Will the Seller still have money borrowed against the home?

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If the Seller is selling the home at the start of the contract, does the Seller have to own the home with no leins? Can this work, if the Seller does not have the financial abilty to own the home free and clear? If you use a lease option plan, can the leasee take any interest deductions?

blue · Posted: Tue Mar 28, 2006 3:59 pm Post subject:

You can sell your house with a lien on it under some conditions. As a part of the settlement, the lien will be considered and the mortgage company as well as the buyer's agent will demand you to clear off the lien before the completion of the property transfer.

You can discuss with a real estate attorney in similar situations as liens are found to be tricky sometimes.

As a lessee you can't take any mortgage interest deduction during the lease. You will be eligible only when you assume the mortgage and become the owner of the home.

Hope that answeres your queries.

Bill · Posted: Thu Mar 30, 2006 9:32 am Post subject:

I am sorry ... I do not understand the question (maybe I need more coffee Surprised

)

Could you re-phrase the question?!

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