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Question by : Can you take out a personal loan to pay off sale of home?
If I sell my home for less than what I owe the lender, am I allowed to take out a small personal loan to pay them?

Best answer:

Answer by Jim L
If anyone will give you a loan to do that, you could. It would be very difficult to get a loan from anyone for that purpose.

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Question by Jessica B: Can you change a home equity loan to a personal loan?
My brother-in-law took out a home equity loan and he went to refinance his house and for whatever reason the house did not appraise for what it needed to partly because of the home equity loan that he already had. He was told to pay off his home equity loan and come back to refinance his house. Is there anyway that he can change his home equity loan to a personal loan? Or would that even help? please help. thanks.

Best answer:

Answer by frak1a12345
No, there is no way to change a low risk, secured home equity loan into a high risk, signature only, personal loan. You would have to borrow funds in a totally unrelated transaction and then pay off the home equity loan. It is not a good idea and probably would not help.

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