Easy Home Equity Loan » collateral

where can i get a home equity loan if I have bad credit?

admin — Wed, 31 Aug 2011 07:29:40 +0000

I have a house paid for, my credit is tanked after a divorce. I want to buy another property and use the property i have now as collateral. Where do I go to do this, or find private investors? My home i own is in town with renters in it, and I rent elsewhere myself.

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Can a bank take all your personal saving/checking accounts to satisfy a second mortgage?

admin — Wed, 13 Jul 2011 09:43:53 +0000

Ok, so my friend had a house that had a first and second mortgage. He sold this house in short sale on just the second mortgage as the short sale. The second mortgage became a personal unsecured loan for the remaining amount. A month later the bank sent him a letter saying they will come down on what he owes on the remaining unsecured second if he pays "X" amount by a certain date. So, my friend got an attorney to negotiate a little more and make sure this was handled properly. In the mean time the expiration date passed and the bank took everything my friend had in his checking account and mutual fund account. Yes, it just happens that the unsecured second was in the same bank that he had his checking and mutual fund account. They took everything…even more then what they said they would take as a payoff….way more. Can they do this? Can he get his money back? No where in any letters or paperwork that he signed did he put his personal accounts as collateral or they say his personal accounts are collateral. Is this legal what they did???

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Is it possible to obtain a home equity loan (or a similar type loan) without a house as collateral?

admin — Sat, 25 Jun 2011 14:40:18 +0000

All I have for collateral is a 2001 Honda.

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For only 100k, what are the benefits of an SBA loan vs. a home equity loan?

admin — Mon, 13 Jun 2011 10:04:21 +0000

Why would anyone choose an SBA loan when they tie up your collateral and you could use that same collateral for a home equity line of credit?

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Overwhelming credit card debt, but never late yet, what to do?

admin — Fri, 06 May 2011 03:39:33 +0000

I have about ,000 in credit card debt. It’s a combination of lotsa medical debt and rolling over lots of other stuff. Don’t judge, I already know I’m in trouble.

I have NEVER been late on a payment (on anything, ever). The debt is spread over 5 cards and ALL BALANCES are at 3% interest or lower. The balances are such ,000, ,000, ,000, ,000 and ,000. On these I pay 0, 0, 0, 0, and 0 per month. I also have 2 other cards available with k limits each – in case balance transfer is suggested by someone.

With the housing market as it is, I cannot get a home equity loan to consolidate debt. I also have k in student loans.

My monthly bills are making it so I CANNOT make ends meet. Rather than have any missed payments or late payments, I put groceries and gas back on the credit card I’ve just paid on time. This is NOT RIGHT, but I don’t know how to stop this evil cycle I’ve gotten myself into.

I buy generic, cut coupons, conserve electric and water, and penny pinch like crazy. I pay extra on bills when I can, but that bites me in the ass when auto insurance or HOA dues come around and I don’t have any money saved and just end up putting those on the credit card again.

Any suggestions?

- I’ve always had a great credit rating, despite my credit card debt. I’m not sure if a consolidation loan or trying to settle on a few cards would be the best bet. I have no collateral to offer for a consolidation loan. I’ve already ebay-ed everything I can for some living expenses cash. And IF I could get a credit card to settle (which I doubt they would because I’ve never made a late payment), I have absolutely no cash lying around to pay the settlement amount…so prior to trying to settle, I’d probably want to get that cash from a totally different credit card and have it ready to pay the settlement amount.

ACK! What has happened to me?? Please help with good suggestions and not yell at me for falling into this mess – my stress level and health has already suffered due to this mess. Thank you.

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Second Mortgage Lender re: Collateral?

admin — Sun, 17 Apr 2011 21:02:40 +0000

If a house has first and second mortgages and the first mortgage lender accepts a short sale offer that does not leave any money for the second mortgage holder can the second lender recover money beyond the house that was listed as collateral? Otherwise, can they obtain a judgement for the rest of the debt that remains after the first is paid?

