ON Canada - you need to get a discharge statement from the bank to show that your mortgage is fully paid , Normally the bank will charge you a fee to get this. It is your responsibility to have the discharge registered against the title of the property so the lien is deleted from your record. Then you can ask the registry office if you can get a copy of the title for your use.

ON canada- you will just need to apply for a mortgage against your house and you can take equity from your property. Email me if you need help in doing this. We can review your condition together to see what is appropriate. Hope I can help you. victor_catalan@centum.ca

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I am going to be living in alaska for 3 years, and i would like to buy a house, then sell it at the end of the 3 years. can i sell it even though the mortgage isn't fully paid and get back some of the money that i paid for it?

Most people who sell their homes do not fully own them. You sell the house and the bank that handles the buyer's mortgage will pay your mortgage off . If you have built any equity (the house is sold for more than you owe on it), the remaining cash is yours. That's how all the house flippers made money before the bust. The gamble comes in the assumption that you will sell the house for more than you paid for it... in other words, that you don't have negative equity (the house is worth less than you owe on it) when it's time to sell. If you can't sell the house for at least what you paid for it, plus closing costs, then you end up still owing money on a house you no longer live in. The idea that property always increases in value over time used to be true, but the current housing market is very unstable so you might end up underwater and/or unable to offload the property in your time frame. You have to decide whether you're willing to take the risk.

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Getting rid of my mortgage payment without hurting the credit that much? "what would you do in my situation?" i bought a house in 2005 for 160k, fully financed. i bought a car few months later for 20k (my fully paid one broke and i needed a new one which represented more monthly payments out of pocket). additionally i paid for the landscape, gutters, electrical outlets and central air conditioning after i purchased the house, a total of 10k from my pocket that made me put more debt on the credit cards. so, i started with a mortgage payment of 1k per month, then increased credit card payments while doing all the improvements in the house, and then got a car loan, so in mid 2007 i needed to refinance, and out of the refinancing i paid the credit cards and the car all on escrow without having a penny coming to my pocket . my house got appreciated for 270k at the time, and i took a loan for 190k (for what i pay $1,200 monthly). in 2008 moved to another state, my house is vacant and for sale for some months now, if an appraiser comes will appraise it for 210k, although no buyer is ready for more than 195k and obviously i won't be able to pay the realtor commissions if i sell at that price considering i owe 190k and that the commissions are of 6% on top of that. my contract anyways is about to expire. i am current in all the mortgage payments. since renting in one state and paying mortgage, gardener, insurance, services in the other is becoming quite a burden, i was looking into options, such as a short sale. i know that some debt relief was approved later but i don't find anything on the irs website, all i find is what was passed in 2007/ i would like to know which options i have. i really do not care about my empty/vacant house, i care about my credit. if i rent it i will get about $800 a month (this is after paying the property manager fees, the house is located on the hardest hit by the bubble burst city of the country, so there are not any more movers in line to buy/rent), so i need suggestions as of what could i do. for instance, is there any possible negotiation with the bank to stop the payments for 6 months? this way it will let me try to sell by owner with the help of some local friends. both states are non-recourse states. i do not think buying will be a good option at this time, i do not know how the taxes will affect my situation, i just need some ideas. how do i short sale the house? and then am i responsible for paying for the taxes and how is that calculated (you have all my numbers there). does the appraisal value at the time of sale play any role on the taxes or forgiveness of taxes? please advise, thank you!

no worries. many seller's are in your same situation. contact a local realtor who is familiar with short sales. They will list your home about 80-85% market value and is sure to bring an offer. Be pro-active and contact your lender to request a short sale package. They will mail or fax this to you. Your short sale agent will negotiate with the loss mitigation negotiator and get the offer accepted. Within 3 weeks you could have your home closed. In essence, your lender will pay the commission to the listing agent and the buyer's agent. YOU will need to net ZERO dollars at closing. Of course you will have a loss, the lender will send you a 1099 for the loss that you report on your next tax return as earned income. Your credit will be saved and it will say "settled." Good Luck.

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I want to sell my current home & purchase a condo. i am a retired senior with a fully paid-up home. the condo is in construction to be finished in a couple of months. if i list my current home, it may not sell in time to simply pay for the condo. therefore i have been to see lenders. they all recommend against a bridge loan due to unavailability and also due to high costs. they also recommend against a home equity loan. the one i think would be the best is this scenario but i am asking for your guidance on which one is the better way to do this for any and all reasons. re-finance my current home and take a $100k loan at less than 5%. this loan would have no prepayment penalty. i would make a $50k down payment on the condo then sell my home and pay off the refinance loan on the home & owning the condo free & clear. the other alternative, is to take a mortgage on the new condo & pay it off when the house sells but that mortgage cannot be done until it is completed. again, there would be no prepayment penalty. also the seller will not do a contingency. if i would take the loan on my current home i would not have a problem making the mortgage payments because they would be low enough for me to afford to do this for a few months while the house is listed. but i'm not sure if it makes things more complicated to sell a home with a mortgage on it or not? i would like to keep the home & rent to my son for property taxes only but it would be less rent than fmv & i think the irs calls it my second home & the tax benefit is lost. what a shame not to be able to help out. thank you,

