Question: Can house for sale be used to get a small home equity loan since.........?

(Posted by: lyong222 on 2010-05-22 07:22:42)

Since if the house was not for sale, the bank might have to force the sale of the house to get their money. And since the house is for sale, that is "how " they are guaranteed to get their money. why or why not? amounts you can borrow? payback periods? not looking to delay payments until house is sold, just looking for a loan so I can buy the smaller home before the other one sells. I'll basically have two deeds, stocks and other cash as collaterol.

Posted by: Dan B on 2010-05-22, 07:33:01

Probably can. The bank won't care - that's how they make their money. But keep in mind that the listing that the real estate agent has needs to be updated. Notify your agent.. If the real estate agent isn't aware of this, the potential buyers won't be made aware if this either. Your agent may recommend against this. If the 2nd mortgage isn't paid off, the house could be foreclosed upon the new owners. I would expect the title search would reveal the 2nd mortgage.. You would still have to make the monthly payments. I don't think the lender would allow you to delay making any payments until the house sold.

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