selling, home equity loan–what happens?
Monday, March 1, 2010 14:30
Posted in category 100 Home Equity Loan
my husband and i want to move back to our hometown, but we’ve only owned our home for 2 years and have a home equity loan that we rolled our other debts into. we won’t be able to sell our home for the full amount we owe on both our mortgage and the equity loan–just the mortgage, and maybe a little more than that, but not 100%. what happens in this situation?
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Beverly S says:
March 1st, 2010 at 2:31 pm
The home equity line is a 2nd mortgage. You have to pay it in order to get clear title for the new owners. No way around it. sorry!
rookem123 says:
March 1st, 2010 at 2:31 pm
You have to pay back the mortgage and the home equity loan because the home equity loan is backed by the house, which you no longer will own. I would contact the bank – maybe they could roll that loan into the mortgage on your new house.
michael g says:
March 1st, 2010 at 2:31 pm
Your going to be living in that house a little longer. BOTH loans MUST be paid off at closing.
golferwhoworks says:
March 1st, 2010 at 2:31 pm
you must get a loan or pay cash for any shorts. Both deeds must be satisfied at closing.
Dizzy_Lizzy says:
March 1st, 2010 at 2:31 pm
You’ll be paying the extra out of pocket or you won’t be selling.
Gertie says:
March 1st, 2010 at 2:31 pm
You sell your home for what you can and pay the difference of what wasnt paid off