A mortgage loan debt can still be sold to a home in progress. In addition, as long as the required cash is available, the mortgage loan can be closed at any time and the bank mortgage on the home can be removed.
In this case, two situations arise, such as repayment of the mortgage in cash and repayment with a loan. If a new loan is required to be purchased; correspondence and sales transactions between banks can be made.
Having buyers and sellers from the same bank in such a case accelerates the transactions
When the new loan is approved in official operation, an expert is sent home and the mortgage owner bank is indicated. The borrowing bank requests an official letter indicating the current loan settlement amount and the issuance of the mortgage removal letter to the borrowing bank in case the loan is closed.
After sending the letter to the debtor, the sale is made in the title deed and the second credit mortgage is placed on the title deed of the new credit bank.
After the sales process is done and the documents come to the bank where the loan will be used, credit is opened. The loan is sent to the borrowing bank instead of the person who owns the house and the remaining amount is paid to the landlord after the debt is closed.
The bank closes the debt and sends the mortgage removal letter to the branch. And in this way, the bank with a second degree mortgage will have a first degree mortgage. These transactions take place if the mortgage house is requested to receive a new loan.
In addition, people who want to buy a mortgaged house with cash can do the following;
The current loan principal debt and early payment penalty and the total settlement amount are learned from the borrowing bank. It is important to pay attention to daily interest. The house amount, except the calculated housing loan settlement amount, is deposited by the buyer to the bank.
Blocked checks are taken from the bank for the amount deposited
Deed transactions are made and blocked check is given to the seller. The seller collects this amount from the bank. Mortgage transactions in the deed are removed with a letter stating that the money has been withdrawn from the bank. And the title deed is passed to the new owner.
In other words, the houses that are indebted to the mortgage loan can be sold and these transactions will proceed and sales transactions will be realized.