getting out of mortgage to move

ddeenie65 · #1 Sep 21, 2006, 06:33 PM

my name is john wilt sr, my family and I want to move out of state june 2007 but we still owe on a mortgage trying to find answer to this how do i move and not owe nothing,

CaptainForest · Sep 21, 2006, 08:30 PM

I agree with Fr Chuck.

Sell the house, then take the money and pay off the mortgage. And the difference, you can pocket that.

But don’t forget, you will have to pay taxes on the sale.

If you sell the house for $300,000 and you paid $200,000 when you bought it, you will be paying tax on $100,000. Your tax rate on that $100,000 will depend where you live.



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