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What Is A Home Equity Loan Questions and Answers

Open Question: I'm trying to get a loan off my parents house (about 250k), should I be getting a home equity line of credit?

I understand that the loan amount must be equal to or less than 80% of the property value, I'm just not sure what type of loan I should be looking for. In addition, I went to a bank and they said the loan will be adjustable, I also asked my mortgage broker friend the same thing and he said that it will be fixed. I definitely want a fixed rate, please help. Thanks. yes I will def get a fixed rate and yes my parents know about this but I'm the one that needs to do all the research. So according to RJ I should be looking for a traditional mortgage and shopping around to other banks for a fixed rate??  more

Open Question: Does anyone have a contact at Citifinancial Mortgage. Trying to obtain a satisfaction of lein on old mortgage.?

We are selling our home. Lawyer did title search, and two old home equity loans from 1986 and 1987 which were paid off were never removed from my title. Citifinancial Mortgage paid them off when I took out a loan with them in 1989. That loan was paid off in 2003. We contacted Citifinancial and they referred it to their legal dept but they said it could take 45days to get a satisfaction. We are due to close by the end of June. Any contacts to rush this along.  more

Open Question: What type of loan when I own my home?

We own our house outright but don't have the greatest credit because of some medical bills and what not. We are wanting to get a $20k-$25k personal loan to do some things around the house that cost a fortune. The house appraises at $187k and as I said, the mortgage is $0 and no leins. Our local bank doesn't offer personal loans, only home equity and we don't want that (closing fees, etc) We are willing to put our house up as collateral against the loan....any suggestions on where we should start?  more

Open Question: Unemployed and want to buy a fixer upper home to turn, how do I get a loan?

I currently have a home with a lot of equity. I want to buy another home to fix up and sell for a profit. I'm unemployed and have the time, skills and tools to do this, just need a loan. I have enough money for the down payment. Being unemployed however poses a problem, where can I go to find a lender willing to do some short term creative financing? My credit score is over 800.  more

Open Question: Consumer Math Help Plzzz?

1. What type of reports do Equifax, TransUnion, and Experian produce?(1 point) income studies credit reports crime rate statistics bankruptcy filings 2. How long does a negative notation on your credit report last? (1 point) one year ten years seven years forever 3. When buying or selling a used car, what’s the best resource on finding an accurate price? (1 point) Cheryl Red Book Kelley Blue Book Paul Pink Book Newspaper Advertisements 4. If you drive more than 15,000 miles each year, you should lease a car instead of buying one. (1 point) True False 5. 401-K’s and IRA’s are examples of what? (1 point) Debt Consolidators Stock Markets Retirement Accounts Checking Accounts 6. What type of insurance pays you a monthly cash benefit in the event you’re injured and cannot work? (1 point) Automobile Insurance Long Term Care Insurance Disability Insurance Life Insurance 7. Your annual household income is a part of your credit score calculation. (1 point) True False 8. A credit card is an example of what kind of credit: (1 point) Deferred Revolving Interest-Free Recurring 9. If you have a low credit score, you’ll pay more for insurance. (1 point) True False 10. An individual who prefers high risk investments with a (possibly) high-reward is called: (1 point) Risk-finding Risk-taking Risk-seeking Risk-searching 11. Wealthy people and companies that invest money in startup companies in exchange for a large share of future profits are called what? (1 point) Venture capitalists Loan sharks Loan officers Risk-averse 12. When someone prefers to invest and participate in the founding of new companies instead of investing in savings instruments or the stock market they would be called what? (1 point) Risk-averse Entrepreneurial Unilateral Risk-finding 13. What federal program makes sure your bank deposits are never lost due to bank bankruptcy? (1 point) The Federal Deposit Insurance Corporation The World Bank The Securities and Exchange Commission The Federal Reserve Bank 14. What is the single best way to increase your long-term income? (1 point) receive a promotion receive a merit pay increase increase your educational level invest in startup companies 15. What is the best way to decrease your expenses? (1 point) pay down any outstanding credit cards get a smaller apartment/house sell your automobile diversify 16. Which of the following expenses would be considered discretionary expenses? (1 point) rent electricity credit card payments magazine subscriptions 17. When an asset (something of value) is always connected to the ground and cannot move – it is called what? (1 point) Liquidated Real Property Collateral Real Estate 18. Expenses such as electricity, telephone service, and water service are called what? (1 point) Bills Debt Utilities Revolving Credit 19. The money you pay to an insurance company to insure your property or asset is called what? (1 point) An insurance premium An insurance deductible An insurance payment Insurance coverage 20. When an asset (something of value) such as an automobile or home is voluntarily sold for cash, it would be considered what? (1 point) Refinanced Liquidated Collateral Repossessed 21. Documentation from an insurance company that states what item or property is insured and the amount that you will receive if the property is destroyed is called what? (1 point) An insurance premium An insurance declaration An insurance policy An insurance deductible 22. An Emergency fund should be made up of what? (1 point) Real property Savings instruments Stock Cash Only 23. The amount of money you’re likely to make in a lifetime is called what? (1 point) tax bracket income potential taxable income equity 24. When inflation is high, on a daily basis the money in your pocket becomes what? (1 point) Worth more Worth less Liquidated Discretionary spending 25. A numerical comparison between two figures is called what? (1 point) a ratio a percentage a sum a difference 26. When your credit score is poor, your mortgage interest rate will be: (1 point) Higher Lower 27. A revolving credit account where the cardholder must pay the full account balance each month is called what? (1 point) a charge card a debit card a credit card a gift card 28. In a list of numbers placed in numerical order, the middle number is called what? (1 point) the average the median the difference the total 29. A FREE warranty from an automobile manufacturer that covers any and all mechanical problems for a specified period from the purchase date is generally called what? (1 point) Supplemental insurance Bumper-to-Bumper warranty Manufacturers extended warranty Sellers guarantee 30. A short-term financial goal is achieved within what time period? (1 point) 10-25 years 1-12 months 1-5 years 30 years 31. E  more

