If your purchasing a home with 2 mortgages on it what does that mean?
Do you have to pay for those mortgages too even though they’re not yours..?..
Tags: home, Mean, Mortgages, purchasingDo you have to pay for those mortgages too even though they’re not yours..?..
Tags: home, Mean, Mortgages, purchasing
The mortages have to be paid completely off at closing, before you can finish the purchase. THis should happen, your mortgage is what pays them off, otherwise the sellers need to come up with the funds prior to closing.
People purchase the home not the mortgages , unless you are doing an assumption ( you did NOT say that ) .
2 mortgages means the borrower could not afford the down payment so they took out a 2nd mortgage to cover even that .
Those people are the ones that generally end up in foreclosure because they did not have enough $$$$ to really start .
If you do not have 20% down , wait until you do .
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it has nothing to do with you.
yes, as Landlord said…you owe $20 on A and $40 on B so you owe $60 all together. The selling price has to be at least $60 to clear title or the present owner has to clear the 2nd mtg before title can be moved into your name. This has to be disclosed to you BEFORE you sign the agreement to buy.
Caveat Emptor
They will pay them off when you buy the house, doesn’t involve you.