Question by A. S: How exactly does a secured loan work?
If I got a secured loan against my home and I sell me home, do I have to pay my unsecured loan off when I sell my home? Or can I continue to have my loan and pay it off every month for the term of the loan?
No, I am not talking about a home equity loan. A secured loan against my home- do I pack that back when I sell my home or not?
Best answer:
Answer by gtplayb0y
It seems like you are describing a Home Equity. At the bank I work, if you sell the home within 3 years, you are obligated to pay it off. However, if you purchase a new home and have enough equity in the new home, it can be transfered.
In a Home Equity Loan, you are promising to pay it back or else the bank can take your home.
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