Im Buying A New Home…does My Lender Get Involved With The Sale Of My Current Home?

Does my lender for my new purchase get involved with the sale of my current home, which closes about a month earlier than my new purchase. Or how does my mortgage get paid off? Unfortuantely, I’m selling my house for a little less than what I owe, so I’ll be bringing money to closing. Who figures out how much and who gets that check?

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3 Responses to “Im Buying A New Home…does My Lender Get Involved With The Sale Of My Current Home?”

  1. old man on the hill says:

    selling for less than what is owed is usually considered a short sale and the owner of the mortgage usually is involved, and may even have to approve of the sale since they would normally be paid off from the profits of the sale
    I would communicate with your lender and ask your realtor

  2. loanmast says:

    Your new lender would not be involved in any way with your old home you are currently sellling./
    The underwriter would consider your current mortgage monthly payment into your ratio, to determine if you are able to qualify for a new mortgage loan.
    Once you sell your home, your current mortgage lender would have placed in escrow or the title company a document indicting the amount of your balance that must be paid in order top pay them off. As your statement indicate, if this your mortgage balance exceed the sale amount you would be required to place the additional amount in this escrow to cover the balance of your mortgage balance.
    Your personal check to cover this mortgage balance would be made to the escrow closing or title company. You would be informed when your check would be required by the escrow or title closing agent. One or both would tell you the exact amount you would need to pay.
    I hope this has been of some benefit to you, good luck.
    “FIGHT ON”

  3. Pascal the Gambler says:

    The title company will let you know what to bring to closing. The old lender gets that check obviously.

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