Profile picture for Deeanlan

i owe more then i can sell my house.

 i have a mortage  and a home equity loan on the home.  i would like to sell.  is there anyway i can sell and pay off the 1st mortgage and roll the home equity into another type of loan and continue to pay off in payments?????
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 16 2013 - Town of Townsend
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (3)

Profile picture for sunnyview
No. They will not allow you to roll extra debt from one house to another. That equity line is secured on your current house and they will not release their interest in it until you pay it off.

You might consider short sale if you are financially strapped, but please check for deficiency judgement laws in your state and understand that you will have to wait 2-5 years to buy again if you short sale.

Contact your bank or lender to see if they will give you a private unsecured loan to pay off the equity line amount, but otherwise, you'll have to find another way.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 16 2013
Your title states you owe more than you can sell for ... what is the object of the sale? Are you wanting to buy another home, are the current payments unaffordable? You may talk to a local real estate agent about doing a short sale on the home, meaning the mortgage and equity lines (first and second liens) may agree to take less than what is owed to them and allow the home to be sold. This will hamper your ability to get financing on another home, likely for at least 24 months, so talk with a local real estate agent and/or attorney to get more advice on the short sale.

If the equity line is what is putting you over value to sell, perhaps the bank that issued the HELOC would be willing to transfer this to a line of credit. Explaining to them your situation, assuming you must sell, I am sure they may prefer to give you a credit line over having to take a loss on the short sale.

Ask questions and talk to professionals ... get solid answers not opinions. A loan professional would also be a good person to talk to, because any debts you have will affect your loan qualifying ability.

Good luck
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 16 2013
Both the 1st and equity are secured by collateral.  In this case the house.

You can try going to a local bank to see about an unsecured loan to pay off the equity line.  Depending on the amount they may not be willing to do unsecured. 

In that case you would have to have something to substitute the collateral.  A car title. Savings account. Equity in another property perhaps a parent or relative.

Bear in mind the new loan may be at a much higher interest rate.

Do you have savings or a 401K you can borrow against?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 16 2013
 
Related Questions
i owe more then i can sell my house.
Profile picture for sunnyview
Latest answer by sunnyview
October 16 2013 | 3 answers
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 2 Trophy Ave, Townsend, MA Home For Sale
    2 Trophy Ave, Townsend, MA 01469

     For Sale: $310,000

    • Beds: 3
    • Sqft: 1916
    • Baths: 3.0
    • Lot: 25700
  2. 106 Barker Hill Rd, Townsend, MA Home For Sale
    106 Barker Hill Rd, Townsend, MA 01469

     For Sale: $330,000

    • Beds: 4
    • Sqft: 2960
    • Baths: 4.0
    • Lot: 143748
  3. 5 Turnpike Rd APT 133, Townsend, MA Home For Sale
    5 Turnpike Rd APT 133, Townsend, MA 01469

     For Sale: $54,900

    • Beds: 1
    • Sqft: 571
    • Baths: 1.0
    • Lot: --