Can I Transfer An Existing Home Equity Loan, Attached To My Current Residence To A New Residence?
Tags:2nd mortgages, home equity loan, lenders, mortgage,
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I took the home equity loan out the whilst ago as well as in this market, my equity has forsaken considerably. If we were to sell my home, we could compensate off my 1st mortgage, though I’d still have the change of about ,000-,000 upon the 2nd mortgage. Do lenders send 2nd mortgages to the brand new home?
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No. The loan is secured by a lien on the current house.
No, in general you will have to pay off all encumbrances on the property in order to obtain clear title so you can sell the property,
You will either need to come up with the difference in order to sell or try and apply for a short sale
No- never. Keep in mind that they had an appraisal done on your existing home- if you buy another home they have no way to know if they would be secured to the same extent that they are now. The HELOC is tied to the home & they will never accept different collateral.