How exactly does a secured loan work?

Answers:1   |   LastUpdateAt:2012-09-19 18:49:03  

Question
Charley
Asked at 2012-09-07 09:34:03
If I have a loan secured against my house and I sold house , do I have to pay my unsecured loan when I sell my home ? Or I can still have my loan and pay it every month during the term of the loan ?
Answer1ShikishaAnswered at 2012-09-19 18:49:03
Yes , you will have to pay back . At present , the bank has either a deed of trust or mortgage on your property . This is a lien on the property . The person who buys the house will require the property is free of encumbrances when you buy . In order for the lien to be released, the Bank will require you to pay the loan .
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