What happens when you sell a house when you haven't paid off the mortgage?
It is common for a property to be sold while in mortgage because on the average, mortgages run from 10 to 30 years. In between that time, a homeowner may decide to sell a house.In this scenario, a home seller determines the amount of the remaining mortgage before listing the property. He discusses with the real estate agent the mortgage amount pay off required and how much to sell the house for.Ideally, the home seller sells the house with enough money to pay off the mortgage and still have sufficient money in his pocket, let’s say, for a down-payment for a new house. When a buyer closes on the home, the funds are used to pay off all loans on the property and all fees required so that the title can be transferred to the new owner.If the house sells for less than the money you owe on the mortgage (poor market conditions, etc.), you will still need to pay off your mortgage balance. You could also work out a short sale with the lender, meaning a reduced payoff amount.It is possible, although rare, for mortgages to be assumed by a buyer when you sell a house. If you are selling a house and buying a new house at the same time, some lenders provide bridge financing.No matter what the circumstances are surrounding your mortgage, it needs to be paid before the title can be transferred to a new owner.
How much of your original down payment do you get back when you sell your house?
In this case, you will get back $30,000 less any costs in selling the house. Your original cost of house was $200,000...you put down $40,000 leaving the balance on the mortgage at $160,000. Since you have an interest-only loan, the balance on the mortgage stays at $160,000. You now sell the house for $190,000. When the buyer hands over the check for $190,000, the title company takes the check, recuts two checks - one for $160,000 that goes to your mortgage holder to pay off your balance and one for $30,000 to you as the remainder. As you point out, there are costs involved in selling a house...if you are using a real estate agent to sell the house, expect that your costs will be about 10% of the purchase price...about $19,000. If you are selling without an agent, expect your costs to be about 5%, or $9,500. In this case, the title company will cut checks to the agent, etc. and then cut you a check for somewhere around $11,000 (with agent) to $20,500 (without agent).
How much of a tax write-off is my house?
I own a tax firm in Utah and I do several returns in nevada so what you are looking for is sort of complicated if you use a portion of your house sq feet vs total sq ft then you can determine what % to use... normally I get about 10-20 % then you take the interest, taxes, insurance, utilities and repairs. You have to use a form 8829 to fill it in. Good luck but you can take it.
My stepdad co-signed my mortgage...can he kick me out of the house?
2 years ago my stepdad co-signed on my mortgage becuase of a lack of credit on my part. I paid every penny of the down payment as well as every mortgage payment. I lost my job a few months ago and have been scraping to get by but still made my mortgage. I start a new job next week, but this past month I couldn't scrape the money together. I tried to borrow from everyone I knew, sold stuff, but I still ended up paying my June mortgage payment on July 3rd, so it was several days late and hit my credit and my stepdad's. I tried to get ahold of him to borrow the $500 I was short, but he was boating or something and never answered any emails or calls. When he got back in town and called me about it, I told him it was late and now he's livid. He says I have to be out of the house by the end of the month or he will have me evicted. He is NOT my landlord. I pay the mortgage and I paid the down payment. He has never paid anything towards my home. Can he legally make me move out of it because I was a few days late on one mortgage?
How much money to buy out my partner of their share of the house we brought for 150,000 12 years ago if I put 50,000 down and they put 25,000 down and I paid off the mortgage in 5 years. My partner paid 280.00 per month during that time?
Your question lacks some specific information to make a better recommendation. So when you say partner, do you mean in a business relationship or are you in a relationship? If in a relationship, did you buy the home and homestead it as a primary residence? It sounds like you paid the house off the partner can very well ask for an appraisal of the property, typically 3 will be done, then 50% of that value can be asked for to release their name from the deed on the property. All of these numbers you have thrown out is just clutter and would come down to arbitration to determine if there would then be a reduction but in homesteaded states where 2 parties bought the property together and homesteaded it it gets tricky. If you have to litigate get yourself a bull dog real estate attorney who will bring in all of these other numbers. Good luck. Did you take title as tenants in Common or Joint Tenancy— these are the things that need to be discussed with a qualified person.
My mom requires me to pay back for taking care of me for my entire life. Should I pay everything back to her?
Not only no, but hell no. She should be ashamed of even asking you.It was her choice to have a child. If she didn’t want a child, she had a choice to protect herself from getting pregnant.She has no right to ask for any type of reimbursement, for her having a child, especially from the child she raised.Shame on her, for her audacity, to even ask this of a child.How about asking her for your inheritance. That should slap her in the face. This is outrageous behavior, for a grown woman. Takes a lot of balls to ask you for money, to raid you. Tell her to get it from your dad. I bet he isn’t even in this equation. I’m I right? I know. Forget it. And that’s what you need to do. Move on. You don’t need this woman in your life. She’s cruel and evil.Good luck. I hope things will work out for you. I’m very supportive of you, for having the courage to ask for our opinions, in this regard.I love my kids. I would never ask them, such a thing. It seems so outrageous, to me, in light of the fact I lost a child in a drowning accident, 36 years ago, the 27th of November. My mother-in-law blamed me, because I was on a trip. I was a flight attendant. I could not be working and home, at the same time. But it was my fault. This sounds like your mother.Id tell her to go to hell, before I’d give her a dime.The best of everything.Chris
Did I get ripped off when buying my house? Real-estate?
Here is the deal I bought this house a few years back. I was approved for 257,000 dollars, and the house I bought was magically the same price. I think the house was listed at a lower price. When the agent found out how much I was able to get she set the house I wanted at that price. Therefore taking the maximum amount I was eligible for. I think this house was listed in the 170,000 dollar range, but they went after all of my 257,000. Is there any legal action I can take against this? If i can what would be the benifits of taking legal action? I know there has to be some evidence of how much the house was listed for before I bought it. Please I need help on this one?