Posted on: 23rd Jun, 2012 02:30 am
Ok here is my problem. My grandfather owned a house at one time and it was hit by a tornado, so he had to get another home. In order for him to get another home, he had to use the property that got hit by a tornado as collectoral. Can he sell the property that is being used as collectoral?
Hi atohn,
Your grandfather can sell off the property used as collateral to buy another home. But after he sells off the property, he will be liable to pay off the mortgage in full.
Thanks
Your grandfather can sell off the property used as collateral to buy another home. But after he sells off the property, he will be liable to pay off the mortgage in full.
Thanks
Hi atohn!
Welcome to forums!
I agree with James. Your grandfather can sell off the property but he will be liable for paying off the mortgage balance in full.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with James. Your grandfather can sell off the property but he will be liable for paying off the mortgage balance in full.
Feel free to ask if you've further queries.
Sussane