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What happens when your home is collater for a loan and you sell your home?
Wiki User
∙ 14y ago
Th eloan is repaid with the proceedes of sale prior to you being paid what is left. If the loan is not repaid, you could be in violation of the law for not disclosing the lien.
You can not accept money that is collateral against another loan.
Wiki User
∙ 14y ago
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What companies sell a fixed home equity loan?
A fixed home equity loan is a type of loan where the borrow uses the equity in their home as collateral. Various companies sell this type of loan like Bank of America and Citizens Bank.
How can you sell your home to a bank and pay the difference in the loan?
You go to the bank and ask for a loan.
How does payback work with a bridge loan vs. a regular loan?
A bridge loan is used to help you buy a new home until you sell your old home. Once your old home sells you payback the bridge loan. With a regular loan you have to begin paybacks right away with monthly payments. The above answer is incorrect in that with a bridging loan you have to make a monthly payment as soon as the loan starts. Rates can be as high as 2% a month above base rate Bridging loans are not cheap, but they are a great option if you need to buy a property before you sell another or have the funds to complete.
What are some benefits of an FHA home loan refinancing?
There are several benefits of an FHA home loan refinancing. An FHA home loan is one of the easiest to qualify for. If for some reason you decide to sell your home, the buyer of your home can then take on your loan, leaving you with less money to pay in the end. This is called being assumable. Even if you have filed bankruptcy or have gone through a bankruptcy, you can still qualify for most FHA home loans.
Can you get a mortgage loan if you already own a home and want to sell and get another home but you have a lot of bank overdrafts but paid them?
Yes, that should not be a problem.
What companies sell a fixed home equity loan?
A fixed home equity loan is a type of loan where the borrow uses the equity in their home as collateral. Various companies sell this type of loan like Bank of America and Citizens Bank.
What happens to a loan on a car when the loan holder dies and there is no cosigner or insurance on the loan?
The loan must be paid out of the estate (sell of home, life insurance policy, etc...) Otherwise, the estate will be held up in litigation and will not be closed or the beneficiaries will be forced to pay the loan.
How can you sell your home to a bank and pay the difference in the loan?
You go to the bank and ask for a loan.
Can a company sell a student loan to another company?
In the US, yes it happens quite often.
What if your dad had a home equity loan are the heirs now responsible to pay that off?
If your deceased father had a home equity loan are the heirs now responsible for paying it off IF THEY SELL THE HOME?
Grandma died and she has a reverse mortgage what happens next?
When a homeowner with a reverse mortgage passes away, the loan typically becomes due. The heirs or estate of the deceased have the option to repay the loan and keep the property, sell the property to pay off the loan, or walk away from the property if the loan balance is greater than the home's value. It's important to contact the loan servicer to discuss the next steps and potential options.
Can a executor do a loan mod to save the home?
The executor is required to preserve the estate. That may require a loan modification. They can also sell the property.
Do you have to pay off your home loan before you sell your home?
The mortgage must be paid off at the closing from the proceeds of the sale.
If your only surviving parent dies and has an active loan on the home what can you do?
The estate will have two specific choices: Pay off the loan with the money in the estate. Sell the house and pay off the loan.
What do equity loans do for you?
An equity loan allows you to pay towards the loan amount while earning equity. So if you were to sell your home you would make money to use towards your next home.
How does payback work with a bridge loan vs. a regular loan?
A bridge loan is used to help you buy a new home until you sell your old home. Once your old home sells you payback the bridge loan. With a regular loan you have to begin paybacks right away with monthly payments. The above answer is incorrect in that with a bridging loan you have to make a monthly payment as soon as the loan starts. Rates can be as high as 2% a month above base rate Bridging loans are not cheap, but they are a great option if you need to buy a property before you sell another or have the funds to complete.
What happens when you give an upside down motor home that you can't afford the payments on back to the bank?
The bank will sell the motor home for whatever they can get. You will then be responsible for the balance left on the loan. For instance if the payoff is $10,000 on the motor home and they sell it for $$7,500 then you will still have to pay the bank $2,500 plus any fees associated with the sale and loan. Your credit will then be ruined for 7 years. But this is better than a repossession where you would have to also pay repossession fees. Sit down with a loan officer at the bank and see if you can work something out. They do no want to repossess it anymore than you want to loose it.
