Can I transfer an existing home equity loan, attached to my current residence to a new residence?
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 $30,000-$50,000 on the 2nd mortgage.
Do lenders transfer 2nd mortgages to a new home?
simple answer: no. especially in this financial climate. you would have to satisfy all liens on the first home when you sold it, which includes the 2nd mortgage. otherwise, the title is not clear and the deal will not go through.
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simple answer: no. especially in this financial climate. you would have to satisfy all liens on the first home when you sold it, which includes the 2nd mortgage. otherwise, the title is not clear and the deal will not go through.
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you can’t transfer.
but you could take out a 2nd mortgage or equity loan on the new home, and use that to pay off the first one
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