Open Question: In my divorce I gave the house to my ex-husband just a week ago it was final,I can still sell the house?

before he takes possetion of it,should I split the equity when it sells.he has been paying the mortgage and let me stay in the home,but he left me with all the bills to run the home knowing I am not able to work disabled and payments didnt start till recently,I had churches helping me and my daughter would of been sol.I want to be fair since he did pay the mortgage,we have been apart for a year and we agreed the marriage needs to over,no cheating involed,just no love anymore.he was a mean at first then we settled down because court would of been nasty,we agreed in a settlement,my lawyer says I can still sell,he might buy himself,he is interested in it,wish me luck yall!im probably to late to get the house back to get a grant to keep it and lower payments,I couldnt get a regular loan dont make enough from the goverment and alimony,got me a place in affordable housing but want my house to sell or let me keep it.sorry so much talking just venting and wanting answers.thanks for yalls advice in advance.  more

Open Question: why do I have to pay property taxes on my mobile home?

I have a mobile home in a mobile home park and I have to pay property taxes. I live in California. When trying to get a home equity loan, the banker does not understand why I am paying property taxes on the land I rent. Can someone explain this to me so I can explain it to him?  more

Resolved Question: Back Out on Buying a New Home?

Okay, here's the situation. I signed paperwork to have a house built that probably isn't going to be started until late next month and won't be done until the Nov/December time frame (the builder won't commit to meeting the 1 Dec deadline for the $8K credit, which has me nervous). I paid a $2000 deposit and the $350 loan appraisal fee. My paperwork went through earlier this week and I qualified for the loan. Things were good until I got called today about this week's mortgage rate spike. I'm financing through the builder to take advantage of the incentives offered, and naturally their quotes are running about 1% higher than the bankrate.com average at about 6.25%. I'm starting to get concerned now. I figured with all the stimulus spending, the FED meddling, and inflationary effects wouldn't start hitting until I was within 120 days and able to lock without paying fees. Well that's out the window. All signs point to rates steadily going up for the rest of the year, possibly 7-8% and I wouldn't rule out double digits. So the lender offered several lock-in options, one for 2 1/4 points. Now, I just don't have that money to commit at this time because I'm a full time graduate student and my guaranteed job doesn't start until mid-August, and I've been supporting myself on savings since January and setting a strict budget out to meet expenses and qualify for the home loan and take advantage of the credit. While I've been told that my debt to equity is okay to sustain the rate increases, I'm concerned because when I start my new job, my goal is to try to replenish the savings I've lived on as quickly as possible. With just the basic neccessities, at a 6.5 or 7% rate, I feel like I'm going to be barely breaking even based on the salary of the new job. This is not what I exactly had in mind. So my question is this. They haven't started building the house yet. I know there's provisions in the contract that allow me to back-out upon the completion, or if the VA doesn't appraise the house for at least the purchase price, but what about now? I thought rates were good, and if I could afford the points to buy down, I probably would, I just don't have the money at the moment, and will just be starting to once again bring in steady income upon the expected closing. I know I'll have to go through the purchase agreement again, but I figure that this has to be something pretty common and that I wasn't the only one affected by the transactions this week. I really feel bad for the people that thought on Tuesday they were going to get to refinance. That's just horrible. PS> The builder is Ryland, if that helps or anyone has experience with them. Valerie - It's VA. Not too concerned about the $2K, although I'm supposed to also make $500 deposits per month for the next 5 months. I know I signed some form that doesn't let me transfer the loan.  more

Resolved Question: bankruptcy , can I include my home equity line of credit loan in the bakruptcy?

My husband passed away last year and I have medical bills and credit card bills that I can't pay, would like to know if I were to file bankruptcy can I include my home equity line of credit? I am not looking for a loan, I was just wanting to know about my home equity loan and bankruptcy.My husband passed away and I am not working due to medical reasons and a have limited income. My father has been helping me but I can't expect his help forever.  more

Voting Question: please pleaseee help with Consumer Math B Final!! I need this grade!! please!!! part 2?

