Home Loans Information: Q&A: Can I apply for home equity loan while house is listed for sale?

Home Loans Information Home Loans Information

Q&A: Can I apply for home equity loan while house is listed for sale? May 31st 2011, 23:40 Question by User: Can I apply for home equity loan while house is listed for sale? In MD area, is it possible to apply for home equity loan while house is listed for sale? I am trying to purchase a land/lot, but need home equity loan for downpayment. I know loan guidelines have been pretty tight recently. If my house is sold, home equity would obviously be paid off from the proceeds. Thanks Thanks for all replies. Since loan is secured by the property.. won’t they get their money once property is sold !! what am I missing here ?? Best answer: Answer by Glenn S No….lenders will not make loans on property listed for sale. If you need to get a loan remove your home from the market and then apply for the loan. In the past I’ve seen lenders refuse to make a loan on a property just a couple of days before the 2nd trust deed closing, when the lender discovered that the property in up for sale. Know better? Leave your own answer in the comments!

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