How exactly does a secured loan work?
Tuesday, March 23rd, 2010 at
5:28 pm
If I got a secured loan against my home and I sell me home, do I have to pay my unsecured loan off when I sell my home? Or can I continue to have my loan and pay it off every month for the term of the loan?
No, I am not talking about a home equity loan. A secured loan against my home- do I pack that back when I sell my home or not?
Repossession
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Tagged with: Home Equity Loan • secured loan • Term Loan • Unsecured Loan
Filed under: secured loan
It seems like you are describing a Home Equity. At the bank I work, if you sell the home within 3 years, you are obligated to pay it off. However, if you purchase a new home and have enough equity in the new home, it can be transfered.
In a Home Equity Loan, you are promising to pay it back or else the bank can take your home.
Yes, you will need to pay that back. Currently, the bank has either a deed of trust or a mortgage on your property. This is a lien on the property. The person that purchases the home will require the property to be free of liens when they purchase it. In order for the lien to be released, the Bank will require that you pay the loan off.
ja als u moet de verkoop om het even wat die door om het even welk punt veilig is alvorens u verkoop het kunt u het ontruimen wanneer het lenende bedrijf!!!