Yes, you can sell land with a mortgage in Rhode Island. However, there are a few things you need to do before you can sell the property:
- Get permission from your lender: Your mortgage lender has a lien on your property, which means they have a legal interest in it. This means that you cannot sell your property without their permission. To get permission to sell your property, you will need to contact your 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 who is willing to assume your mortgage:
- Pay off the mortgage in full: If you have the cash, you can pay off the mortgage in full before you sell the property. This will be the simplest option, as it will not require you to find a buyer who is willing to assume your mortgage.
- Assume the mortgage: If you do not have the cash to pay off the mortgage in full, you will need to find a buyer who is willing to assume your mortgage. This means that the buyer will take over your mortgage payments and be responsible for paying off the remaining balance.
- Work with your lender to close the sale: Once you have 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.