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I guess you can either wait or pull out, sounds promising though.

It would not be reasonable for you to expect to live rent free for whatever reason. Since the transaction did not settle you have every right to pull out and move on which might not turn out to be a bad option. I would say the bank can get you out quite quickly since no rent is being paid...

This is a very interesting question. I would imagine that this situation will occur more and more over the next couple of years where the sale price is less than what is owed on the mortgage, maybe a lot less!. The bank will not release the mortgage until it is paid in full or allow the sale...