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Joseph M. Ghabour & Associates LLC

Will my mortgage on my existing property be transferred to the new owners?

There are not many situations in which your mortgage will transfer to the new owners. It occurs if you have a transferable mortgage and the buyers agree to resume your mortgage. In most cases, however, you will have to pay off your mortgages before you are able to sell your property or at the closing of your real estate transaction. Be sure to review the language contained in your mortgage to learn what you are and are not able to do in reference to real estate transactions. 

Joseph M. Ghabour
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