Hello Leeway, Seems the drop dead simplest solution is to get a mortgage on the new home. If construction has already started, then that seems to imply you have already given them a deposit, so why would you need a bridge loan with only 2 months remaining til completion - a "couple" means (2) to me? People generally get bridge loans at the beginning of the process so construction can get started. On the thought of refinancing your current home and then paying it off in a few months, lenders expect that when you refinance your home, you will remain in the home for at least 12 months and would not like the thought of you selling the home after making just a few payments on the loan. The lender could suffer chargebacks for that. Think about this. By refinancing your current home at the low rates for a primary residence, you are indirectly getting a bridge loan to buy your condo - but at a rate you would not otherwise obtain for a true bridge loan. But by telling the lender that you intend to occupy that home for the next 12 months, you would be committing mortgage fraud. I can't see why someone recommended against a home equity loan. I've had many clients get home eq loans to buy other property. Better yet, get a home equity line of credit. You'll get a really low start rate. Then pay it off after the home is sold. Be aware there may a fee involved to close out a home eq line of credit that soon. Be sure to get all the details. But more than likely, the fee for the early close-out will be less than the closing costs on a refinance - and no fraud would be involved. For the record, selling a home with a mortgage is par for the course. Most people who sell their homes have a mortgage outstanding. You should seek competent tax advice on the second home and rental issue. Good luck.

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2 friends & i have the opportunity to buy an old house at a very reasonable price which needs renovation. can anyone advise me of the most suitable way to raise the £65000 which i would need to pay my share? we'll be doing the work ourselves & expect to be selling the property fully refurbished within 6 months. thanks in advance for any advice you can offer. for info' i own a property without a motgage on it & also a family home with a big(gish) mortgage.

Take out a mortgage on the proposed property or alternatively take out a home equity line of credit on the house you already have and finance your share with that and when you sell it pay off the line of credit and you are done. good luck.

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My wife and i are currently in the process of building a home and we need to sell our home before we can close on the new loan. before we got all involved with this we spoke with our realtor and she assured us that we could easily get $x of dollars out of our home, which would have been plenty to cover the down payment on our new home. well, low and behold, our realtor was way off on her assemsment and we don't think we are going to be able to sell our home with enough to cover all of our expenses and may end up loosing a few thousand dollars that is already spent on down payment money. if we end up selling short and not being able to fully cover our mortgage, do we have any options? will our realtor alow us to pay our closing costs at a future time? can we put our closing costs on credit? can we take out a line of equity on our new home to pay off any difference from our old home? any other options i may have that i havn't thought of? there really isn't a "problem"... worse case scenario we don't sell our house... and we don't buy the new house. we have no problem affording either mortgage, we are not risking foreclosure. but we are really looking forward to getting into a nicer house, when is much closer to work.

At settlement, you will have 3 expenses, pay off the mortgage, pay the realtor and pay any closing costs. At settlement you MUST have all this money at the table, so no, they will not allow it to be paid in the future. You may be able to get an equity line on the new place, but I'm guessing not. You could get a personal loan to cover the difference. Maybe put it on a credit card.

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"what would you do in my situation?" i bought a house in 2005 for 160k, fully financed. i bought a car few months later for 20k (my fully paid one broke and i needed a new one which represented more monthly payments out of pocket). additionally i paid for the landscape, gutters, electrical outlets and central air conditioning after i purchased the house, a total of 10k from my pocket that made me put more debt on the credit cards. so, i started with a mortgage payment of 1k per month, then increased credit card payments while doing all the improvements in the house, and then got a car loan, so in mid 2007 i needed to refinance, and out of the refinancing i paid the credit cards and the car all on escrow without having a penny coming to my pocket . my house got appreciated for 270k at the time, and i took a loan for 190k (for what i pay $1,200 monthly). in 2008 moved to another state, my house is vacant and for sale for some months now, if an appraiser comes will appraise it for 210k, although no buyer is ready for more than 195k and obviously i won't be able to pay the realtor commissions if i sell at that price considering i owe 190k and that the commissions are of 6% on top of that. my contract anyways is about to expire. i am current in all the mortgage payments. since renting in one state and paying mortgage, gardener, insurance, services in the other is becoming quite a burden, i was looking into options, such as a short sale. i know that some debt relief was approved later but i don't find anything on the irs website, all i find is what was passed in 2007/ i would like to know which options i have. i really do not care about my empty/vacant house, i care about my credit. if i rent it i will get about $800 a month, so i need suggestions as of what could i do. for instance, is there any possible negotiation with the bank to stop the payments for 6 months? this way it will let me try to sell by owner with the help of some local friends. both states are non-recourse states. i do not think buying will be a good option at this time, i do not know how the taxes will affect my situation, i just need some ideas. how do i short sale the house? and then am i responsible for paying for the taxes and how is that calculated (you have all my numbers there). does the appraisal value at the time of sale play any role on the taxes or forgiveness of taxes? please advise, thank you! an another thing, what happens if i rent the house in matter of taxes, how will that affect me? it is bad enough not being able to pay the mortgage with the rent to get some penalty in the taxes, thanks.

