This is a VERY RISKY move, especially if you are counting on the proceeds of the sale of your former home to pay it off. There is no forgiveness or extension of the EXACTLY 60 day period. You would be much better off taking a bridge loan, home equity loan, etc than doing this. Might cost a few more $ but nothing compared to the $$$$$$$$ if you go beyond the 60 days.
JMHO
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