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Can I take a home equity or line of credit loan on my proporty that is on a contract sale?

Posted on: 13th Sep, 2008 04:47 am
Can I take a home equity or line of credit loan on my proporty that is on a contract sale?..I have property that is on a 5 year contract sale and am selling the house I currently live in. I still owe $16.000 on the contract house.

When my current house sells I need to either
A Take the contract property back. Can I do that?
B Buy another house to live in

What is the best thing to do?

If I can get a equtiy loan or a line of credit to buy a new house which is the best?
Hi journey,

Welcome to the forums.

You don't need to take out an equity loan or a home equity line of credit to buy a new home. You can simply go for a mortgage with the new house as the collateral.

Can you tell me something more about the contract sale so that I can give you a better suggestion?

Take care
Posted on: 16th Sep, 2008 05:03 am
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