16
Jan
What Can You Do If Your Paying a Mortgage Loan but You Want to Move?
Author: admin // Category: mortgage loanI’m not in this situation yet, but i like to ask questions ahead of time. A little more detail what i’m asking is; your paying a mortgage loan where your living and you don’t want to live there anymore, so you want to move somewhere else and stop paying that mortgage loan.
Thank you.
A follow up to lightupthesky answer.
So you would have to sell the house for at least as much as you owe on the mortgage loan to get out of it and that amount would go to the bank?
If you stop paying your mortgage your house will be foreclosed on. Plain & simple. Try to sell it.
January 16th, 2013 at 6:29 am
In order to get out of the mortgage loan, you must sell the house.
If you don’t want to sell the house but don’t want to continue paying the mortgage, you can rent it out. You will still be legally responsible for the mortgage, but hopefully you will have a good paying tenant that will pay at least as much in rent as the mortgage costs.
References :
January 16th, 2013 at 7:02 am
If you stop paying your mortgage your house will be foreclosed on. Plain & simple. Try to sell it.
References :