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selling home
Moderators: Mortgage-X

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   General Questions-> Mortgage Loan FeaturesMessage format
 
msebbag
Posted 9/25/2007 11:09 AM (#1601)
Subject: selling home
i don't really know much about mortgages so i just wanted to know: someone who owns a home for a few years and has been making his mortgage payments, but now wants to sell because they lost their job and won't be able to keep up with the payments anymore - when they sell, what do they receive for their home? is it the equivalent of what they paid until now? or is it the full cost of the house minus what they owe the bank?
JohnI
Posted 9/26/2007 12:17 AM (#1602 - in reply to #1601)
Subject: RE: selling home
Posts: 92
Location: Las Vegas
When you sell a home you get to keep any money left over after paying off the balance of any mortgages on the property and any costs related to the sales transaction that you are responsible for paying. So long as the house will sell for more than it was purchased for originally, you should expect some profit from the transaction.

I hope this helps and answers your question. Please do not hesitate to ask for more information if you are still not clear about anything.

Best,

John I
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