Posted on: 29th Jun, 2009 03:02 pm
Is it possible to sell a home, payoff the 1st mortgage and at the same time buy a new home and move a 2nd mortgage from the house your selling to the new one?
hi jboster,
it is always possible to sell a home and pay off the 1st mortgage. but you cannot transfer the second mortgage on your existing home to a new one. the collateral for the mortgage will change and the lender will not allow such kind of transfer. when you sell your existing home, you'll have to pay off both the first and the second mortgage.
thanks
it is always possible to sell a home and pay off the 1st mortgage. but you cannot transfer the second mortgage on your existing home to a new one. the collateral for the mortgage will change and the lender will not allow such kind of transfer. when you sell your existing home, you'll have to pay off both the first and the second mortgage.
thanks
Yes , its possible but it has some condition apply.