My mil gifted us her house. She has a home equity loan on it, but we would like to renovate can we get a HEL?
Saturday, March 13th, 2010 at
9:30 pm
We would like to make some much needed updates on the house, but she still owes money on the home equity loan that she had on the house before she gifted it to us. Can we get a home equity loan ourselves before hers is paid?
Quick Property Sale
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Tagged with: Home Equity Loan • House Loan • Money Loan
Filed under: property renovation
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Hoe nog op zijn plaats wordt overgebracht werd de titel die naar u met haar lening?
If there was a loan on the property and she transferred title to you, that loan is likely to now be fully due and payable. You probably will have a hard time getting another loan while there is still one outstanding. If you can, you will need to get a large enough loan to pay hers off. Please have all this done through a title agency so you can be assured of clear title to this property.
I hate to answer a question with a question but here goes. Is the house in your name? Did she transfer title (deed) to you? If so then there is not a loan on it now. Before the title can come out of her name it had to be paid. If the title is in your name then the answer is yes.