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Sold our house at last!!! Mortgage question

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  • 25-08-2008 4:22pm
    #1
    galwaydude
    Registered Users Posts: 1,390 ✭✭✭


    I have just got confirmation that the buyers have signed the contracts to buy the house and all that is left to do is for us to sign. Can i call the bank and ask them to stop with the mortgage payment as there is one due out in a week. We couldnt afford the house anymore so selling became a priority. Sellers want to close in less than 2 weeks.


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    #2
    astrofool
    Registered Users Posts: 16,480 ✭✭✭✭astrofool


    I doubt you'd be able to stop the mortgage payment until you pay off the loan.

    Presuming your loan is variable, and you have no penalties for early pay off, you should be able to use the money received from the house sale to pay your outstanding mortgage.

    You can always ask them to roll over the mortgage for this month and see what they say (you will immediately accumulate interest on the unpaid mortgage amount until the mortgage has been closed).

    Also, things might not happen as quickly as 2 weeks, delays can occur on both sides.


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