Property with a mortgage

4 Replies

If I get a property under contract that has a mortgage. Is that mortgage then in my name? Who's responsible for the mortgage and will the lender allow the sale of the property with a mortgage on it. Thanks for the help everyone!

The mortgage will be paid off at the closing @Mario Cruz . You will have to get your own mortgage unless you are paying cash. The first mortgage is not transferrable. 

Thanks Rob, I didn't know that. That seems simple. Is there a way to find out what is owed on a property without asking the owner?

How about sort of @Mario Cruz ? Where I am, I go to the Registry of Deeds website and I can find the mortgage. I can see the date of the mortgage and the original amount. I cant always see the interest rate or the term. Its a matter of estimating to come up with an approximate balance. It gets confusing if the property has more than one mortgage or if it has been refinanced. You then have to check to see if old mortgages were released (paid off). It takes time to do the research and if you aren't fortunate enough to have the data readily available online you would have to go into the office to do the research.