Here’s the situation:
- Bought property A, Loan 1: $400k with a bank (Bank M) - Property A as the security
- Years later bought property B, got new loans with the same bank (Bank M): Loan 2: $300k (against property B as the security); and Loan 3: $100k using equity from property A for purchasing property B (against property A as the security); Also note interest rate of Loan 3 is the same as Loan 2
- Moved Loan 2 $300k (Loan 2) to a different bank (Bank N), and left Loan 1 & Loan 3 with the original bank (Bank M)
Question:
Loan 3 was claimed against Property B initially, as it was used for purchasing that property although it was secured by Property A
After Loan 2 was moved away from the original bank, should I claim Loan 3 against Property A?
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42 views
2 replies