VIEWS: 15 PAGES: 1 POSTED ON: 12/21/2009
a secured loan 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? * Yes, you will need to pay that back. Currently, the bank has either a deed of trust or a mortgage on your property. This is a lien on the property. The person that purchases the home will require the property to be free of liens when they purchase it. In order for the lien to be released, the Bank will require that you pay the loan off.
"a secured loan"