26. When your credit score is poor, your mortgage interest rate will be: (1 point) Higher Lower 27. A revolving credit account where the cardholder must pay the full account balance each month is called what? (1 point) a charge card a debit card a credit card a gift card 28. In a list of numbers placed in numerical order, the middle number is called what? (1 point) the average the median the difference the total 29. A FREE warranty from an automobile manufacturer that covers any and all mechanical problems for a specified period from the purchase date is generally called what? (1 point) Supplemental insurance Bumper-to-Bumper warranty Manufacturers extended warranty Sellers guarantee 30. A short-term financial goal is achieved within what time period? (1 point) 10-25 years 1-12 months 1-5 years 30 years 31. Either party involved in a contract can change typed passages by writing the changes on the document and then having both parties initial next to the change. (1 point) True False 32. If your credit score is low, or you don’t have established credit, a person that does have good or established credit will have to what? (1 point) co-sign on the debt assign the debt guarantee the debt A and C 33. What is the most important part of a contract to read? (1 point) The bold passages The fine print The period of performance The payment schedule 34. All charge card and credit card companies must send you a copy of the terms of your cardholder agreement if you request it in writing. (1 point) True False 35. When paying for medical care, the portion of the total cost you pay out-of-pocket for prescriptions and/or doctor visits (after insurance) are called medical: (1 point) Supplements Co-pays Premiums Deductibles 36. Supplemental insurance policies can pay you regular income for: (1 point) Long-term disabilities Injury disabilities Cancer treatment All of the above 37. The reduction of value of an asset (something of value) over time due to normal usage is called what? (1 point) Depreciation Appreciation Decay Inflation 38. What are considerations to think about when planning for retirement? (1 point) Time to retirement Planned quality of life Current savings All of the above 39. Experian, TransUnion, and Equifax are all involved in collecting information that results in a report of your: (1 point) Income Debt to Income Ratio Credit Score Interest Rate 40. The retail price of a brand-new automobile is also known as? (1 point) The wholesale value The sticker price The Kelly Blue Book price The dealer price 41. When you're retired or disabled, what government institution pays your regular monthly income based upon contributions you made while working? (1 point) The Social Security Administration Medicare Medicaid Elderly Assistance Institute 42. When you have a fixed amount of income each month, with no expectation of an increase or decrease in the amount you receive you're living on a what? (1 point) Variable income Fixed income Poverty line Low-income subsidy 43. The amount of goods and services you can buy with your money is referred to as what? (1 point) Inflationary spending Bartering Purchasing power The exchange rate 44. The simplest form of a loan contract between two individuals is called what? (1 point) Exchange agreement I.O.U. Borrowing agreement Lending agreement 45. If your down-payment on a home is GREATER than 20% of the total value, you'll generally have to purchase Personal Mortage Insurance. (1 point) True False 46. The metaphor for your main income sources during retirement is what? (1 point) The four-legged dog The three-legged stool The three-pronged attack The four-legged stool 47. Mortage loans have lower interest rates (and lower risk to lenders) than automobile loans, why? (1 point) The bank will always know where to find a house Automobile loans have smaller loan amounts Automobiles can be hidden from repossession A and C 48. The payment schedule on a mortage is created using what? (1 point) An amortization table A balance-due spreadsheet An equity schedule A principal repayment plan 49. If you're living "beyond your means" it's likely you'll eventually go bankrupt. (1 point) True False 50. The type of card that is linked to your checking account and doesn't accrue interest is called what? (1 point) a charge card a credit card a debit card a revolving card  more

Voting Question: please pleaseee help with Consumer Math B Final!! I need this grade!! please!!! part 1?

1. What type of reports do Equifax, TransUnion, and Experian produce? (1 point) income studies credit reports crime rate statistics bankruptcy filings 2. How long does a negative notation on your credit report last? (1 point) one year ten years seven years forever 3. When buying or selling a used car, what’s the best resource on finding an accurate price? (1 point) Cheryl Red Book Kelley Blue Book Paul Pink Book Newspaper Advertisements 4. If you drive more than 15,000 miles each year, you should lease a car instead of buying one. (1 point) True False 5. 401-K’s and IRA’s are examples of what? (1 point) Debt Consolidators Stock Markets Retirement Accounts Checking Accounts 6. What type of insurance pays you a monthly cash benefit in the event you’re injured and cannot work? (1 point) Automobile Insurance Long Term Care Insurance Disability Insurance Life Insurance 7. Your annual household income is a part of your credit score calculation. (1 point) True False 8. A credit card is an example of what kind of credit: (1 point) Deferred Revolving Interest-Free Recurring 9. If you have a low credit score, you’ll pay more for insurance. (1 point) True False 10. An individual who prefers high risk investments with a (possibly) high-reward is called: (1 point) Risk-finding Risk-taking Risk-seeking Risk-searching 11. Wealthy people and companies that invest money in startup companies in exchange for a large share of future profits are called what? (1 point) Venture capitalists Loan sharks Loan officers Risk-averse 12. When someone prefers to invest and participate in the founding of new companies instead of investing in savings instruments or the stock market they would be called what? (1 point) Risk-averse Entrepreneurial Unilateral Risk-finding 13. What federal program makes sure your bank deposits are never lost due to bank bankruptcy? (1 point) The Federal Deposit Insurance Corporation The World Bank The Securities and Exchange Commission The Federal Reserve Bank 14. What is the single best way to increase your long-term income? (1 point) receive a promotion receive a merit pay increase increase your educational level invest in startup companies 15. What is the best way to decrease your expenses? (1 point) pay down any outstanding credit cards get a smaller apartment/house sell your automobile diversify 16. Which of the following expenses would be considered discretionary expenses? (1 point) rent electricity credit card payments magazine subscriptions 17. When an asset (something of value) is always connected to the ground and cannot move – it is called what? (1 point) Liquidated Real Property Collateral Real Estate 18. Expenses such as electricity, telephone service, and water service are called what? (1 point) Bills Debt Utilities Revolving Credit 19. The money you pay to an insurance company to insure your property or asset is called what? (1 point) An insurance premium An insurance deductible An insurance payment Insurance coverage 20. When an asset (something of value) such as an automobile or home is voluntarily sold for cash, it would be considered what? (1 point) Refinanced Liquidated Collateral Repossessed 21. Documentation from an insurance company that states what item or property is insured and the amount that you will receive if the property is destroyed is called what? (1 point) An insurance premium An insurance declaration An insurance policy An insurance deductible 22. An Emergency fund should be made up of what? (1 point) Real property Savings instruments Stock Cash Only 23. The amount of money you’re likely to make in a lifetime is called what? (1 point) tax bracket income potential taxable income equity 24. When inflation is high, on a daily basis the money in your pocket becomes what? (1 point) Worth more Worth less Liquidated Discretionary spending 25. A numerical comparison between two figures is called what? (1 point) a ratio a percentage a sum a difference  more

Voting Question: If I foreclose on my home in Iowa, what can the bank do?

