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can i still sell my house if i have a secured loan on it . i would still pay loan monthly .?
we are moving but we want to keep paying loan .can we do this or do we have to pay it off
By
davie m
Posted on
06/25/06 Total Answers
4
Answers-
Your mortgage company/conyeyancer will pay off the loan automatically with the proceeds of the sale, so no, sorry
Answer by :
dws2711 On Date
2006-06-25 02:04:04
You will have to pay off the loan...
Answer by :
cutienoz On Date
2006-06-25 02:05:13
I don't know but I would think that since the loan is linked to the house they would want it paying off - otherwise where's their security? Would you be able to get a different loan that wasn't secured once you've sold the house in order to pay it off?
Why don't you go to www.fool.co.uk - there's bound to be people who would know for sure on their message boards.
Answer by :
pomme_blanche_2004 On Date
2006-06-25 02:07:05
You are expected to repay the debt, resecure the loan on a new property or take out an unsecured loan to repay the secured loan.
Your loan company will have lodged a charge at land registry so don't even think about 'forgetting to do it'.
Answer by :
daemuahahaha On Date
2006-06-25 02:29:13
