Legal Question in Real Estate Law in Georgia

If I sell a house can I take a mortgage on it, and not pay off the existing mortgage, but continue to carry it and make payments. If so will it invalidate the insurance since I no longer have a rental tenant nor own the home?

Asked on 2/26/21, 9:09 am

1 Answer from Attorneys

Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

No, the proceeds of the sale will be used to pay off the lien holder.

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Answered on 2/26/21, 9:20 am

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