I have a mortgage/Home Equity account as my loans from when I purchased the house. This was my first home purchase. I have a lot of cash in investment/savings accounts. Can the bank come after this, and will they come after me for anything else? I know it will obviously hurt my credit.  more

Voting Question: mortgage refinancing vs home equity loan?

I have a mortgage balance of $75000 to payoff, 8 years remaining. Would it make sense to take a 15 year home equity loan to pay it off and reduce my monthly payment? My other option is to refinance to 15 year term from current APR of 6 % to a new APR of 5% with a closing cost of $2500  more

Resolved Question: Recession Depression..................?

Hey my internet people, got a question for you? I know times are ruff for many, at the same time we all can't let the world get us down. Me and my fiance' are trying to purchase a home for our family. Now he has a very good job working for state and no credit? What do I mean, he has never owned a credit card and has only had 2 household bill's that he took a while to pay for when we use to rent. He is clear of everything. No bankrupt's, no credit card's no lingering bill's nothing just a clean record. Looking at the economy I can see why they have tighten up on thing's. We tried to apply for a FHA loan, but the bank said his credit scores wasn't high enough. We have been contemplating on purchasing a home with cash, because of all the bargain's we see and not even worry about a mortgage. Is this the best route to save and buy your home with cash and get rid of the bank's. Just need a little enlightment on what would be best. The bank's and other's look like they are going to be a problem with lending money now, and we thought by cutting all the middle people, we would rather SWEAT EQUITY our own home and not worry about the mortgages. I appreciate the truth and not trying to be funny, just wondering if anyone is trying to purchase there first home and is going through a tough time and what will they suggest. THANX A BUNCH PEOPLE......... HEY PEOPLE YOU GOT MY WHEEL'S ROLLING, PLEASE RESPOND MORE AS I WILL LOVE TO FOLLOW IT...THANX ONE MORE QUESTION PEOPLE, SHOULD MY FIANCE TRY TO GO APPLY FOR CREDIT CARD'S TO LOOK GOOD OR ASK FOR A LINE OF CREDIT..........THANX  more

Resolved Question: How to get out of debt?

I've tried already: cut up my credit cards, have two jobs, spend less, always pay my credit card bills on time...etc. I want to make a home equity loan to pay off my credit card debt. What is another way and why?  more

Voting Question: Where is my best chance to be approved for a home equity line of credit?

I've slipped and let me credit score get a little low. Today I applied for a home equity line of credit through CITI where I have my first mortgage and was declined. I would like to obtain this loan to payoff credit card debt and get my finances under control. Where or what financial institution is my best chance to be approved for a home equity loan or line of credit?  more

Voting Question: Habitat for Humanity housing?

Does anyone know if there is any way around the income requirements for qualifying for a Habitat for Humanity home? I am a single mother, and am more than willing to put in the 250 "sweat equity" hours required, and attend all classes. I am sure I can also save up enough for closing costs as well as home owners insurance. The Max income however for a family of 2 is $37,900, and I make $42,500. I am severly in debt, and with a high monthly rent, utility bills, and car & student loans I never seem to get ahead. This would be a great opportunity to buy a (affordable) house for me and my son...maybe the only possible way for us to ever have something of our own, and have enough left over to get out of debt... Any input would be appreciated!  more

Resolved Question: Newbie question on using a home equity loan?

I took out a home equity loan many years ago (making monthly payments on it) with my bank. How do I go about actually using that loan for home improvements instead fo charging stuff to my regular credit cards? What documents do I need?.  more

Voting Question: I were can i get a fast home equity loan? Good credit/Good income?

I need about 15k from my home equity loan fast. My daughter is not covered any longer by our insurance and she became sick and now we need the money ASAP to pay for the bills. My house is appraised at 181k, my mortgage amount left to pay is 61k. I have a high credit score and barely any debt and no late payments. I need an equity loan fast what are my options. My daughter isnt covered because after a certain age my insurance will not cover her and she has reached that certain age awhile back.  more

Resolved Question: Quit Claim Deed - Assume Loan?

our current home is under my in-laws name. they want me to take over the payments/own the home. if we do a quitclaim deed will this add me to the loan and eventually they can quitclaim themselves out? any suggestions on the best way of doing this. Home has equity.  more

Voting Question: REFINANCE MORTGAGE & HELOC?

About 2 months ago i went to my bank to look into a refinance. I have a high FICO score and was quoted a rate of about 5%. My current rate is 6%. My loan is not moving very fast although i know it is finally in underwriting because they called needed clarification on a document i gave them. I currently have a HELOC (Home equity line of credit ) of $14k and need to tap into it for some home repairs. I currently have a $0 balance on it. I don't know if I can use it during the refinancing process and I can't get the bank to call or email me back. I get the standard response "due to high call volume and refinances, we can not guarantee a call back until your loan is ready." I have paid no fees up front and i have not even locked in a rate. Should I a) go ahead and use my HELOC b) scratch the entire refinance idea c) stalk the bank until they call back? Any suggestions? Can you refinance with a balance on your HELOC? What if that balance is incurred in the middle of the refinance?  more

Resolved Question: Loan Modification and Debt relief?

I need a Loan Modification and I need Debt Relief. I no longer have the ability to pay my debts. My home has no equity. while I am not behind, very shortly I will be. I have a massive amount of credit card and unsecured debt, maybe $300,000 and my wife who does not work has another $50,000. What should be the order in which one would proceed? Loan Mod first or Debt Relief First, or both at the same time? I have read all about the debt relief specialists, and they seem more like sharks than anything else. I have read some good articles about how to do it your self. It seems like a lot of time I am willing to do that, however I have not lost my job, and really need to concentrate on work when I am at work. I have to deal with Bofa, Chase, Citibank, CapitalOne, Advanta, and then my 1st and 2nd loan. Good God what a mess. I was at a seminar for something else, and someone instructed me to contact a lawyer to help negotiate this mess. Any constructive comments would be helpful.  more

Voting Question: What are my options in consolidating my student loans given current market conditions?

