Question

Can you sell your house if you are behind on mortgage payments?

Answer 1

Yes you can sell your home at anytime during the mortgage so you don't have to wait until the mortgage is paid off to be able to sell the home.

So if you're getting behind on the mortgage payments and can no longer afford the mortgage payments or the home you're living in then you can list the home for sell and hopefully someone will be able to buy the home before the foreclosure happens which is around 3 to 5 months of missed mortgage payments.

If you're behind on the mortgage payments and want to sell your home then you can let the bank know about the sell and they should work with you so that they won't foreclose on the home.

Because the banks ultimate goal is to get paid back for the mortgage so if you can sell the home and then pay the mortgage off in full with the proceeds then it should not be a problem.

If you don't make enough money on the sell of the home to pay off the mortgage in full then you'll need to come up with the rest of the money to pay back the mortgage.

Answer 2

When you sell a house typically you as the seller pay part of the closing costs while the buyer pays the rest of the closing cost.

However the home buyer can ask you to pay the closing costs of the home and you can pay the closing costs if you decide to.

You can as a home buyer ask the seller to pay all of the closing costs although every mortgage transaction between a buyer and a seller are different and guidelines can vary by home loan type.

Closing costs on a mortgage and home are typically 2% to 6% of the purchase price.

The seller pays part of the closing costs such as their end of the local taxes and other municipal fees while the buyer pays other closing costs.

The closing costs are actually split up between the seller and the buyer and the buyer pays most of the closing costs.

Closing costs can be included in a home loan or mortgage or you can also pay the closing costs through another loan or any other way.

Closing costs, also known as settlement costs, are the fees you pay when obtaining your loan.

Closing costs are typically about 3-5% of your loan amount and are usually paid at closing.

To calculate closing costs, you can estimate 2% to 5% of the total amount you plan to finance.

For example, with a loan of $200,000.00, you could estimate closing costs between $4,000.00 and $10,000.00

To get a more accurate estimate, request a Loan Estimate document from your potential lender.

Closing costs are split up between buyer and seller.

While the buyer typically pays for more of the closing costs, the seller will usually have to cover their end of local taxes and municipal fees.

The closing costs on a home mortgage should include things such as loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees and credit report charges.

Those should all be included in the closing costs when purchasing a home.

Basically Closing costs on a home mortgage loan include all of the expenses and fees associated with buying a home.

Closing costs are from 2 to 5 percent of the purchase price of the home.