ON Canada - During the presentation of the sale agreeement with the lawyer, he will also present you the summary of adjustment, The bank would have notified the lawyer on how much you owe the bank.The summary of adjustment tells you that the mortgage is paid off as of this date. You may not have to pay it if you are closing before the payment is due.

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I accepted an offer on my house for 10,000 less than what i bought it for 3 and a half years ago. $174,000....i bought it for $184,900 the closing date is set for nov 12th. my question is my mortgage payments are due by the 15th of every month. i already paid my mortgage due this month. will i or should i pay the mortgage for november? or because the closing date is set for nov 12th can i not pay it because the house will be paid off when i close. any information will be of great help. also because i sold for a loss is there anyway i can use that for tax purposes or anything? thanks so much

In answer to your question about the November payment,consult your closing agent. You might be able to pay this payment through the escrow closing agent. The lender might have included the interest for the month November in the demand for payment, therefore you might not have to make the November mortgage payment. Therefore communicating with your closing escrow agent would be the thing to do. I doubt there is a tax write off on your loss for the sale of this property unless you were using this property as a rental unit then there is a possibility that you might have a write off. You should check with your tax consultant about any possible write off or speak with a good friend that is versed on taxes that you might know. I hope this has been of some benefit to you, good luck. "FIGHT ON"

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Payment if they already asked me for my social to get the payoff amount?

No, they have already got the payoff amount.

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29) match the information to where you will find it in the closing documents (you may use answers more than once): a. errors and omissions complience b. hud1 c. mortgage d. respa servicing disclosure e. promissory note f. truth in lending statement (a b c d e f g h ) cash from borrower the total dollars you have to bring to the closing to buy the house. (a b c d e f g h ) where you promise to pay back the money you also pledge to pay it back no matter what happens to the house. (a b c d e f g h ) rate disclosure the lender confirms on this document if the rate is fixed or variable (a b c d e f g h ) mistakes at the closing? this says if there are clerical errors you must sign new documents with the correct information after the closing. (a b c d e f g h ) transfer estimates the lender discloses what the chances are your loan will be sold to another entity or that someone else will process your payments. ( a b c d e f g h ) pre-paid interest money you will pay at the closing for interest in advance so that the payments will come due on the first of the month in the future. (a b c d e f g h ) estimated payments how much you will pay over the life of the loan, total payments and total finance charges. (a b c d e f g h ) security document this document pledges the home as collateral for the loan and says the bank can take it back if you default on payments.

1 B 2 E 3 E & F 4 A 5 D 6 B 7 F 8 C

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I closed on my house 2 months ago and have been living in it since. last week i received a call from my mortgage broker indicating that the lender cannot sell my 100% loan due to the declining market. therefore, he said my lender was willing to pay 5% of my mortgage to obtain a 95% loan to value ratio (all closing costs and fees paid by lender). a few days later he said that deal was "off the table" instead the lender was willing to drop my interest rate a quarter of a point (still nothing out of pocket for me) to restructure the deal (using my appraised value rather than the asking price to set the ltv). the appriased value would set the ltv at 83% rather than 100%. after a few days of thinking, i decided not to take the deal (just too good to be true feeling) and notified my broker. he sounded a bit upset but let it go. a little while later, i received a call from another agent saying that if the lender cannot sell my loan, they can demand an instant pay off. is this possible? i asked my broker to show me where/if that is in my contract. i am still expecting them to get back to me. since then, i have reviewed my contract and found nothing in the wording that indicates this. i am just curious if this is common practice for this to be written in or are they just trying to strong arm me into refinancing?

NO, the lender cannot do that. It's called accelerating the loan. There's only two things that would allow the lender to accelerate your loan and call it due. The first reason is due to default. If you're making your monthly on time, then you're not in default. The second is for fraud. If the lender determines you commited fraud when you applied for the loan, that could allow acceleration. The lender's inability to sell the loan isn't your problem. Period. Don't let them scare you into thinking it is. Hope this helps. Good luck to you. Elliot L

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I'm buying a new home @700k. existing house is paid off with a market value of $400k. new house will close by october, however, don't think i can sell the old by then. the plan is to put down 20% cash, close on the new.once the existing is sold in a few months, the proceeds will go to pay off the mortgage. however, since it's not enough the pay off, i may still be stuck with a huge pmt. what will be a better way to do the financing? 1) primary + 2nd mortgage: but most lenders stop offering the 2nd mortgage already 2) interest only loan 3) take out a line of credit on the existing then pay it off once house is sold. can some one give me some insight on this? thanks.

Do the reasonable thing and don't buy the second home until you are closer to selling your first. What you are comtemplating is a recipe for disaster that you may regret for a long time.

