In this regard, then, we will try to briefly remind you of what foreclosure exists , a hypothesis which you will have to take into account if you want to proceed with selling a house with a mortgage in progress. The latter is one of  the generic enforcement  procedures.

The main purpose of the deed is to allow the creditor to achieve a result equivalent to the performance, originally deducted as an obligation and not fulfilled by the debtor https://www.thehouseguysdc.com/we-buy-houses-suffolk-virginia/

So with the foreclosure we want to reproduce the effects and consequences of the spontaneous fulfillment , forcibly subtracting the goods from the assets of the taxable person. Following this deed, a phase of conversion into cash will then proceed, through the  forced sale.

The Mortgage

As we have just stated, you can decide to sell the house with a mortgage at any time. However, you will have to bear in mind that the buyer may be aware of the mortgage.

The presence of a loan still in progress, guaranteed by a mortgage, represents a circumstance that influences the completion of the sale. However, it is a condition that can be addressed and resolved easily.

It is therefore the main contractual form with which a loan is made. It carries out the transfer of a sum of money from one subject to another, thus allowing the contractor to obtain the loan. The so-called borrower will then be able to enjoy a liquid sum to be used in his commercial operations.

The mortgage is often requested in order to proceed to conclude a subsequent contract for the sale of properties. This operation is generally carried out through a negotiating link. On the day of the sale, in the presence of the buyer, seller and bank official, the notary publishes two deeds:

the deed that transfers the ownership of the property,

the real estate loan deed between the bank and the buyer, attaching the amortization schedule.

Paid Loan

The loan is, in normal cases, for a consideration. This implies that the borrower is obliged to return the money received within a certain period of time. The applicant will have to pay the repayment installments, to which a cost and interest will be associated, which will be proportionate to the amount of the loan and its duration