Is it possible to get a home equity loan or home equity line of credit if your home is up for sale?

I need money to move abroad next month. So, I'm selling my house.In case my house doesn't sell in time, will a bank grant me a home equity loan or a home equity line of credit? Asked by snowbunny 53 months ago Similar questions: home equity loan line credit sale Business > Financial Planning.

Similar questions: home equity loan line credit sale.

" "What's the best way to get a bad credit car loan?" "I owe 25Kmostly in credit cards. Should I take out a 9.5% home equity loan or get 0% interest cred cards til paid off? " "On an equity line of credit, are any and all purchases/investments eligible for tax advantages?" "What is a short sale on a home?

Who bears the burden of losses on the home loan? " "I closed a home loan in Jan 2008,Do I not qualify for any tax credit?" "i have primary home mortgage/line of credit. Second property fully owned line of equity,what if I lose this home?

" "Is it better to pay extra money towards a home equity loan at 4 % or just put the money in savings at 3%?

I need an installment loan for $2000 with bad credit.

I owe 25Kmostly in credit cards. Should I take out a 9.5% home equity loan or get 0% interest cred cards til paid off?

I have primary home mortgage/line of credit. Second property fully owned line of equity,what if I lose this home?

I need money to move abroad next month. So, I'm selling my house. In case my house doesn't sell in time, will a bank grant me a home equity loan or a home equity line of credit?

Asked by snowbunny 56 months ago Similar Questions: home equity loan line credit sale Recent Questions About: home equity loan line credit sale Business > Financial Planning.

Similar Questions: home equity loan line credit sale Recent Questions About: home equity loan line credit sale.

YES. I got a HELOC last week on a For Sale house. I needed the money to buy a car and decided to go the HELOC route.

The bank did not ask anything about whether the house was for sale, nor did their appraiser raise the issue. I have a big realtor FOR SALE sign right in my front yard, so it is no secret. I am in pretty tight with this particular bank, so the answer might depend on the bank too.

Also, in this case there is a $300 max penalty for closing the line within 3 years, so you should consider that potential cost if you get the line and then sell your house.

I would not give you a loan in those conditions... But generally speaking you are not required to announce that your home is for sale,,, and it is possible that you may not get to leave the country in the future. Apply and see...You will lose the home to the first or second (HELOC) company should you default on the mortgage...Right now the sub-prime market is in the bottom of a deep barrel and sub-prime candidates may not expect to get that loan right now...sub-prime are those people with dicey credit reports The whole housing market is in a slump as well and you probably most likely not sell your home anytime soon unless you take a beating on the price...Ours has been on the market in a prime location, prime schools, since Jan 2006 with about 12 prospective buyers coming by...Good Luck Sources: Spartan Caver Says: .

Sure, the bank does not need to know that your house is up for sale. If you already have a contract on the house, and a date set for closing, then this is not a good idea. But that does not sound like your situation.

When the bank asks what you plan to do with the money, tell them you are taking a trip abroad. Just don't mention that it is a one way trip. A home equity loan will decrease the equity in your home, and you will receive less cash at closing.

If you sell for too low an amount, you may need to pay money at closing. That would be rare since most banks only loan up to 80% of the home's value. A line of credit would not be as advantageous since they have extra restrictions and details, but if you are desparate, it should still be possible.

Have fun abroad. I hope this helps. Manimal's Recommendations Expert Expatriate: Your Guide to Successful Relocation Abroad--Moving, Living, Thriving Amazon List Price: $19.95 Used from: $8.85 Average Customer Rating: 4.5 out of 5 (based on 17 reviews) .

1 That would depend on the terms. Many HELOCs (Home Equity Line of Credit) require that you keep them open for two years or so otherwise you get hit with a heavy fee. Check with you bank and see what they will do but I doubt they will be too interested if they know you are selling you collateral.

That would depend on the terms. Many HELOCs (Home Equity Line of Credit) require that you keep them open for two years or so otherwise you get hit with a heavy fee. Check with you bank and see what they will do but I doubt they will be too interested if they know you are selling you collateral.

Got the car loan from federal credit union and since I am planning to move. Will the federal credit union will get back" "how often do you need to get a loan to keep your credit going" "Refinance vs. home equity line: pros and cons? " "will reducing the amount available on a home equity line of credit affect my credit score" "I closed a home loan in Jan 2008,Do I not qualify for any tax credit?

" "i have primary home mortgage/line of credit. Second property fully owned line of equity,what if I lose this home? " "What's the best way to get a bad credit car loan?

" "what are the best home equity options when there is no mortgage on home" "What is home equity? " "I owe 25Kmostly in credit cards. Should I take out a 9.5% home equity loan or get 0% interest cred cards til paid off?

Got the car loan from federal credit union and since I am planning to move. Will the federal credit union will get back.

How often do you need to get a loan to keep your credit going.

Will reducing the amount available on a home equity line of credit affect my credit score.

What are the best home equity options when there is no mortgage on home.

I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.