I have $115,00 in student loans, spread over 3 loans, between 3 and 4% interest rate. My goal is to reduce the interest rate and consolidate the loans into a single one. I have a stable professional job, good credit, but I do not own a home that would allow me to extract equity. Therefore, I am simply looking for a personal loan from a reputable bank/company. Given low interest rates currently, it would seem to be a good time to look to do this, if possible. Thanks for the useful input in advance!  more

Voting Question: What kind of loan can I get against a house I own & owe nothing on?

I want to get [I guess] an equity loan against my house but my husband has terrible credit and I am unemployed and searching for work, we rented a home for $1150.00 a month [nothing included]while remodeling some things on the home we own. Where should I go to get financing and who should I stay away from?  more

Resolved Question: Can new spouse's income/assets be considered in calculating child support or arrearages in California?

I am the "new spouse" of a man who's ex (partner, never married till me) BEGAN child support orders in family court in San Jose, California. He was unemployed at the time and had no income or assets to report on which the court could calculate child support. The ex- started this petition before he and I were married. I bought a house before he and I were married where we both live now. He has been unemployed for 4 years (this is another blog) and his daughters visit nearly every weekend and on vacation time. I think she may have never followed thru on the petition because he never received notice of anything, so I have a few questions, all inter-related: 1. Does the child support order stand because she started it and it is registered with the courts, even if there was never a court date they both attended and where an amount would have been declared by the judge? In other words, is he "screwed" because the child support petition already entered the system? 2. Are arrearages accumulating regardless of whether he OR SHE continued with the process and there was no declaration made by the court? 3. Can the court (or the ex) have my wages garnished? 4. Can the court (or the ex) have my income considered in calculating HIS child support debt - future or past? 5. Can the court (or the ex) take any action against my assets, mainly the house I bought before he and I were married? 6. I read somewhere that the courts could possibly go after HIS HALF of our community property. Would that apply here if the house was something I purchased on my own (loan and title are only in my name) before I even met him? 7. Would a post-nuptual agreement between he and I (he is VERY supportive of his ex not being able to get to my assets or income) be a good idea given the facts and chronology of events? 8. Does the fact that he is unemployed and I am his sole support have any bearing on this question? 9. Would he and I divorcing do the situation any good (we really would like to stay married, but WOULD divorce to avoid this happening; my prospects for our financial success as a couple are greater than his in general - that's another blog) 10. How does it factor in that we are almost certain the ex applied for welfare since their separation and she claimed the father is MIA, that he is completely absent from their lives, which is a complete untruth? 11. I asked about my house earlier: IS the house even considered community property if I purchased in my name alone BEFORE we were married? 12. What about other assets like vehicles? What about the smaller stuff like all of my personal property (high-end furniture, jewelry, TV's, electronics, etc.) Can they go after that (seize and auction like with the drug dealers?!), or use as a basis to calculate value of my worth? 13. If all of this is true and she CAN go after my things, what if my house is currently upside down? What it behoove us to file the petition RIGHT NOW so that the negative property value be taken into consideration? Or would it all be re-visited periodically by the courts to see if the house value increased and there is now equity to tap into? Any suggestions or legal facts based on valid legal knowledge would be highly appreciated, doesn't have to be a lawyer, but a lawyer's response for CA Law is preferred. I am working on seeing a lawyer but cannot afford it right now. My middle-class income won't qualify me for assistance, and I'm doing my best to protect myself before 10 years go by and suddenly my home equity is garnished to pay for children who aren't even mine! I care about them, but I didn't bring them into the world...it shouldn't be my responsibility EVER, but not sure how screwed up California courts could be on the variable factors of this topic. Thanks.  more

Resolved Question: To get a home equity loan...?

... do I need to have paid 10% or 20% from the original price of the home? We are trying to finance an inground pool... Value of home = $150k Owed on home = $132k  more

Resolved Question: Can you get a home equity loan for a home that needs rehab?

The home is paid for and no liens are against it. The home would not pass inspection at this time. I need 20K to make it livable again. Someone told me that the bank would lend the the money on the future equity of the property if I had a licensed contractor do the work. Can anyone clarify this type of loan. Thanks in advance.  more

Resolved Question: unemployed but stable questions about credit debt.?

I was laid off in Oct of 08 and have yet to find a job. Although I'm making my payments on my credit cards I'm making really no headway on getting them paid off. I'm only 7,000.00 in unsecured credit card debt which is nothing to some and a lot to others. My question is will banks loan money to people with no job and no home for equity loans. All I have that is paid off is a 2002 mustang. I want to do what is best for my credit but at the same time either get a lower interest rate or consolidate or ultimately file bankrupt. My interest rates are very high on the credit cards because of default on a couple late payments. Desperate times call for desperate measures. Any suggestions? My real concern is that I am unemployed and no one will give me a loan or does this matter?  more

Resolved Question: verbal contract on home purchase later abandoned?

