Can I transfer an existing home equity loan, attached to my current residence to a new residence?
Friday, 30. July 2010
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?
brutal s Says:
I’ve received a newsletter sometime ago about "Benefits of a 125 Home Equity Loan". They give good
tips what to do, you may want to check at this
http://loan-info1.blogspot.com/search/label/Home%20Equity%20Loan
Leo F Says:
Sorry but that’s not going to happen, that 2nd mtg is secured by the current home and they do not transfer Mtg from one house to another.
acermill Says:
Not going to happen. If and when you sell your current home, ALL outstanding mortgages must be paid off. You will need to come up with cash if your current home sells for less than is currently owed. When you buy another home, then you will need to deal with whether or not you have sufficient equity to obtain another HELOC.