Equity Home Loans

Home Equity Loan?

If I get a home equity loan on a home am I able to sell the house and move while still owning money on the loan?

Public Comments

1. nope. the loan has to be paid off with the proceeds from the sale of your home because it is secured by the home. It sounds like you need a personal loan, try and bank or credit card.
2. The home equity line would have to be paid off just like the first mortgage.
3. When you close on the sale of the home that is security for the equity loan, the Title company will automatically insist that the equity loan be paid off from the proceeds of the sale. There's no way around this.