Need to sell home with secured loan on it?
We urgently need to move to a bigger property as we are currently living in a 2 bedroom house and have just had our second child. We are basically being told that we are stuck here as we have a secured loan on the property that would need to be paid back in full on sale of the property and because of the housing market, we will not be able to get what we paid for the house, and even if we could we would still be short on paying the loan back. Are we really stuck here indefinitely?- You can ASK the bank to allow you to sign an unsecured note for the difference between the mortgage balance and the proceeds from selling the home. They would actually be admitting that you already HAVE an unsecured loan in that amount. If they took your house, they would not be able to sell for more than you can. Side note: You will not be able to obtain a mortgage to buy another property without a down payment
- Hi Some secured loans lenders might transfer this to another property but this new property would have to have equity to cover the exsisting secured loan. you might be best to call lender and ask them if they could transfer this to another property and what equity you would have to have to cover the secured loan. There is improvements in the industry and house prices and increasing. Good luck and I am sure things will improve
- yes until that loan is cleared, and inci ly it is an extremely stupid thing to do in the first place, you are risking losing your home for a very insignificant sum of money
- You're stuck there until the loan is paid off. You have no alternative with a secured loan. Sometimes the loan company will allow you to transfer the secured loan to your new property, but that will only happen if there is equity in your new property, which obviously is not going to happen in your case. So you're stuck there until such times as you can pay off the loan. A secured loan is similar to a mortgage in as much as the loan company will not allow you to sell the house unless they get their money back - so it's just the same as being stuck with negative equity. You can not sell the house unless you can come up with enough cash to pay off the difference between any equity in your house and the amount owed to the loan company
Knowledge Base
If take out a debt consolidation loan secured through your home will that affect if we try to refinance mortg?
needing to consolidate credit card debt. but would like to in future refinance home soon. will it cause a problem with refinance if secure with home?. you will have to finance everything into one loan and then go back and reopen a line of equity credit. of course. it is (secured home loan)
where can i secure a quick loan with low interest rate?
to pay off another loan. rob a bank. there are 2 types of personal loans ? secured personal loans and unsecured personal loans. secured personal loans require you to pledge any of your ets like you house to the lender as collateral. many people choose this type of loan due (secured home loan)
What is a secured home equity loan?
the secured home equity loans allow you to borrow a large amount of money based on the equity in your home. it is called secure, because the amount you will borrow is secured through your property - your home. your home will serve as the collateral, resulting to the confidence (secured loan uk)
Knowledge Base: Secured Loans
Secured Business Loan - Registered Charge UK?
hi, a friend took out a secured loan for £10k and a registered charge was placed on her house £5k outstanding. then a few years later with the same lender they took out another unsecured debt overdraft currently @ 20k and we would like to know what relation the original (secured loan rate)
where can i get a cheap secured loans?
i want to start a business which i will need up to like $50, 000. i need some places where i can get a quick and cheap secured loans in united states. secured by what?. do you need a loan or funding for any reason such as a personal loan, (secured personal loan)
What does the question "is the mortgage or home loan secured on your home" mean?
this is a question on a form i am filling in and i do not understand the question. is the property pledged as support for the loan; can the lender foreclose on the property if you do not make the payments. 99. 9% yes. if you do not keep up (secured home loan)
Need to sell home with secured loan on it?
we urgently need to move to a bigger property as we are currently living in a 2 bedroom house and have just had our second child. we are basically being told that we are stuck here as we have a secured loan on the property that would need to be (bad credit secured loan)
3. 5 interest rate on a secured loan! ?
i just got approved for a secured loan from nasafcu, i am getting the loan against my cd account. the only reason im getting the loan is too pay it back and establish credit i currently have none. do you think this is too much of an interest rate? the (secured home loan)
Knowledge Base: Secured Home Loan
What does the question "is the mortgage or home loan secured on your home" mean?
this is a question on a form i am filling in and i do not understand the question. it means: do you have any secured loans? in laymens terms: if you fail to pay us our money, and anyone else, and we have to repossess your house, how much are (secured home loan)
Need to sell home with secured loan on it?
we urgently need to move to a bigger property as we are currently living in a 2 bedroom house and have just had our second child. we are basically being told that we are stuck here as we have a secured loan on the property that would need to be (secured home loan)
What is a secured home equity loan?
the secured home equity loans allow you to borrow a large amount of money based on the equity in your home. it is called secure, because the amount you will borrow is secured through your property - your home. your home will serve as the collateral, resulting to the confidence (secured home loan)
Taxes on home sold with existing non - secured loan question?
if i purchased a home for example $200, 000 with a non - secured loan strictly based on paperwork and credit, but no lien on the house and i sold the house for $200, 000, would i have to pay taxes on that money since there were no capital gains?. (secured home loan)
Has anyone secured a home loan after bankruptcy? Mine was discharged about 2 yrs ago & I wish to buy a home. ?
my bankruptcy was discharged about 2 years ago and i have been doing well since. i do not have any delinquent payments or lines of credit. i did get a vehicle lease with my father as the co - signer. i am employed full time as a store manager and (secured home loan)
