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.

No, they are tied to the property. Sorry.....

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

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

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.

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.