Legal Question in Real Estate Law in Wisconsin

costs of selling my home

I am considering selling my home due to relocation. The problem is that I refinanced in June of this year and now have a 3 year pre-peanlty clause. My mortgage has already been sold to a different mortgage company. Between what I owe on my mortgage, what the realtor will be getting and what the original mortgage company will get for the pre-penalty clause I will not be getting enough for my home. Can I still sell my home to someone and still owe the original mortgage company their money? I have been told several different answers and am unsure what is correct, can you please answer for me? Thank you very much.


Asked on 10/28/02, 8:27 am

1 Answer from Attorneys
Thomas Schober Schober Schober & Mitchell, S.C.

Re: costs of selling my home

Virtually all mortgages have a "due on sale" clause that requires you to pay your mortgage in full if you sell. In addition, the buyer's lender wouldn't loan him money with your mortgage still outstanding. If you want to sell, you will have to borrow enough on a personal loan to cover the shortfall.

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Answered on 10/28/02, 10:14 am


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