Monday, 13. September 2010
What can I do to avoid forclosure process from starting when I dont have anything to pay on a small equity loan? I paid cash 169000 for my home I got a equity loan on the house in amount of 55000 in 07 after I tried starting a buissness that failed and I shouldnt of never got aproved for the loan to begin with my credit score is and always has been bad and my only income is ssi disability i was coned 550.00 mo payments and my only income is 637.00 a mo I’m currently owing 3300 in equity payments they’ll except 2000 give me time catch up but I’m unsure where I can get 2000 my score is bad so no loans. I was nieve and now scared can the bail out help me and when? and can I avoid forclosure from starting somehow soon?I even thought I may try to sell and in dec 05 i paid 169000 essesors office currently my home is worth 161000 but real estate comp wants me list for 100000 or less thats crazy any ideas please help i need keep this house untill value goes up some then try relist or sell by owner i also put close to 5000 in work and added a 6000 pool to 3 bedroom 1&1/2 bath full basement almost 3 acre property please help me with ideas how get more time.
Sunday, 12. September 2010
My girlfriend and I have been dating for just over 2 months now. She’s in an ugly situation with her ex-boyfriend. A few years ago, she bought a house with him when they were dating, then later got a home equity loan; both of their names are on the loans. More than a year ago, she broke up with him, but he didn’t leave. He’s been sleeping inthe master bedroom while she’s in another room; her 19-yr old daughter is in a 3rd bedroom. He has refused to make payments on the home equity loan, claiming that he’s getting no benefit from the items purchased. Also, their agreement in the past had been that she paid the electric bill and he paid the water bill, but a few months ago, he stopped paying the water bill without telling her. Recently, the water was shut off. My girlfriend didn’t want to back down, so she had been living in the house with her daughter; they use bucket water to flush the toilets, and shower at the gym. He now wants to foreclose on the house. She consulted with a real-estate lawyer who said that’s what she should do: not make payments and save the money to use when kicked out. She wants the water back on, and sent him an e-mail stating that she will let the house go into foreclosure (he won’t agree to a quick claim) and wants him to pay to have the water back on. He didn’t respond, so she’s going to take him to small-claims court to try to recover the money he hasn’t paid on the home-equity loan and the water turn-on fee. So far, he has not made any threats to her or her daughter. I know this is a bad situation, and would appreciate any advice any of you have on what she can do to get him out. Thanks–Bill in Phoenix
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Saturday, 11. September 2010
I am starting to look for an investment property in Phoenix or Tucson. I am after solid property with instant positive cash flow, should not be too hard to find these days. I tried to contact several of my "old" lenders who either lent funds to me or expressed interest in my deals in the past. Now when I tried to contact them they don’t respond at all. I now live overseas, but have US based income as well as plenty of equity in Arizona real estate. It’s almost as if lending business went dead. The point is that I am looking for a lender or mortgage broker that
a) understands real estate investing
b) still provides low doc loans.
I am self-employed, decent income (both US and abroad), excellent credit score, never had a credit blemish on my report. Plenty of equity in real property (land). No debt. US citizen. Experienced in real estate investing.
If you know a good contact that can work with me I would greatly appreciate it.
Thanks a lot in advance!
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Friday, 10. September 2010
I am wanting to purchase a 2 family house that is already occupied and rented for 0 a month, the asking price is only around 15,000 and it’s real estate value is at least double that. The owner is retired and just looking to get rid of the house cheap. I have 550 credit and have no capital to add to the deal. I have gotten a responce from one hard money lender. However, I have been thinking about a hypothetical way to make this happen where all parties win. Please everyone let me know what you think, and if I’m missing anything.
1. Get a private loan (not hard money) from a willing investor for 15k.
2. Purchase the property outright.
3. Get an equity loan for the appraised value of the home (est. 40k).
4. Pay back the private loan with interest.
I’m sure I may be missing something, so let me have it. lol.
I think the key issues I want to know are:
A. Will I need to hold onto the property for a substantial amount of time before I can get an equity loan on it?
B. Will the equity loan terms be affected by my credit scores and debt-to-income ratio like in a mortgage loan?
C. What return would be fair to the private lender for use of their 15k?
The whole thing about it being a "private" loan, is so the bank dosen’t know I didn’t buy it outright with my own money. Therefore the 15k+ private loan will have no bearing on the Equity loan.
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Thursday, 9. September 2010
I pay-for-click with yahoo, as if that is not enough, yahoo is using my domain search to advertise its websites, and aloud others to do so as well.
Proof of keyword search, "aapexmrtg" and result is listed bellow.
Yahoo! Answers – what is a REVERSE MORTGAGE and how does it work?
… Aapex Mortgage – No money down… www.aapexmrtg.com …answers.yahoo.com/question/?qid=1006060124154 – 32k – Cached – More from this site – Save
Find Today’s Rates on Mortgages, Refinance Loans, Home Equity Loans, and Mortgage Calculators on Yahoo! Real Estate
… No money down and 100% financing for first and second homes. www.aapexmrtg.com. Mortgage Loans Information Center …realestate.yahoo.com/loans/?sc=va&full=Virginia – 28k – Cached – More from this site – Save
Yahoo! Answers – is rajarhat in calcutta a good place to invest in property ?
… Aapex Mortgage – No money down… www.aapexmrtg.com …answers.yahoo.com/question/?qid=1006050601108 – 28k – Cached – More from this site -
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Wednesday, 8. September 2010
if i bought a house that needed work for 25k but was appraised or tax records valued the house at 75k. does that mean i could apply for home equity loan for the 50k difference. im asking because i attended a tax auction with a friend and we are both new. i was wondering how does that part work
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Tuesday, 7. September 2010
I have a property. I am a real estate investor. I also am a house flipper. I got in over my head this last year. Properties that had 0k equity now properties are worth 0k less. One property is inelastically demanded and is worth twice what I owe. My credit was close to spotless until the market turned. Now credit is terrible, only over last 6 months. The one property that I have left I am completing the remodel on it and will be done shortly. Presently am cash poor, but have alot of equity and this one property everyone wants. Will move very fast if I put it up for sale. Prefer to keep it, but credit is messed up. Do not want to get a loan that is not favorable. Would prefer to do a complete remodel on interior of property. Summertime, being property is waterfront and beach… will be improved would be a better time to move it. However due to properties uniqueness, would enjoy keeping and making it into dream home. How do I get financed at a good rate and get money out to remodel
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Monday, 6. September 2010
I have a property. I am a real estate investor. I also am a house flipper. I got in over my head this last year. Properties that had 0k equity now properties are worth 0k less. One property is inelastically demanded and is worth twice what I owe. My credit was close to spotless until the market turned. Now credit is terrible, only over last 6 months. The one property that I have left I am completing the remodel on it and will be done shortly. Presently am cash poor, but have alot of equity and this one property everyone wants. Will move very fast if I put it up for sale. Prefer to keep it, but credit is messed up. Do not want to get a loan that is not favorable. Would prefer to do a complete remodel on interior of property. Summertime, being property is waterfront and beach… will be improved would be a better time to move it. However due to properties uniqueness, would enjoy keeping and making it into dream home. How do I get financed at a good rate and get money out to remodel
Interesting Blogs