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    ddeenie65's Avatar
    ddeenie65 Posts: 1, Reputation: 1
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    #1

    Sep 21, 2006, 06:33 PM
    Getting out of mortgage to move
    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,
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Sep 21, 2006, 06:55 PM
    You sell the house and pay off the mortgage.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #3

    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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