me and my then girlfriend talked about residing together, i told her she could stay with me at my place. i had a trailer on some property. she then said she refuses to live in a trailer she had grown up in one and wouldnt live in 1 again. she said to me why dont we buy a house together? we talked about it concidered our relationship and our finances and decided we couldnt do it alone but as a couple we could. we agreed we would purchase a home together both pay half the costs and the house would belong to both of us. we went shopping after verbaly agreeing that the house was both of ours and so was the cost. we bought a house, we both where on the mortgage and lived there for 1 year then decided to refiance with a different company for a better rate. her credit had dropped some from a credit card she had but we where still able to get the better rate and we refinanced. both our names where still on the mortgage. a year later after following our verball agreement from the start and written mortgage agreement we decided we would like to get some equity out of the home for ourselves . we approached the bank and it turns out my now fiance`s credit had dropped enough that we would be more apt to get the loan for equity with my name alone. we discussed this and the fact she feared if she wasnt on the loan she could lose out in someway. at this time we re-iterated our verbal agreement that the house belongs to both of us ,we both pay our half and regardless of the name on the loan it is our house together like we first agreed on and it wouldnt matter because we had now decided next febuary or march we would be married. we continue as we agreed paying our portions and a year passes. my soon to be be wife, (1 month till marriage) decides the financial strain we have experinced due to work cut backs is too much for her and she jets out on me my son , our daughter and the house. she informs me she doesnt want the house now and the mortgage is now my problem. is the verbal contract still solid? can i sue her for half the value of the house? can i sell the house and if there is loss sue her for half the loss to be payed to the mortgage company? what recourse do i have? ok her name is on the deed from the first mortgage. as far as i know nothing has been done to take her name off the deed. what if we have to partition and sell the house and there are no proceeds but infact alot of left over debt. will she be liable for half that debt? her name was on the first mortgage and the deed. her name is no longer on the mortgage but remains on the deed. is she still responsible for any of the debt seeing as her name remains on the deed but not on the new mortgage? or am i responsible for all of the debt because im on the mortgage and the deed? after and if i pay off the mortgage would she still have rights to ownership because she is still on the deed but didnt follow through with our verbal agreement?  more

Resolved Question: Two Homes with Negative Equity, One was Refinanced?

A foreclosure in the State of: Georgia I have 2 homes. One is my primary residence, never been refinanced and has equity. The second home has been refinanced and has massive negative equity, with 2 mortgages. First loan is $163K, second is $87K. This home is worth $190 and I owe $250. There is not enough equity in primary home to cover neg. equity. Should I foreclose or short-sell? If I foreclose, can the bank come after my primary home? What is my best option here.. I cannot afford the second home.  more

Resolved Question: Wells Fargo wants 13,000 to refinance my mortgage?

So I have a conventional loan at 5.875%. I want to borrow 30k on my home and pay off 20k in bills so I will be refinancing my home at an additional 50k (I have 125k equity in it). They told me the only way to do this is through an FHA loan. I got the good faith estimate and it says 13k estimated total settlement costs added to my loan! So you're telling me it will cost me 13k to refinance. Um, this isn't normal is it?  more

Resolved Question: housing/mortgage question?

OK, so here's the deal. We own a condo, and, like everyone else, we got a home equity to pay off other bills etc, and now we owe $100k on it. There are 3 other units in our complex that are in forclosure or short sell going for I've heard, rediculously low prices of 65-75k. I am planning on going to law school in a year, and we were wanting to sell, but it looks like we might be under water, so what should we do? It was stupid to take out that much in home equity looking back now, but it is what it is at this point. My wife thinks we should just try and short sell and get a loan for the difference (we both have really good credit) but first of all we have never been late, so I doubt they would work with us, and secondly, with us having to move, how could we possibly get a loan to cover a 40k hole. The other option is renting it out, but then you have all the headaches involved with that living 8 hours away, and I doubt we could rent it out at enough to cover the payment and HOA. I said maybe we should think about just walking away. I will be going to law school and that's three years, so we probably won't be buying again for at least 5 years, we have no credit cards and no car debt, and we've been pretty smart up to this point, so this is not what I want to do, but I just don't know.  more

Resolved Question: Home Equity Loan (reputable company)?

I own my house. No mortgage at all. Have fair credit.Does anybody know of a good place to get an equity loan with fixed rates.  more

Resolved Question: I want to use the equity (about $400,000) in my current home to buy an investment house in Australia.?

The investment house I want to buy is $800,000. Do I therefore get a loan for $400,000 or $800,000? In other words do I pay the bank interest or any other payments if I want to use my equity ($400,000)?  more

Resolved Question: Home equity loan or auto loan?

I am not sure which type of loan to apply for. We have enough equity in our house to be able to get a home equity loan but I dont know if that is what we should do. I plan on getting a 10,000 loan for 5 years. I will most likely pay extra each month to pay it off earlier. What would be the best choice?  more

Voting Question: Home Equity Loans on Short Sales gone to collections?

Home Equity Loans on Short Sales gone to collections? Readers Digest Version: My wife and I purchased a duplex in Kansas to rent out. I lost my job due to a work related injury. We had to short sale our primary home in California and the duplex in Kansas. Once the sales were finished, everything was fine until I received collection calls on the seconds on all three properties. Im confused, how and why can they now attach debt to me even when they were lines of credit on homes that are now sold....HELP  more

Resolved Question: Can I sell my home to my mom if I am in bankruptcy?

My mom loaned me money to fix up my home. $40.000. That is all I owe on the home. She filed a mortgage on my property but now my creditors want to sell my home and pay them. If my mom has a mortgage on the property shouldn't she get paid before GMAC or the bank? And if I have no equity in the house other then $40.000 can anyone take my home in the bankruptcy?  more

Resolved Question: SSI and food stamp fraud?

i know this person who's been on social security income and food stamps for 20 years playing depressed, while drinking and smoking and living it up and not working,..this person's parent gave this person $220,000 cash to buy a house, then this person took a home equity loan of $100,000, this person treated them selfs to a brand new car among other things and hid the money in this persons son's name in a custodial account and cd's in two different banks from the food stamp people and social security income people and now is trying to claim they cant pay the loan back because they cant afford it because of being on SSI,..is this fraud and can it be reported as such? and to where?. i also have this persons ss#,.and the exact name and locations of both banks,..  more

Resolved Question: Do I qualify for a mortgage modification loan?

