New Balance Home

We currently have a home equity loan and a mortgage, but want to pay off credit card debt. Can we take out a new home equity loan, paying off the current home equity loan and credit card debt which would result in the home equity loan balance being larger than the mortgage balance? There is ample equity in the home to support both. We do not want to refinance to a new mortgage because we are thinking of selling in the next few years and don't want the expense of closing costs on a new mortgage.

You should be able to technically do this as long as the new home equity loan + the 1st mortgage are not more than 85% of the home's total value. This is generally the cap.

So if you have a home that's worth $200,000: 85% of that is 170,000. As long as the new home equity loan and the mortgage balance added together are less than that amount, you should be OK.

2006-11-29 07:24:38 by cjt

St. Louis Fed Economist Speaks about New Accounting Standards - Big Bank Off-Balance Sheet Problems Come Home To Roost

In the midst of buying a new home while trying to sell the existing home... I need to sell the current home so I have money for the down payment of the new home. Any recommendations on how to best balance the buying / selling? Also any insights into tax implications in the state of Oregon? What are the taxes? thank you

If you don't want to rent than submitting an offer contingent on the sale of your home is completely within reason. The other person is right in the fact that in many areas the market has declined and more seller's are willing to accept an offer with this contingency, however, be aware they are likely to put a 72 hour kickback clause on it. This means that if another offer comes in you have 72 hours to perform on the contract regardless if your home has sold or not. If you are unable to perform within that time your offer is void and the new offer takes its place. I unfortunately don't know anything about Oregon taxes but good luck in your endeavors.

2007-06-21 15:58:28 by holaandgoodbye

Price: $45.00

I took a home equity loan out a while ago and in this market, my equity has dropped considerably.

If I were to sell my home, I could pay off my 1st mortgage, but I'd still have a balance of about $30,000-$50,000 on the 2nd mortgage.

Do lenders transfer 2nd mortgages to a new home?

simple answer: no. especially in this financial climate. you would have to satisfy all liens on the first home when you sold it, which includes the 2nd mortgage. otherwise, the title is not clear and the deal will not go through.

2009-08-22 07:43:02 by Love

Amidst this struggling economy, I'm looking to sell my townhouse and purchase a single-family home. I know I will not sell the house for more than I originally purchased it for, but will I be able to transfer the remaining balance of the mortgage after I sell the townhouse to the mortgage on the new single-family home? Excuse my limited knowledge on the rules and regs regarding mortgages. Thank you!

No, you can't transfer anything. When you sell the townhouse, you have to pay off the mortgage on the townhouse. You should talk to your realtor and/or mortgage rep about this.

Good luck.

2009-06-03 16:24:12 by coldcity80

I took a home equity loan out a while ago and in this market, my equity has dropped considerably. If I were to sell my home, I could pay off my 1st mortgage, but I'd still have a balance of about $30,000-$50,000 on the 2nd mortgage. Do lenders transfer 2nd mortgages to a new home?

No, in general you will have to pay off all encumbrances on the property in order to obtain clear title so you can sell the property,

You will either need to come up with the difference in order to sell or try and apply for a short sale

2009-07-29 07:21:14 by ain