Financing in 10579>Question Details

Dan, Home Seller in Putnam Valley, NY

Can I transfer line of credit to another property?

Asked by Dan, Putnam Valley, NY Thu Mar 13, 2008

Owe 70,000 on a line of credit, that was used for down payment on another property. Need to sell, but can't cover 1st mortgage and line of credit. Want to transfer line of credit to new property, so we can cover the debt on the old property.

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Dan,

If I understand you correctly, you need a line of credti onthe property you are retaining to cover the shortfall on the property you are selling, correct? Loans, whether lines of credit or traditional mortgages cannot be transferred from one property to another. You would have to apply for a new line of credit to be secured against the property you want to keep. I hope I understand the situation correctly. Let me know if I'm off base here.
Web Reference: http://www.ramblequist.com
2 votes Thank Flag Link Thu Mar 13, 2008
It will be in your best interest to talk to your bank or financial institution where you have your credit line originally. Find out if with your personal financial condition, you can qualify to transfer the line of credit or just apply for a new one.

Best of Luck,

Maria Cipollone

http://www.Flahomespecialist.com
1 vote Thank Flag Link Sun Oct 7, 2012
Hi Dan,
What you may need is a buisiness line of credit that won't show up as a lein against either property. This could act as a sort of bridge loan. I work with a mortgage broker who offers such a product. Let me know if you would like her contact information.

Bill
1 vote Thank Flag Link Thu Mar 13, 2008
Dan as far as I know you can't put the $70,000 line of credit into the mortgage for the house you are buying because it is secured by the house you live in. I could be wrong but I am 90% sure on that. Also find out if the sale of the house requires you to pay off this $70,000 which once again I am pretty sure it has to be paid off when you sell the house because it is a lien against the house.
Web Reference: http://www.MikeTrinch.com
1 vote Thank Flag Link Thu Mar 13, 2008
Dan no you can't transfer the line of credit, but you can take out a line of credit on the property you want to transfer it to to pay off the existing LOC, but be careful your not throwing good money after bad.
0 votes Thank Flag Link Wed Apr 9, 2008
No, they are tied to the property. Sorry.....
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Wed Apr 9, 2008
I see that you have gotten some answers already but my suggestion would be to speak to a mortgage broker not a realtor. Let me know if you would like some names and numbers of people I've worked with in the past that would be able to help you.
Good luck,
Barbara
Houlihan Lawrence, JV Office
0 votes Thank Flag Link Mon Apr 7, 2008
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