loan conciquences selling
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loan conciquences selling (by Amanda [OK]) Jun 30, 2014 3:31 PM
       loan conciquences selling (by ALDO [WI]) Jun 30, 2014 5:11 PM
       loan conciquences selling (by Nellie [ME]) Jul 1, 2014 6:42 AM
       loan conciquences selling (by BillS [CO]) Jul 1, 2014 10:49 AM

loan conciquences selling (by Amanda [OK]) Posted on: Jun 30, 2014 3:31 PM
Message:

State Specific Question About: OKLAHOMA (OK)

Will I face any finical consequences when I sell my rental house either for the amount of my loan or if I make some kind of profit on it? Also, is there anything I should be ready for when selling my now rental house that was originally my primary residence as far as house values, charges or fees not associated with a resident seller?

--68.206.xxx.x



loan conciquences selling (by ALDO [WI]) Posted on: Jun 30, 2014 5:11 PM
Message:

I can't speak to OK law, but three things come to mind that are universal. One is pre-payment penalties on your mortgage. Second is capital gains tax due for any profit over the value of the property at the time it was converted to a rental. Third is tax on recaptured depreciation. Note that, if you haven't depreciated the property on your tax returns, you will still owe that 'imputed tax' because you are required to depreciate rental properties and will owe the tax whether or not you took the depreciation deduction. --70.92.xxx.xxx



loan conciquences selling (by Nellie [ME]) Posted on: Jul 1, 2014 6:42 AM
Message:

The other thing that could be a penalty is if you had a low income subsidized loan. Our first mortgage was a loan through Maine State Housing for low income. It had a penalty for early sale through a particular length of the loan. Similar to a prepayment penalty. You will need to look at your mortgage to know if this penalty is there. --70.16.xx.xx



loan conciquences selling (by BillS [CO]) Posted on: Jul 1, 2014 10:49 AM
Message:

In addition to the above, you may also have some costs in selling that people don't always think about.

Title insurance. In some locations the seller buys title insurance.

Closing costs for the title company. Usually not too much but still some money.

Remember interest is paid in arrears. So you owe interest from the date of your last payment until the pay-off is received.

Agent fees if you use one.

You will owe the buyer the security deposits you have for the current tenants.

You will owe pro-rated utilities if you pay those.

You will owe property taxes since they are also paid in arrears. That is tax amount from Jan 1 to date of sale.

Just some things you may not have considered if you are "selling it for what is owed". --75.160.xxx.xxx



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