Yes, you can sell land with a mortgage in Nebraska, but there are certain steps you need to take to do so successfully. The process will vary depending on the terms of your mortgage, but it will generally involve obtaining permission from your lender and either paying off the mortgage in full or finding a buyer who is willing to assume the mortgage. Here’s a breakdown of the process:
- Obtain Permission from Your Lender: Before you can sell your land, you need to contact your mortgage lender and ask for a mortgage payoff statement. This statement will tell you how much you still owe on your mortgage and what you will need to pay in order to release the lien.
- Pay Off the Mortgage in Full or Find a Buyer Willing to Assume Your Mortgage: Once you have the mortgage payoff statement, you can decide whether to pay off the mortgage in full or find a buyer who is willing to assume your mortgage. If you choose to pay off the mortgage in full, you will need to come up with the cash to do so. If you choose to find a buyer who is willing to assume your mortgage, you will need to make sure that the buyer is qualified for the mortgage and that they are willing to take on the payments.
Work with Your Lender to Close the Sale: Once you have either paid off the mortgage in full or found a buyer who is willing to assume your mortgage, you will need to work with your lender to close the sale. This will involve signing a number of documents, including a mortgage satisfaction statement and a deed transfer.