Regardless of your debts, it is not necessary that you have the home until your credit ends, since you could be ten years or more away, so here we tell you, how you can sell a house that you have not paid yet, according to an interview made by personnel from the Institute of the National Housing Fund for Workers (Infonavit) to a bank executive.
When you make a home purchase with a mortgage loan, said property remains as collateral and a lien is imposed, which is a term used to indicate that the financial institution that granted you the loan has the legal right in the event that do not comply with the payment of the debt.
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It should be mentioned that when there is a lien, it does not mean that the house does not belong to you, since from the moment you signed the deed, you become the owner and although in the document there is an indication that says that you owe a certain amount of money to a financial institution, the home is yours, in addition to the annotation in the deed, the lien also appears in the Public Property Registry.
The executive pointed out that you must notify the Registry that the property is being secured by a credit granted by the bank or by Infonavit and when the credit is fully liquidated, notify again that these obligations are extinguished, releasing the lien.
As long as the lien remains, you cannot dispose of that house, that is, you will not have the power to assign or donate the home while you are still alive, but what you can do is put it up for sale.
It is very common that if you have a mortgage loan, you can sell your house, when you still have ten years to go before you finish paying it, you just have to notify Infonavit that you are selling your house and that you have a mortgage with a banking institution.
You can make this type of sale regardless of whether it is cash or credit. This type of operation is done frequently without any problem.
Go to Infonavit and tell him that you are selling your house, then the institute will grant you a conditional cancellation letter that stipulates the following: “I condition the cancellation of my lien against the payment of” and there you put the exact amount of money that currently you must.
Later that letter is delivered through the institute to a notary, who will attest that you are selling your house and that the infonavit has a lien for such an amount, which will be extinguished at the time of making the sale.
The aforementioned process is not complicated and it happens when you sign the new deed in front of the notary, after which he will be in charge of withholding the money to settle the debt, deliver the remainder to the seller and complete the entire sale.
You may think that selling a house that you continue to pay for may be a procedure that further complicates the process and it is not, everything happens when the new deed is signed in front of the notary, he is the one who takes care of everything, from withholding the money to settle the debt, deliver the remainder to the seller and complete the entire sale.
The deed process is divided into the following stages:
- Infonavit is paid first.
- The seller makes the sale to the buyer.
- The bank acquires a car loan and the lien is established.
Fortunately, the Mexican notary operates this type of procedure frequently and normally and also all banks have agreements with Infonavit, Fovissste, which makes the operation to be carried out in an expeditious and agile manner.
Sometimes people may confuse the term transfer with the sale of a lien property. When a house that has a lien is transferred and a financial institution is not notified, it could generate many problems and headaches, both for the transferor and the recipient of the property, which means an irregular operation.
Any type of sale must be done before a notary, it is the only way to give certainty to all parties and also gives legality at the time of making the sale of a house that is still being paid, both for the creditor because the house is guaranteed and they owe money, to the seller so that he can receive the proceeds of his sale, for the new buyer so that he does not buy irregular property and finally for the new creditor, the new bank that grants the mortgage, so that his guarantee is perfected and in first place.
The time of sale of a property free of lien is practically the same as that of one that has lien, the difference is one week, which is how long it takes to release the conditional release letter.
Finally, it is important to note that a lien is not automatically deducted from the Public Property Registry, so when you finish paying your credit, you must process the mortgage cancellation, there are times the seller himself does not even know it or does not remember.
More information about this and other topics in our Credits section.
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