Mortgage loan: how do I pay back money still owed to bank after closing?
Okay, I have no idea how this works. I am selling my home, but after paying broker/real estate agent fees (possibly closing) I may end up owing the bank 5-7K. So, my question is: if I still owe on my mortagage, is it possibel to roll that money into a new loan I am getting from teh bank for a new house (the same back is financing both loans). OR, do I pay teh bank off first and teh brokers/agents get their money last and out of pocket from me? Thank you, and I hope I make sense.
Tagged with: 7k • broker real estate • estate agent fees • loans • money • mortagage • real estate agent • real estate agent fees
Filed under: finance loan mortgage
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Call your lender and listing agent imediately and let them know what problem is.
You have to be able to pay the your mortgage entirely at closing. Your listing broker will take their full commission at the closing. They will not allow it to be paid out of your pocket later.
You have to come up with enough money to cover this short fall. You will not be able to roll it into your new loan on the new house.
Call your lender and tell them the problem. You may need to ask them for "short sale" approval whereby they essentially wave the $5-$7,000 you will still owe them.
you must bring these funds to the table so you can deliver good deed. No you cannot get it from the new purchase. So you must get it some where else a bank loan perhaps. But that must go into your new loans debt ratio to make sure you qualify still
You will have to bring the excess funds to the closing table. You can’t "roll over" upside down balances on homes the same as with vehicle purchases.
you need to pay EVERYONE at the settlement table. If you are short, you need to come up with the money. This means from savings or a loan.
If you don’t settle because you don’t have the money the realtor and the buyer can, will and should sue you for damages, since everyone else, but you are to settle.
No, you can’t roll it into the new loan. Each loan stands by itself.
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