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My husband and i just bought our first house two months ago. the house is a hard sell. it is on the market at least every couple years and everyone in our town knows this. my husband went over my head on the decision. we thought we were getting a deal getting it so cheap from a motivated seller. it is assessed at $254,955 and we paid $251,500. houses in this area generally sell well over the assessed values. we put the $51,000 down, paid closing on our own and took a 15 year mortgage for $200,000, with 3.52% interest. our monthly payment is $1,433.72. everyone thinks i'm crazy, but there are strange, unexplainable things going on in the house and i want out. so, how do i sell and not lose all my savings i've put into it?

There is no way not to lose if you sell now. You will have to pay commissions and maybe a prepayment penalty from your lender.

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Say i owe 200k to hospitals, credit cards, etc. if i decided to sell my house next month, go to closing and collect the cash to pay off the existing mortgage and keep the remainder in a savings account or someone elses bank account, how can the creditors a) know that you sold the house and have profit and b) once they find out you do have profit, how can they force it out of you if the money isn't even in your own checking or savings account?

If your creditors place an lien on your home, the liens will have to be satisfied before title can transfer. Meaning, at closing, the title company will take proceeds from the sale of your home, pay those debts off, and you will get whatever is left.

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If i purchased a home with cash in june of 09 for less than 150,000 and then i sold it in 2010 for the same price how much of the closing costs should i pay or do i have to pay? also if i did not have a mortgage and didn't pay monthly installments for taxes owed on the house in 2009 how much of the taxes do i would i have to pay at a closing in the 3rd month of 2010? all of 2009 and 3months of 2010? i'm really confused... also since i pay the brokerage fee of 2% what is something called discount points at 3% for? isn't that the same as paying the selling agent? i m not sure how clear i made my questions but i can give you more info if you need.... it seems like i would be paying over 15,000 for a house that's only worth 150,000 it just does not seem right to me. please help ...... dog ma so what your saying is i dont take care of the discount points that has nothing to do with me unless i agreed to it? can you please explain what that is and why would my agent tell me i would be paying almost 5,000 for it? thanks in advance!

If you are paying a brokerage fee, your real estate agent should be helping you with these questions. On your property taxes, you are responsible for them up until the day you close. As the taxes for 2010 have not yet been billed, your closing agent will estimate them for you based on 2009 taxes. You generally give your buyers a credit for the amount due from January 1st through the closing date, then they pay the actual full years taxes. Discount points are a charge from the buyer's lender, and you pay them only if you have agreed to pay them in the purchase contract. Normally buyers pay their own discount points, but you may have made some concessions to get the house sold. Have your agent give you a seller's estimated cost sheet and go over all the fees with you; usually this is done before you accept the buyer's offer.

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This is going to be a lot so bear with me. i have 14 months left on a 5/1 arm and also have a heloc. i was one of those people who went with the 80/15/5 mortgage. i bought my place for $211k, paid the 5% down and decided to get the 5/1 arm for the 80% and the heloc for the 15% because it made the most sense at the time. over the course of the past 4 years, i have put additional pricipal towards both mortgages every month and have reduced the principal down an additional 12k. so, all in all, i have reduced the cost from 211k to 189k we owe the bank. now, my home has depreciated in value as many others have in the past few years and the comprables in the area are around 179k for my type of house which leaves me 10k under water. my wife and i have saved a lot of money for our next house because my condo only has one room and we are starting a family. we have enough for a larger house to put down 20% no problem and pay off the closing costs. the problem is, i think we will have a problem selling our house. we have discussed it and if we have to stay in our current home, we will. so, i mentioned earlier that we have 14 months left on the arm. my question is, should we pay the bank the difference and sell the house and pay the realtor commission or see about consolidating the loans into a 30 year fixed and stay a little longer? which do you all think will be the less expensive route? i know i'm basically going to be paying out of pocket either way, i just want to lessen the blow a little bit. has anyone else ever had a situation like this?

Here is the most important question..."Do you want to spend the next few years in your condo....or in a bigger house?" You may hate that your property lost value, but the good thing is that bigger house is less expensive now too! If you wait for your current home to go up 11-12 % (10K +(7% *189K)) your current shortfall + commission and closing costs), the more expensive property will have also gone up in price. You are in a great position. Take advantage of the timing and start you family in a home that you want to be for a while. Good luck!

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I closed with a mortgage broker. and they paid off old loan and are about to sell loan to another bank. any jeapardy of something falling through or is it a done deal because i've already closed? thanks everyone. making payments is not a problem, just worried about loan going through. thank you all for your answers.

The transaction has closed. The bank will not cancel your mortgage at this time. The title and deed have been recorded and you have the refinance funds in your possession. You are required to pay the monthly mortgage payment each month. Your mortgage contract you signed did not say pay only if you have a job. Your first mortgage payment should be due in about 15 days or so. Failure on your part to make the monthly mortgage payment will cause your bank/lender to eventually foreclose on your home. You should call you lender and explain the situation to them and see if there is a program that they can assist you in some way. You would want to talk to someone in the modification or workout department. Make sure you get by the receptionist and to the proper person in one of the departments. I hope this has been of some use to you, good luck. "FIGHT ON"