Friday, 3. September 2010
I own a house which I bought 4 years ago. I have an equity line at a 4% interest (IT IS NOT interest only). I also have a land loan for 28000 which is INTEREST ONLY at 6.5% interest and it is fixed until 2010; then the interest will change. I have been thinking on putting the 28000 in my equity line to pay off the loan. I will have a better interest rate and I will be paying some money to the principal. Now, I’m concerned because maybe it is a bad idea to add balance to your home equity. What do you think. Should I keep the loan separate from the equity line or should I add the loan balance to the equity line? Thanks a lot.
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Friday, 3. September 2010
Can I sell a home with just a 1st mortgage, collect the equity and continue to pay on my Heloc as if it is a line of credit? or will I have to include it in my home sale (and possibly a short sale)?
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Thursday, 2. September 2010
I am searching for financing to make home improvement repairs, I submitted a request for a home equity loan through lending tree. The lenders throwing out terms such as 1st mortgage, 2nd mortgage, and home equity loan.
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Thursday, 2. September 2010
My girlfriend and I got a house a year ago in Maryland. The loan is entirely in her name but the title of the house is in both our name. We are in over our head with this loan and with the state taxes for Maryland going up each year and thus the escrow we are finding it impossible to keep up. When we did a fair market analysis on the house using a local real estate agent we found in just 1 year we have negative ,000 equity in the house. My question is this, if the house goes through foreclosure will my credit be affected? What if we get married before the foreclosure? I’m worried if we get married at the wrong time and we lose the house it will be tied to my name as well. We are thinking if she loses the house maybe I can get one in just my name next year. Anyone knows if this will work? Thanks in advance…..
Some additional details that might help clarify our situation. The house loan is 0,000 or ,300 a month. My girlfriend makes 0 a month. Not nearly enough to pay the mortgage. The idea when we bought it was for me to pay the loan as she doesn’t make enough to pay it herself and with a baby coming we wanted a nice house to raise our son in. She got one of those shady deals where they gave her a 0,000 loan by saying she was self-employed when she in fact she wasn’t. Before this housing and banking collapse you could get a loan without documenting your income and your ability to pay by claiming you’re self-employed. Nice little loop-hole huh? Anyway, she never said she was self-employed mind you but the guy that worked out her loan said he would put in through like this otherwise she would never qualify for a loan. I couldn’t be on the loan because I had lost my house to foreclosure due to a nasty divorce a year before that. It’s now been more than 2 years since my fore
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Thursday, 2. September 2010
I am not on the first mortgage. The other investor is not on the second mortgage. He wants me to quit claim my interest so he can put it in a trust. Will the bank call my loan on the second? How does the foreclosure on the first effect me and my loan on the second?
Update, according to the attorney. We both have a first mortgage on the house, due to the fact that I am not on his, he is not on mine. The bank can foreclose on him but they will own half the house. As long as I make my payments I own half the house. It becomes a legal mess but the bank cannot sell the house only tie it up.
Interesting Blogs
Thursday, 2. September 2010
I am not on the first mortgage. The other investor is not on the second mortgage. He wants me to quit claim my interest so he can put it in a trust. Will the bank call my loan on the second? How does the foreclosure on the first effect me and my loan on the second?
Update, according to the attorney. We both have a first mortgage on the house, due to the fact that I am not on his, he is not on mine. The bank can foreclose on him but they will own half the house. As long as I make my payments I own half the house. It becomes a legal mess but the bank cannot sell the house only tie it up.
Interesting Blogs
Wednesday, 1. September 2010
We have a 5/1 ARM with interest only mortgage currently. Got it at 5.25% 3 yrs ago. We have been making interst only payments so far with no payments towards the principal. But our home price has gone up by above 50k over the same period which I guess would count as equity. I expect my income to increase in the next few years substantially but as we get closer to the 5 yr mark, I am getting very nervous that our payments are going to get sky high and was looking at a 30 yr fixed rate loan at abt 5.8%. We plan to stay in this house for atleast another 3-4 yrs. Do you think it is wise to refinance at this point?
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Wednesday, 1. September 2010
I had an allodial title to my home, which was passed down. I signed a contract with a bank for a Home equity loan. As a condition of the loan the Bank agreed with me that I Did not agree to tax deductions in the Home equity loan; they would not deduct a property tax, no agreement to take it out the mortgage payment; (3) I Don’t have to pay taxes in mortgage payment agreeing I would pay property taxes due to a separate arrangement with Township Tax Office if payments are due. I became surety still under the Home equity loan. The Bank forecloses on the property or Home equity loan for failure to receive payment. The Bank didn’t receive payment because they refused it. Was the bank refusal not breach of contract? There was non-payment of monthly obligations on the loan because they refuse to receive payment because of failure to pay property taxes. The Bank forecloses because Township stated I owed property tax. When I was continuing not to pay property taxes after a while the Bank foreclose on the payment. How did failure to pay property taxes breach contract my contract with the bank? Tax bills are sent out by Township Tax Office, which I refuse to honor. I didn’t have a Mortgage Loan rather Home equity loan. United Jersey Bank breached the contract when they did not receive any payment thus the contract was void. The tax issue was separate. Under New Jersey Statute it is the property owner’s responsibility to make sure that the property taxes are paid when due, even though the owner may not have received the tax bill. A bill is not necessary to make a payment. There was no court decision that as the person who inherited the home property taxes were due. Under New Jersey Statute it is the property owner’s responsibility to make sure that the property taxes are paid when due. Yet how do I owe property taxes? The property was taking for non-payment of Federal Reserve notes.
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