How do you sell a house when a family member is the lender and your mortgage is not paid off?
Written By: admin on October 2, 2009
One Comment
My husband and I are buying a house from my father. He will be the mortgage lender on a 30 year loan. We are pleased with this arrangement, but what happens if we choose to sell the house before the 30 years is up?
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Tags: bad credit, borrowers, buying a house, home loan approval, jobs, landlord, lender loans, loans mortgage, mortgage lender, mortgage lender, mortgage lenders, political thought, rainTags: bad credit, borrowers, buying a house, home loan approval, jobs, landlord, lender loans, loans mortgage, mortgage lender, mortgage lenders, political thought, rain
The same thing that happens when you get a mortgage from the bank. You sell the home and the proceeds are used to pay off the unpaid mortgage.
Your father should record this mortgage with the county.