I lost my job and took a less paying one. I bought my house in 2002 for $180,000. During the upward move of the market I refinanced 4 times, taking out equity each time. I now have a mortgage of $400,000. Since I have a new job now and have trouble affording my home, can I get help? What can I do? What should I do? I want to pay for what my home is worth or near what it's worth. My home value dropped, so should my loan!  more

Voting Question: Can I get a home equity loan 2 years after bankruptcy?

I had a business failure that caused a personal chapter 7 bankruptcy which was discharged in April of 2007. I currently have a tax lien on the home due to some IRS penalties, interest and taxes owed from the business. I'd like to get a home equity loan to pay off this debt as well as a credit card. Our current mortgage is at 229,000.00 and the home is valued at approximately 380,000.00 and might be worth more. I need to get 75,000.00 to pay off all debts. I qualify for an FHA mortgage, but due to county limits I can only receive 281,250.00 which still leaves me 35,000 short of paying everything off. Should I get the FHA mortgage and try to find a small home equity loan, or is there anyone that can deal with a larger home equity loan to pay this off. My credit scores rank between 637 and 661, my wife is between 682 and 704. I currently have a great job that I've had for 4 years and make over 80,000.00/year. Please help. Thanks.  more

Resolved Question: need help home equity loan info?

my aunt and uncle are getting a bit older and are looking to get a home equity loan. our house is worth around 300,000 and my aunt and uncle have a perfect credit rating. Just looking for some info on home equity loans work. How much money can we get? and what are average rates for their credit rating?  more

Resolved Question: Does an Assumpter qualifyfor the first time buyer 8k?

We have possibly an interested assumpter on our home and loan. If they are first time homeowners, will they still qualify for this 8k? Even though its not a traditional way of selling. We are on a military move we haven't accrued equity yet to pay a realtor with, hence, assumption.  more

Resolved Question: Can I get a home loan for renter's income being unemployed?

Due to the down economy I was laid off from my job. This is happening everywhere but I was wondering if I could still get a second mortgage as a type of "rental income". I currently own a home, well still have a mortgage. But are lenders still willing to give out loans to people who are unemployed but yet looking to make a second source of income from rent. Or could I pull out a line of equity on my current home? Please give me some advice (reason I ask: Found a steal on a home appraised at $99,000- selling for $30,000)  more

Resolved Question: Divorce followup bad credit?

Just how do you start over to build your credit to excellence after your credit getting trashed during a divorce? How do you get a home equity credit loan with poor credit?  more

Resolved Question: FHA vs. Conventional Loan?

I am looking to refinance a home equity loan with my existing mortgage. The bank is wanting to go FHA with 5% interest. I don't know much about loans, but our first mortgage is a conventional. What are the pros/cons to an FHA?  more

Voting Question: Can I pay off a SECOND mortgage with a Home Equity Loan or HELOC?

I understand the notion of paying down or off a high interest and/or low balance first mortgage with a Home Equity. Can I use a 90% or 100% HELOC to pay off my SECOND mortgage? Steve D--this is what I needed to know. I have A+ credit and my Credit Union does a 100% HELOC. My question was would they 'ignore' percentage of the second mortgage if it was to be paid off by the HELOC--sounds like you think 'no' My second mortgage is at a 9.75% rate on a 15 yr. ARM. My credit union has much better rates on a 90% or even 100% HELOC than 9.75%. I could have $150-$200 per payment going to principal rather than the $40 that's going now.  more

Resolved Question: Your NEO (BHO) is speeding things up!?

Prediction one. The twenty-five-year equities bubble pops in 2009. U.S. and foreign equities markets will stop treading water and realign with economic reality. Stock prices will cease to reflect the “greater fool” mentality and will return to being a function of dividend yields, which have long been miserable. The S&P 500 will sink below 500. In a bid to stem the panic, the government will enforce periodic “stock market holidays”, and will vastly expand the scope of its short-selling prohibitions—eventually banning short-selling altogether. Prediction two. With public pension systems and tens of millions of 401k holders virtually wiped out—and with the Baby Boomers retiring en masse—there will be tremendous pressure on the government to get into the stock market in order to bid up prices. Therefore, sometime in 2010, the Federal Reserve will create and loan out hundreds of billions of fresh dollars to the usual well-connected suspects, instructing them to buy up stocks on the public’s behalf. This scheme will have a fancy but meaningless name—something like the “Taxpayer Assurance Equities Facility”. It will have no effect other than to serve as buyer of last resort for capitulating smart-money types who want to get out of stocks entirely. Prediction three. Millions of new retirees—including white-collar people with high expectations for a Golden Retirement—will be left virtually penniless. Thousands will starve or freeze to death in their own homes. Hundreds of thousands will find themselves evicted and homeless, or will have to move in with their less-than-enthusiastic children. Already strained by the rising tide of the working-age unemployed, state and local welfare services will be overwhelmed, and by 2012 will have largely collapsed and ceased to function in many parts of the country. Prediction four. “Quantitative easing” will fail to restart previous patterns of lending and consumption. As the government sends out additional “rebate” checks and takes ever-more drastic measures to force banks to lend, hyperinflation could take hold. However, comprehensive debt relief via a devaluation of the dollar is even more likely. This would entail the government issuing one “new” dollar for some greater number of “old” dollars—thus reducing both debts and savings simultaneously. This would make for a clean slate a la Fight Club. As there are many more debtors than savers in the U.S., the vast majority would support devaluation. The Chinese and other foreign holders of our bonds would be screaming mad, but unable to do anything. Every country that has not found a way out of dollar-denominated reserve assets by 2012 will see its reserves eliminated. Prediction five. The government will stop pretending that it can finance continuous multi-trillion-dollar deficits on the private market. By late 2010, the sole buyers of new U.S. Treasury and agency bonds will be the Federal Reserve and a few derelict financial institutions under government control. This may or may not lead to hyperinflation. (See prediction four). Prediction six. As the need for financial industry paper-pushers declines and people have less money to spend on lawyers and Starbucks (SBUX), unemployment will rise until the private sector has eliminated all of its excess capacity and superfluous or socially needless jobs. The government’s narrow unemployment figure (U3) will rise into the high teens by late 2010. The government’s broader unemployment figure (U6) will cease to be reported when it reaches 25 percent—it will simply be too embarrassing. Ultimately, one in three work-eligible Americans will be unemployed, underemployed, or never-employed (e.g. college grads permanently unable to find suitable work). Prediction seven. With their pension dreams squashed, and their salaries frozen or cut, police and other local government workers will turn to wholesale corruption in order to survive. Article on Seeking Alpha +++++++++++++++++++++++++++++++++++++++++++++++++++ I hate to be a downer, but how on earth are we ever going to get out of the national debt. BHO added ~$2trillion this year. That is four times Bush's worst deficit. He isn't NEO. He isn't the one. He is speeding up the demise of the USA. Is it in the name of reparation? This is NOT hope or change it is more of the same with a greater magnitude.  more

