Let's say I have a Home Equity Line of Credit...

[edprush]

Is the loan due immediately or can I keep the loan even without the house as collateral?

 

[AnyMal]

Are you buying another house?

 

[RossMAN]

Originally posted by: edprush
Is the loan due immediately or can I keep the loan even without the house as collateral?

Yes because in order to get the home equity LOC a lien was placed against the house.

 

[Supertastic Fool]

Originally posted by: RossMAN

Originally posted by: edprush
Is the loan due immediately or can I keep the loan even without the house as collateral?

Yes because in order to get the home equity LOC a lien was placed against the house.

rossman knows everything i think... well probably not about girls but everything else

 

[AnyMal]

Originally posted by: RossMAN

Originally posted by: edprush
Is the loan due immediately or can I keep the loan even without the house as collateral?

Yes because in order to get the home equity LOC a lien was placed against the house.

I was thinking if he's buying another house, couldn't he keep the loan assuming there will be equity in his new house?

 

[edprush]

Originally posted by: AnyMal
Are you buying another house?

no I am not buying another house.

 

[edprush]

Originally posted by: RossMAN

Originally posted by: edprush
Is the loan due immediately or can I keep the loan even without the house as collateral?

Yes because in order to get the home equity LOC a lien was placed against the house.

How will they (the bank) know I sold the house?

 

[Vic]

The HELOC will have to be paid and closed. The loan is secured as a lien against your house. When you sell your house, you will provide the buyers with a clean, insured title to the property. As a condition of that insurance, the title insurance company will required that the lien created by the HELOC be removed from your title, and the only way that can be done is if it is paid and closed.

 

[Pantoot]

The lien will come up during the title search. Before the new owner can take the title the lien must be satisfied. You must pay back the loan before you can sell the house.

Remember, you don't really own all of the house, the bank owns part too. You cannot sell it until they say it is ok.