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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] pay off question Posted by Gonzalo on June 20, 2002 at 1:06 PM Mr. Ward, I bought a property subject to existing loan, broght the loan current, and have been making the payments, which are due every 1st of the month. I just found a buyer. This buyer will get a conventional loan for the price I am asking. We are about to close (on June 27)Question: since the mortgage payments are due on the 1st of every month, then when my buyer pays off my loan, who is paying for the month of July, since we supposed to close on the 27 of June? Would it come out of my proceeds? I would like the buyer to pay for the July mortgage payment. How do I do that? Gonzalo Follow Ups: Escrow's job is to prorate such items... Ward-CA- 4:28 AM, 06/23/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Mr. Ward, I bought a property subject to existing loan, broght the loan current, and have been making the payments, which are due every 1st of the month. I just found a buyer. This buyer will get a conventional loan for the price I am asking. We are about to close (on June 27)Question: since the mortgage payments are due on the 1st of every month, then when my buyer pays off my loan, who is paying for the month of July, since we supposed to close on the 27 of June? Would it come out of my proceeds? I would like the buyer to pay for the July mortgage payment. How do I do that? : Gonzalo Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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