1. Will the payoff amount of a $55,000 mortgage lien be $110,000?, or
2. If a seller is asking for $110,000 as a purchase price for a house they bought for $49,500?
As to #1, if the remaining principal balance is near $55,000 and there is acrued interest that has not been paid, and there are unpaid escrow amounts due for taxes, insurance, etc. The payoff may be much higher than the $55,000 mortgage amount you determined. However, I am sceptical that the loan payoff would be anywhere near double.
As to #2, what is the value of the property now? If the seller obtained the property for $49,500, maybe value was added by market conditions or from improvements.
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If you pay off the loan, a month at a time, after 30 years you will have paid more than double.
But if you call them and ask for the payoff, you should have a figure close to the loan amount.
They could be charging you a early payoff penalty, sometimes imposed in the first 5 years of the loan.
Show your papers to a good Mortgage Loan officer.
Good luck and may God bless
Any Mortgage Rep that you work with..... Ask for an amortization sheet.
It shows you the best way to pay more towards your principal and less to your interest.
This breakdown of payments will allow you the best way to pay off the Mortgage and minimize the amount of months that you would pay towards the interest
After 16 years of service....I have a group of Mtg Reps that are top guns in this area of finance.
For a confidential talkâ€¦. Feel free to call
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I have additional suggestions for you but I would rather have a confidential conversation.
All the Best Sheri Curci 215-757-2889