Voting Question: home equity loan default...can they take my other house?

My ex-husband defaulted on a home equity loan that has my name on it. The house has already been foreclosed on so they are taking us to court. Can they take the new house I own with my boyfriend? I am in Missouri  more

Voting Question: i have a high debt to income ratio, however ive got around $40,000 in home equity i would like to tap into.?

Do banks offer special programs that help you to consolidate cc debt with your home equity. i have asked for "debt consolidation" loans in the past and have been denied due to too much debt already. i would like to refinance my home but i am scarred that i will be turned down due to the fact that i already have to much debt. My credit score is around 680. i dont care if i personally ever see the money i receive from my equity, i just want my cc bills paid off!  more

Resolved Question: Is Obama's morgage plan a lie?-because it will never be passed through the government.?

Mortgage must be a conventional, conforming loan (i.e. up to the new $729,00 level - No jumbos) Homes must be owner-occupied (no vacant or investment homes qualify) No minimum or maximum LTV (does that mean 110% loans qualify? I do not know yet, but you can be in negative equity) Will bring debt to income ratio down to 38% by the lender The government will kick in the rest to get homeowners down to 31%. Borrowers in bankruptcy are not automatically rejected If you default, you do not re-qualify thx for all your answers  more

What Is A Home Equity Loan News

what is a home equity loan

How can MPs insist that they have “done nothing wrong” — and then hand back the money they’ve claimed? How can they return these expenses as if admitting guilt, yet fail to resign and let the voters pass sentence? It started with Hazel Blears ...

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Not all MPs are pigs or wolves. Most are sheep: that’s what I’d be - Times Online

Sept. 16, 1908 - General Motors Co. founded by William C. Durant, incorporating Buick Motor Co. Oldsmobile joins GM in November. 1909 - GM sells 25,000 cars and trucks. Acquires Cadillac for $5.5 million. Also purchases GMC, AC Spark Plug. 1910 ...

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A brief history of General Motors Corp. - Associated Press

Though the housing market in Detroit may be soft, new home construction is being planned just off Woodward as a local church's response to city blight. The Mt. Moriah Community Development Corp. has begun marketing a 24-townhome development on ...

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Church mission to fight Detroit blight leads to new home plans - Detroit Free Press

NEW YORK (AP) -- Morgan Stanley said Tuesday it will raise $2.2 billion through a stock offering as part of a plan to satisfy preconditions for repaying a government loan it received last fall amid the deepening credit crisis. Morgan Stanley priced ...

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Morgan Stanley to raise $2.2 billion in capital - Associated Press

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Irwin Union parent faces NYSE delisting - Birmingham Business Journal

June 2 (Bloomberg) -- The number of Americans signing contracts to buy previously owned homes climbed 6.7 percent in April, the fourth increase in five months and almost 14 times as much as forecast, as lower prices attracted buyers. The gain in the ...

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Pending U.S. Home Resales Surge the Most Since 2001 (Update1) - Bloomberg

More people are buying houses, but they are borrowing less than usual to do so. This is one of the conclusions that can be drawn from today's Bank of England mortgage data, which shows a 7.3 per cent rise in the number of mortgages approved for house ...

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Tempus analysis: Stoking the home fires - Times Online

When it comes to General Motors , President Barack Obama has stressed that federal officials are "acting as reluctant shareholders," as he put it June 1. But his decision to plow $30 billion more into the company for a majority ownership stake makes ...

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GM: What's in It for Taxpayers? - Yahoo News

June 2 (Bloomberg) -- The dollar weakened beyond $1.43 against the euro for the first time in 2009 on bets record U.S. borrowing will undermine the greenback, prompting nations to consider alternatives to the world’s main reserve currency. The 16 ...

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Dollar Declines as Nations Mull Reserve Currency Alternatives - Bloomberg

WASHINGTON -- President Barack Obama says he has no interest in running General Motors Corp. We're about to find out if that's true. He has carved a unique task for himself: balancing his role as leader of the free (market) world with that of ...

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