Well, first of all I'm sorry your finances look that way. I suggest you to read the book The Total Money Makeover by Dave Ramsey. Now, you can only sell your house on a short sale when the bank has already began the foreclosure process, otherwise you can sell it or rent it. If you rent the house, it will be considered an investment for tax purposes so you will have to report all your income against all of your expenses on that house. If you do not like to read you should then listen to this guy online at http://www.daveramsey.com He is an expert on realestate an bad finances. He went through your situation a couple of times until he figured out that what he was doing was not working.

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They took possession of our fully paid off home while my husband was mentally impaired for a period of time and we were separated. we are now remarried and need a three bedroom home with two teens of different genders. we can afford the $1100 mortgage on our own, but being able to sell this house would ease out burden enormously. *we are living in this house and we get it in the will*. why won't they let us sell it? we are moving, as we have been approved for the loan, so do we just leave them with this empty house? i am angry, but i also think they seem to think we have a wonderful life with four people in a 700 sf home with me us sleeping on the sofa so the kids can have bedrooms. how clean do we leave the house we are leaving/they own? do we clean carpets, etc or just move and leave it as if we were renters? we are going to need all the extra cash for the mortgage payment.

So I am a little confused by your question. When you say that your in-laws took possession of YOUR fully paid house when your husband was mentally impaired, did they GET ownership or had they given it to him in the first place? If you two bought and paid for it and then they took possession when he was ill, get an attorney and get possession put back into your husband's name and then he can sell it. If it was their house intially and they gave it to him and re-possessed it when he was ill, it will be difficult to do that. Just because you will get this house in the will doesn't mean that it is yours right now. I can understand why they wouldn't let you sell it right now, now it is a source of power for them and they can affect what you and your husband do because they have a financial advantage on you. It is about power and control, not about logic. Is the house they own and you live in very close to them? Do they want to control the property to control the potential neighbors? What I would do for leaving depends on how long you've been there. I think leaving it like renter's in broom clean condition is enough. If they want to clean it to rent it out or to sell it, then let them. good luck!

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What happens when you sale your house and you do not have enough to fully cover the 2nd mortgage i am getting ready to sale my house after realtor fees i will not have enough to pay off the 2nd mortgage completely what happens and what can i do

You can't complete the sale. This is a SHort Sale situation and you need to be talking to your lenders, should have been earlier. Right now both lenders have liens against your real property. One can be paid off in full, but not the other. You need them both to agree to release their liens. If you pay off the 2nd in full and the 1rst agrees to take less than owed, and this is personal residence, you won't be taxed on the difference, but with 2nd, will be. If the 2nd would write off the balance and give you a 1099C or to accept your personal undertaking for the balance due, you'd be OK. TALK to your attorney ASAP.

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I am in mid twenties and have a house that is fully paid up. the rental income is around 5%/annum. i read a few articles about stocks, and as we all know, this is the best time to invest in stocks. as the return is always higher for stock and they are cheap nowadays. should i sell my house and go for it? or refinance the house? or stay the same?? and of course, i am still optimistic about the stocks in long term. please advise.

never ever sell property. you can use it so many ways. if you want to invest in the stock market, i would take out an home equity line of credit and buy the stock with that, and if you have chosen the right stock and are making money, you can pay back the HELOC from that. if you dont make money, and loose , at least you still have your house. or take your cash flow from the rents received, save it until you have enough to invest.

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Its in joint names on the deeds as the mortgage im selling at a loss as im struggling to keep the payments myself, she has agreed and signed all relevent paperwork. my question is will she be liable for anything extra we are due the bank after everything else has been paid ie lawyers etc have taken their share the rest has went to the bank however it is not enough to fully repay the mortgage??? if that makes sence????

if there is a loss at the end, someone needs to write a check at settlement. Since she is a 50% owner, she would need to write a check for 50% of this number - unless you agree to cover it all...