped them. Why dont you look up how many "mistakes" bank of america has made. Theyve foreclosed on completely paid off houses, houses with current payments, houses that never even had a mortgage, houses they didnt own the mortgage on, etc.

Everytime, walking away without even a slap on the wrist after the people had to fight to get their homes back.



you seriously need to stop posting
Old 11-12-2010, 11:35 AM illig is offline  
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Old 11-12-2010, 11:37 AM Serv0h is offline  
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Old 11-12-2010, 12:16 PM illig is offline  
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