To sell the house and close a housing loan?

Do we need to tell the bank that how much we are selling the house? Since the Bank will have the original document, will the people from bank will ask about the selling price also or it is just pay the remaining loan amount and close.

4 Replies to “To sell the house and close a housing loan?”

  1. All your questions will be answered through your closing agent in some parts of the country they are called escrow companies and other parts of the country an attorney handles the closing.

    The escrow closing agent will send a document to the mortgage company that you are currently paying your mortgage to. They will request the amount it cost to pay off your existing mortgage.

    Your bank will supply the closing agent with the amount needed to close the account and where to send the money or check to.

    Your mortgage company need not know how much money you sold your house for. All the need to know is that out of the amount you sold your house for they will be paid from this amount.

    What ever is left after the mortgage company is paid off, all fees and other charges are paid, whatever is left will be given to you in the form of a closing check.

    I hope you have a real estate agent handling the sale of you property. If not look in your telephone book,locate a title company. Once you have locate a title company call them and tell them you are selling your home and you need their services.

    They will need answers to a few questions that you already know. Just give them the necessary information, they will handle the rest of the transaction for you.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

  2. i think all we need is to pay them their money, take the documents back from them and then hand it over to the buyer. U can make a sale agreement with the buyer and receive some money or all money in advance and then pay the need to tell them what we are doing.but u cannot sell until u get ur docs back fr bank

  3. You will only pay the balance of your loan when you close. The bank does not need to know the sales price. and your escrow company will take care of all of that. you just need to provide them your loan number and social security number when you set up title and escrow. The bank having your original does not make a difference.

  4. It is not necessary for the bank to know the sale price. You should have enough money to pay of the remaining loan balance and any additional charges like prepayment penalty etc.

    Contact your person at the bank and tell him you would like to close the loan. He/She will explain the procedure and return the original loan document to you

Leave a Reply

Your email address will not be published. Required fields are marked *

seventeen − 8 =