Friday, 3. September 2010
If Me And Another aSsociate agree to buy a property to let it build equity,i put the down payment,and he uses his credit & name,agree to transfer property,to me,ibuilds,now have my own loan,but prior to transfering or selling it ,he re-financed and used the equity, does he have to sell it for what he owes,?can i buy it from him below market value?
Monday, 23. August 2010
We have a second mortgage on our home. The interest rate varies between 7 & 8 percent. Would we be better off to take money out of an annunity (tax free) and pay this off or leave it in and draw 3% interest? Thank you.
Saturday, 21. August 2010
My home is over 194K; I refinanced, w/ the help of my best friend. The loan is now over 212k, the house has been apraised for 230k. As of 6/2008, their will be 40k of equity available. I would like for an investor/buyer to take possession of the home, continue to pay the mortgage and give me 30k, leaving them w/10k of equity. I will give them gift of deed & they can sell or rent out the home. We refinanced in 6/2006, so if the house is sold before 6/2008 than a 2% penalty will apply. I wil move out as soon as the investor agrees to my 30K and contracts are signed. I do not wish to have any further compensation. The 30k will help for relocation of myself & family & paying off debt. The real estate agent that originally sold me this home stolel 20K from me; Atty fees & closing cost was put into the new loan. The mortgage is 1500 monthly, this was fine, but my hrs @ work have decreased & I before it gets critical, I would like to be out of the situation. Is option possible? Thank you.
Tuesday, 10. August 2010
I have three homes which I purchased & financed during the period of low interest home equity loans-now the interest rates are very high, the homes are not occupied (no income) and I have been laid off. Do companies work out interest only arrangements and possibly, no late charges until my situation is resolved or improves?
Tuesday, 27. July 2010
Here’s the thing, I’m getting ready to turn 21 in a month and I’ve only got less than 1 year or credit history. My dad wants me to "buy" our family house (which we just finished building) so that we don’t loose the house (they can’t afford it as of now). He says that he knows someone that can get me the loan (for 500 freaking K) and that they (my parents) will be paying all the bills.
I am getting married in spring 09 and my dad is going on disability in a few months. this house is sitting on an acre lot, he wants to have the house on my name for a while until it builds up some equity (that’s gonna be hard since we are in Sacramento, CA right near the epicenter of the housing collapse) and then split the land using the equity money and build another house that will also be in my name and then only God knows what he will want to do afterwords!
I don’t want to forsake my family and not go through with it but holly crap this is extremely risky and possibly illegal. If I can get the loan and my parents are not able to pay it then my wife(to be) and I are royally F#@&#D sideways in the **** but if all goes well then we wont make much off of anything since my dad is gonna want compensation along with a new car and anything we owe the bank(s).
so, what do ya say? should I go full steam ahead or graciously bow out?
Thanks for all answers!!!
God Bless =)
Saturday, 24. July 2010
I’m getting divorced and I don’t want the condo. We just bought it a 1 1/2 years ago..so there isn’t much equity. Is there anyway I get just get my name off the mortgage & loan without him having to refinance? With a quit claim deed am I still legally responsible for the mortgage? He still wants the place and I want him to have it. I just want to walk away.
Tuesday, 20. July 2010
In 2001 my fiance bought our 3 bedroom ranch house for ,000. At that time, our house appraised at ,000. We have made improvements such as water softener & purifier(2001), new roof (2003), new tub surround & toilet (2004), new windows in master bedroom (2006), new carpet & tile throughout (2006), water proofed the basement (2010). We now owe around -60,000. We want to add onto the house, expand the kitchen/dining room, add a full bath, & add a bedroom. One contractor thinks it will cost -60,000 to do this. He makes around ,000/yr. How much of a home equity loan do you think we’ll be able to get? If we can get a home equity loan, will we be able to keep it at 5% (which is the interest rate on our 15yr home mortgage)? If you don’t think we could get that much for an equity loan, is there some other loan we may be able to get?
Thursday, 1. July 2010
10000$ to consolidate 7000 in debt, the going interest rate is 7.5 % we are currently paying between 13%-23% on the cards
the remaining three thousand will go torward minor home improvements & maintanenece (new paint, gardening supplies etc) We are currently living on one income, i will return to work when my toddler goes to school in 2 yrs. My minimum payments on three cards all tolled is 250$ per month while the home equity loan is 65$ per month & that is principle & interest
my fico score (experian) is 704. I dont know my median score, as i get a free credit analysis with my WAMU visa but i get experian only…