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Old 02-04-2023, 02:24 PM
 
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Does anyone know if the Mass Save Loan belong to a person or a house? In other words, do I need to pay off my Mass Save Loan before selling the house or I just continue to pay the loan as I did before selling?

thank you
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Old 02-04-2023, 02:36 PM
 
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Not familiar with MA Save Loan programs but generally, any loans against your property have to be paid off either at closing or before closing so that there are no outstanding liens on the property when ownership is transferred. Attorneys usually check these things out for their buyers so it will likely be uncovered pretty quickly and could cause delays in closing if it isn't taken care of.
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Old 02-04-2023, 03:01 PM
 
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It’s a loan FOR your property (provided by MA for new heater systems etc), but I am not sure it’s a loan against property, or just on an owner’s name….

I think with solar systems the loan transfers to a new owner (at least that’s what I heard)
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Old 02-04-2023, 03:13 PM
 
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An easy way to check this yourself would be to go on the registry of deeds website for the county the property is in...type in the property address or owner's name and any liens or loans against the property will be there on record for you to view.
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Old 02-04-2023, 03:33 PM
 
Location: Needham, MA
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Quote:
Originally Posted by Malishka View Post
Does anyone know if the Mass Save Loan belong to a person or a house? In other words, do I need to pay off my Mass Save Loan before selling the house or I just continue to pay the loan as I did before selling?

thank you
So my knowledge of the HEAT loan program is rather old as I took mine out about 8-9 years ago (it's paid off as you might guess). This being said if things are still the same in the HEAT loan program then the answer to your question is . . . it depends.

What I found when researching the loan back then was that depending on who you took the loan out with the loan might work slightly differently. Some lenders charged processing fees while others charged nothing for example. Some lenders offered the full seven year term, while others only offered a max of 5 years just to name another example.

To answer your question though, what I found back then was that some lenders recorded a lien against your property while others did not. As someone already suggested, search the online portal for the registry of deeds that covers your town and see if a lien was recorded against your house. If there was no lien then it's unlikely you need to pay off the loan before selling but ultimately the agreement you signed when taking out the loan governs the transaction so review any paperwork you signed to see if it says anything about having to pay off the loan when selling.
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Old 02-04-2023, 03:44 PM
 
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I’ll check, thank you.

I am not the one selling the property, it’s a rather complicated transaction between family members’ properties who are not very friendly with each other, unfortunately… so I kinda trying to figure out some potential complications
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Old 02-04-2023, 07:55 PM
 
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I took out two separate Mass Save Loans (maxed out the 25k limit) and there is no lien on my property. It looks like a personal loan on my credit report.

If there are any liens on the property, the lawyers would find out quickly and easily.
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Old 02-14-2023, 09:16 AM
 
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Originally Posted by matrix5k View Post
I took out two separate Mass Save Loans (maxed out the 25k limit) and there is no lien on my property. It looks like a personal loan on my credit report.

If there are any liens on the property, the lawyers would find out quickly and easily.
Thank you!

I checked and there is no lien on the property, so all good, hopefully
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Old 02-14-2023, 09:56 AM
 
Location: Needham, MA
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Quote:
Originally Posted by Malishka View Post
Thank you!

I checked and there is no lien on the property, so all good, hopefully
You should read the loan agreement you signed. They may not be able to stop you from selling the home because there's no lien but the loan may become due in full if you sell. Better safe than sorry!

Every lender when I looked put a different spin on the program so other people's experiences may not be applicable to yours. Do your research and make a decision with all the correct information in front of you.

Last edited by MikePRU; 02-14-2023 at 10:06 AM..
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Old 02-14-2023, 10:03 AM
 
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I can confirm as I am still paying off my Mass Save heat loan from a house I sold 4 years ago and moved out of state. Its a personal loan, not connected to your house.

I have the money to pay it off but why pay off a 0% interest loan? Mr. Market had a good run up to last year but I consider myself ahead.
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