May 20, 2022

Can I Sell My Home While I Still Have a Mortgage?

What should I do if I want to sell my house but still have a mortgage attached to it?

No worries. At Homebase, we’re committed to helping you sell and get paid in cash when your property satisfies our criteria, even when it means there is more work to be done - like a mortgage. 

In the event that the property has a bank mortgage and you are unable to finance to go debt-free, we’ll help you de-mortgage in a few simple steps. Learn more with us below!

Stage 1: Prepare to de-mortgage

Step 1. You will need to notify the project owner to get the certificate to transfer. It can take from 7-10 days for developers to prepare.

Step 2. You will contact your bank to announce the day you’d like to de-mortgage and confirm the amount. For example, on March 25, 2022, the amount to be disbursed is VND 2,650,000,000. 

Stage 2: De-mortgage

Step 1. You’ll authorize Homebase to free your mortgage. To do this, at the notary office, Homebase and you will sign the following contracts:

  • A notarized deposit contract (the second version).
  • A notarized Power of Attorney contract.
  • A lease contract with Homebase. This contract confirms the homeowner's tenancy to Homebase and legalizes Homebase's right to claim and use the property.
  • Minutes of real estate handover.

Step 2. At the bank, Homebase will:

  • Collect some of your identification documents, namely your citizen identification card / identity card, and household registration book. The reason is that in the event that the original sales contract of the property cannot be obtained, Homebase will keep these documents for security issues.
  • Homebase transfers the amount to your mortgage account. The bank will then withdraw the disbursed amount from this account.
  • The bank will return the mortgage release confirmation and the original real estate sales contract to you.

Conclusion

Whether you want to sell your home or need extra support, Homebase can help! Let us know when you need to sell and Homebase will guide you through all the necessary steps.

You can reach out to our team on mobile/Zalo/Whatsapp (+84) 964 245 404 or email contact@gethomebase.com to get started!

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