Can I Transfer An Existing Home Equity Loan, Attached To My Current Residence To A New Residence?
Written By: admin on July 18, 2009
One Comment
i took a home equity loan out a while ago and in this market, my equity has dropped considerably. if i were to sell my home, i could pay off my 1st mortgage, but i’d still have a balance of about ,000-,000 on the 2nd mortgage. do lenders transfer 2nd mortgages to a new home?
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When you sell a house, you have to pay all mortgages in full. Once you have your new place, if you have equity (perhaps from the down payment), you may be able to set up a new line of credit, but you will have to pay off your ancient line before you get the new line, unless you are able to buy the new house and set up the new line of credit with your equity before you sell the ancient house. Then you can use money from the new line of credit to pay off the ancient line.But, if you had enough money to buy a house and place $50,000 to $70,000 down, you probably wouldn’t need the line of credit in the first place.There are still some companies out there that will set up some unusual loans. Generally they are very expensive, but it couldn’t hurt to look. Excellent luck.