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2 Bumps

How does this work?

I owe $30,000 for my house, I want to tear it down and build another one. My question is do I have to pay the balance, or will they add it to the new loan?

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mamaofficer

Asked by mamaofficer at 10:20 PM on May. 20, 2012 in Home & Garden

Level 31 (50,120 Credits)
Answers (6)
  • I'm not sure. I would think that if they valued your land at $30,000 or if they think the appraised value of your home once complete would exceed the value of the loan to build it, you wouldn't have to pay the balance off first.
    Mom-2-3-Girlz

    Answer by Mom-2-3-Girlz at 10:25 PM on May. 20, 2012

  • I think the vaule is $60,000
    mamaofficer

    Comment by mamaofficer (original poster) at 10:50 PM on May. 20, 2012

  • Can somebody bump the question so I can get more answer!!!!
    mamaofficer

    Comment by mamaofficer (original poster) at 11:44 PM on May. 20, 2012

  • You can refinance, yes. This is all stuff your loan agent can help you with.
    gdiamante

    Answer by gdiamante at 1:28 AM on May. 21, 2012

  • Just treat your lender like your partner and go ask them what the procedure is.
    LoveMyDog

    Answer by LoveMyDog at 10:46 AM on May. 23, 2012

  • Yes refinance the cost to tear down and rebuild into your loan
    booklover545

    Answer by booklover545 at 3:12 PM on May. 30, 2012

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