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How does a 1031 exchange effect existing mortgages...does…

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How does a 1031...

How does a 1031 exchange effect existing mortgages...does one have to include an existing mortgage in the sale and gain adding to the overall debt ??

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

N.c.

Lawyer's Assistant: Has any paperwork been filed?

No and it is in good title

Submitted: 11 months ago.Category: Real Estate Law
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Answered in 9 minutes by:
9/30/2017
Real Estate Lawyer: Infolawyer, Lawyer replied 11 months ago
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 64,569
Experience: Experienced lawyer
Verified

Hello and welcome. I am working on your answer and will be right back!

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Real Estate Lawyer: Infolawyer, Lawyer replied 11 months ago

The debts are factored in but the mortgages are not affected as they continued to be serviced by the property owner subject to the terms of the mortgage. also, bank may need to be notified per the terms of the mortgage and consent to the 1031.

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Real Estate Lawyer: Infolawyer, Lawyer replied 11 months ago
if I can elaborate on anything, just ask me. Please let me know if the reply is acceptable by responding “yes” or “acceptable”
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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