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Help me Understand pleaseee<3 10points?

admin — Wed, 09 Mar 2011 20:46:05 +0000

Which word describes what you exchange for money when you negotiate a secured debt with a lender?

       collateral
       credit report
       principal
       interest

Which word describes the decrease in value of an asset over time?

       financing
       equity
       leasing
       depreciation

. What will a bank do if you default on a car loan?

       foreclose on the car
       refinance the car
       repossess the car
       depreciate the car

Why do lenders often charge more interest for a car loan than a home loan?

       because you could crash the car
       the car could be stolen during the loan
       cars can be moved to from one location to another
       all of the above

What can a bank do if your credit score goes down significantly and you miss a car or home loan payment?

       foreclose on your home
       require the car loan to be paid-in-full
       increase interest rates
       all of the above

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Which is the best use of my money to reach financial goals (home purchase)?

admin — Tue, 01 Mar 2011 20:29:49 +0000

I recently got a small out-of-court settlement from a car accident I was in. I’ve decided to use the amount for one of the following: 1)pay off one credit card completely (25% interest!), 2) reduce the balance on another to approximately 20% of available credit (17% interest), 3) pay off the balance of a timeshare to build equity (18% interest over 6 remaining yrs), pay off my car so that I can have collateral for for a downpayment loan OR 5) put into a short-term CD (4% interest over 4 months).

My goal is to put myself in the best position to purchase my first home in approximately 4-6 months. I have saved approximately 3% of what I anticipate my home-price will be.

I have a fairly good credit rating (btwn 660 and 750 depending on the agency) and a 6-figure income, however I also carry a large amount of student debt (also 6-figures, at 3% interest over 24 remaining yrs) and some credit debt.

Which of the above options will give me the most "bang for my buck" so to speak?

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Why cant I get a home equity loan on my mobile home?

admin — Fri, 25 Feb 2011 00:21:06 +0000

I have a 1994 mobile home on a big corner lot in PA. The mobile is anchored to a permanent cement slab and the axels and tires were pulled. There is now an addition so it looks more like modular, double wide,, not sure of the correct wording. The land and the home are both paid in full. My credit is fair. As soon as they hear "mobile" the conversation is over. Am i looking too the wrong lenders? Why will they not give me a loan and use my home as collateral? The property is worth about 78,000 and I only want to borrow 28,000. Banks will finance them when they are bought from dealers so why is this different? I really need to figure this out and find someone who can quote me terms w/o wasting each others time. The property is also paid in full. I have a land deed for that and a title for the mobile home. Can i change the title to a home deed? Good luck with this one,, I appreciate ur input.

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1. Which type of debt is the least attractive for a consumer? (1 point)?

admin — Wed, 09 Feb 2011 22:55:41 +0000

1. Which type of debt is the least attractive for a consumer? (1 point)
unsecured debt
secured debt
mortgage debt
lease debt
2. Secured debt means a lender gives you money in exchange for what?
(1 point)
collateral
credit report
principal
interest
3. When an asset, such as a car, decreases in value over time what is it called? (1 point)
financing
equity
leasing
depreciation
4. When you lease a car, you build equity while making monthly payments. (1 point)
True
False
5. If the bank decides you’ve defaulted on a car loan, what will they do? (1 point)
foreclose on the car
refinance the car
repossess the car
depreciate the car
6. Why do lenders often charge more interest for a car loan than a home loan? (1 point)
because you could crash the car
the car could be stolen during the loan
cars can be moved to annother location
all of the above
7. Secured debt allows you to refinance the loan to get money (equity) out in the event of an emergency. (1 point)
True
False
8. Credit cards are considered unsecured debt. (1 point)
True
False
9. If your credit score goes down significantly and you miss a car or home loan payment what could the bank do? (1 point)
foreclose on your home
require the car loan to be paid-in-full
increase interest rates
all of the above
none of the above
10. When you buy an off-lease used car, you can buy the same warranties you would get if you purchased the car new. (1 point)
True
False