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when you sell your house what do you owe the bank

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searcher22022 Joined: 19 Mar 2011 Posts: 1 1.23 Dollars($)	Posted: Sat Mar 19, 2011 10:19 am    Post subject: when you sell your house what do you owe the bank Like 0 Dislike 0 In terms of money,what do you owe the bank
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Sun Mar 20, 2011 4:40 am    Post subject: Like 0 Dislike 0 Hi searcher22022, Welcome to Mortgage fit, When you sell the home to somebody else along with transfering the mortgage to him/her (it means the buyer refinances the mortgage on his/her name)....So in this case you own't owe anything to the bank except appraisal fees and processing charges that could be minimal... But when you sale the property to someone else and the next person do not refinance the mortgage (it is your responsibility to check that buyer qualifies to get refinance) and still you sign the sale deed then surely you owe a bunch of dollars in terms of mortgage... Feel free to ask any further query if you have..... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris

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