Can i sell my house even though it wont pay off all of the secured loan i have?
Answers:
You cannot sell your house without paying the secured loan. The whole point of "secured" is the house, without it they have no security and in becomes a loan. They will not do it i'm afraid you will have to get enough for your house to clear the debt, or they will not remove their charge and no body is going to buy it with a charge over it (effectively taking over your loan).
yes, but you would still have to pay the rest off at the same time somehow
Yes you can, but any unpaid portion of the loan will have to be paid also, the house is the security for the loan.
As long as you come up with the rest of the cash for the payoff, yes.
no not to my knowledge
NO.the people that you have the loan with, have first claim, and should hold the deeds , that make a sale impossible
If the secured loan is on the house NO, then it would be a lein on that house and all homes have to be cleared of all leins.yOU COULD BORROW MONEY FROM BANK ON SOME OTHER COLLATERAL.,PAY ON YOUR HOME LOAN TO GET IT DOWN AND THEN SELL HOUSE, IF YOU WOULD HAVE ENOUGH TO PAY OFF HOUSE THIS WAY.
Yes, if you show up at the closing with the money to make up the difference.
hi im in exactly the same situation. about 20k short! a financial advisor told me that the rest of the loan would become unsecured. they cant lock you up these days for not paying your loans these days. if you dont pay your mortgage and they reposesse the house what would the loan people do then?!
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