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    PHOENIX09's Avatar
    PHOENIX09 Posts: 1, Reputation: 1
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    #1

    Feb 21, 2009, 11:46 AM
    Paying off my mortgage
    When I sell my house and pay the outstanding mortgage do I have to also pay off all the secured loan that I still owe
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Feb 21, 2009, 11:56 AM

    Is the loan secured by this property,? What type of SECURED loan is it.

    A car loan is a secure loan by has nothing to do with a home loan.

    Is it a line of credit, is it a second mortgage
    walt17's Avatar
    walt17 Posts: 335, Reputation: 28
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    #3

    Feb 22, 2009, 07:03 AM
    In order to sell your house, you must pay off any loan that placed a lien on the property. If the loan is secured by anything other than your house, you can sell it without paying off the loan.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    Feb 22, 2009, 08:13 AM

    The question is unclear. If there are any liens placed on the property, whether via promissory notes secured by the property or due to law suits, then those have to be paid before title can be transferred.
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