How do I buy a house in mortgage?

Answer by  jimbo69 (32)

Enter into a contract with the owner of the house. Once in contract the seller will be required to obtain a pay off statement from the mortgage company. If it is a shortsale, once in contract have the seller sign a release form and negotiate with the mortgage yourself.

Answer by  patti (29325)

Most home for sale are mortgaged, which means that a lender holds the title to the property. When the house is sold, the proceeds go to pay off the lender, which frees up the title so that it can be transfered to the new owner (via the new lender, usually).

Answer by  ijlalnoor (2656)

To buy such a house, you will have to enter into a contract with the real owner of the house.

Answer by  John (9008)

It is no different from buying any other home. At the closing, the mortgage holder will be paid the remaining balance on the mortgage out of the sale price; if the amount of the mortgage is more than the sale price, then they seller must make up the difference.

Answer by  NGoodson (3395)

The owner would need to pay the mortgage with the money that they get from the sale of the home. Your best bet is to get a realtor involved who can help with all the paperwork.