I own a rental property in another state, which state's laws apply for a home equity loan?

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I own a rental property in another state, which state's laws apply for a home equity loan?

Can I use this loan to buy property in yet another state? I inherited the property, so I own it outright, and am currently renting it thru a property management company.

2006-07-04 03:34:33 · 1 answers · asked by munchkin2utoo 1 in Business & Finance ➔ Other - Business & Finance

1 answers

A home equity loan is governed by the laws of the state the property is in. You can use the money for anything you want, but the loan will be secured by the specific property you borrowed against.

2006-07-04 03:39:18 · answer #1 · answered by MOM KNOWS EVERYTHING 7 · 0⤊ 0⤋