The dream of having a place to head is the biggest dream of every person. In line with this dream, people can apply for housing loans to banks to buy their favorite house. However, after you get a home loan with a home loan, some things may not go the way we want.
People who are unable to pay their debts for various reasons may have to sell their homes. At this moment, the question of ev can the house whose loan is continuing be sold ”is faced. You can find the answer to this question later in the article.
Can a house with credit debt be sold?
Yes, a housing purchased with credit can be sold. In housing purchased with credit, the bank puts a mortgage on the housing. The mortgage is removed when the debt is paid in full. Therefore, the forms of sale of the mortgaged house are changing.
The mortgage on the home is removed and sale can be made, the mortgage can be removed using consumer credit, or it can be transferred with a mortgage.
How is the housing debt in cash sold?
If the sale of the housing in which the loan is going to be made in cash, first the current credit debt of the house and the early payment penalty must be learned from the bank where the debt is. After the total debt is deducted from the price of the house, the remaining amount is deposited by the buyer to the bank. During this process, blocked check is taken from the bank.
During the sale of the mortgaged house to be realized in the deed, the buyer gives the blocked check he received from the bank to the seller. In this way, the seller collects the blocked check from the bank. The seller then receives a letter to remove the mortgage by depositing the total settlement amount to the bank to which the mortgage loan is owed. With the letter taken at the bank, the mortgage on the title deed is removed.
How to Sell a Home with a Loan?
If the buyer is going to buy the house with a housing loan with a housing loan, the transaction is made through a correspondence between banks. If the buyer receives credit from the same bank, transactions will take less time.
After the recipient’s housing loan application is approved, an expert is sent to the house and the report states which bank is mortgaged by the house. The bank branch to which the loan application is requested from the bank branch in which the loan payment continues, to issue a mortgage removal letter in case the loan debt is closed. In addition, the bank branch requests the current credit settlement amount to be indicated in the mortgage removal letter.
After sending the bank letter used by the buyer’s credit, the deed sale process is done. In this way, the bank used the loan, puts a second degree mortgage on the title deed. After the title deed sales documents are forwarded to the bank to be used, the new housing loan is opened.
The entire amount of the credit that has been opened is not given to the borrower. Instead, it is sent to the bank to which the seller has loan debt, up to the amount of the debt. The remaining amount is given to the seller.
After the closing of the loan debt, the mortgage letter is taken from the bank branch and given to the title deed. By removing the mortgage on the bank to which the seller has used the loan, the second mortgage is replaced by the new bank as a first degree mortgage and the sale is completed.