Line of credit on rental property

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Icon Mini Profile Drzaius7





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Post Posted: Mon Jan 04, 2010 2:49 pm    Post subject: Line of credit on rental property
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I have a line of credit on one of my rental properties. If I want to sell the property will I need to pay off the line of credit at closing just like a regular mortgage?

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Icon Mini Profile gmakerley
gmakerley
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Post Posted: Mon Jan 04, 2010 3:20 pm    Post subject:
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presumably the lender secured this line of credit with a mortgage on the home. then you'd have to pay it in full, yes.

you said it is "on one of my rental properties." by the very nature of your wording, that tells me that it's a mortgage and it must be paid when sold.

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