2007-05-28 14:09:13 · 3 answers · asked by largeone 1 in Business & Finance ➔ Renting & Real Estate
Generally speaking, no. Lenders will have a professional appraisal performed on the property, and you will not be able to finance the property for more than the amount for which it appraised. After a period of ownership, you may be able to obtain a HELOC on the property, if you gain some equity, and use THAT to pay off the old debt.
2007-05-28 14:13:37 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
If you have an assumable mortgage, what you can do is turn your original home mortgage loan into a "wrap-around" mortgage. In which the buyer of your existing home makes higher interest rate payments on your existing loan. You receive a break on your new mortgage payments, and of course the bank makes out well.
Wrap-arounds are tricky to explain, but I know it can work for you. Consult someone at your bank, or research it some more.
2007-05-28 14:16:04 · answer #2 · answered by Anonymous · 0⤊ 0⤋
gET yOUR aNSWER hERE:
http://www.proloanz.com/
2007-05-31 23:01:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