What happen to us if we want to supply a house next to 2 mortgages and an home equity?
We have 2 mortgages (1st & 2nd), my friend withdrew an other flash of equity. What happens to the equity line loan if we flog this house short? Can we ask the bank to convert equity loan to personal loan and we continue to money for it?
Answers:
All mortgages need to be paid at closing. If you can find another loan you can but it won't have anything to do with this transaction.
Second mortgage (home equity) comes closing. Whenever the house is paid off or sold, your first mortgage go together will be paid first and home equity loan afterwards. When you sell a home next to a mortgage balance on it, the new buyer pays past its sell-by date your loan with his mortgage.
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Answers:
All mortgages need to be paid at closing. If you can find another loan you can but it won't have anything to do with this transaction.
Second mortgage (home equity) comes closing. Whenever the house is paid off or sold, your first mortgage go together will be paid first and home equity loan afterwards. When you sell a home next to a mortgage balance on it, the new buyer pays past its sell-by date your loan with his mortgage.
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