Easy Home Equity Loan

I have a 5/1 Interest only loan. Resetting 09/2011.

I want to refinance only my first mortgage from an ARM to a 30 year fixed. (It’s currently 8K)
I want to keep my second as is (2K ARM)

Due to declining home values, I have very little to no equity in our home. However, I just want to refinance the 1st (which would be plus or minus about 80% of my current home value).

I have both loans through Wells Fargo.
WF say they can’t do anything unless I have 10% equity.
So I’m looking around for ideas.

I have: Good credit. No car payments. No student debit. No credit card debt.

Any thoughts or other ideas.
I’m happy to keep my 2nd as is.
Just want to get the 8K fixed at a low rate.

Thanks

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I want to refinance just my 1st Mortgage.
I have a 5/1 Interest only loan. Resetting 09/2011.

I want to refinance only my first mortgage from an ARM to a 30 year fixed. (It’s currently 8K)
I want to keep my second as is (2K ARM)

Due to declining home values, I have very little to no equity in our home. However, I just want to refinance the 1st (which would be plus or minus about 80% of my current home value).

I have both loans through Wells Fargo.
WF say they can’t do anything unless I have 10% equity.
So I’m looking around for ideas.

I have: Good credit. No car payments. No student debit. No credit card debt.

Any thoughts or other ideas.
I’m happy to keep my 2nd as is.
Just want to get the 8K fixed at a low rate.

Thanks

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My mom has a home that she bought in 1997. She bought it for 81K and now it is worth about 350K. (It was built in 1991 and we are in southern California.)

She paid off the house back in 2004-just after her husband died she collected the 100K from the life insurnace policy. She is making about .60 an hour-full time-and now she will be bringing home less since her employer is going to take out about a month for health benefits. She only made around 17K last year.
She is about 4 or 5K in credit card debt. Since her husband passed in 2004, she has paid down the credit card debt a lot from 7 or 8K – (most of the money came from the left over amount after paying the house off) but she is still struggling to pay all of her bills.

If my parents had not had the life insurance + if my mom had to pay the mortagage (0.00 month) we would be living on the street now. There is no way she could afford that on her income. Is it worth it getting a home loan for 5K or 6K?
My mom has the ’99 truck (it was dad’s) and it is running and that truck is paid off. Her car a ’99-not running is also paid off. I already asked her if she wanted to rent the room out-she would rather not with her 3 little doggies. They would bark too much.

I thought that interest payments would be lower than credit cards. She is paying 22% of one of her credit cards. that is crazy! I will show this to her tomorrow. Thank you all! If I could I would give you all best answer!

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I’ve been married for just over a year and have had a very rocky marriage that will likely end in divorce over the next 6 months. I had a baby and gave up my business to be a stay at home mom. I had a salon with clients, which I gave up to get married (and would take years to start over) When I left, I still had 30k left in credit card debt (from college, I couldn’t get the student loans to pay for everything and had no job), and just 4k left in student loans. We didn’t accrue any debt together when we were married. I know I’ll get child support, but I’ll still have to work to cover the rest of rent and car payment, etc. The interest rates are horrible and anytime I ask to have them lowered they never do (because I pay the minimum on time). I can’t afford to pay much more than the minimums now, so it will never get payed off. What is the best way to pay down my debt? Should I get a house on my own and refi in a year or 2 and use the equity to pay it all off? CCC?
Well he already has 3 kids from his last marriage and has done really good paying child support and pays extra for lessons or whatever, so I don’t think that will be a problem.

He went through a bad divorce with his ex wife and he doesn’t want to tear eachother apart by going through counseling. He doesn’t expect things to work out so he doesn’t want to go to counseling because he thinks it will only add to problems, and stress – which is bad for his health.

At this point I think I’ll be happier on my own, its just an issue of how to support myself and my baby without having to send her to daycare. Right now I can work from home and not have to pay other bills, because until we split he still pays stuff. So its a prime time for me to pay stuff off – does anyone have any suggestions for stuff to do from home? I used to be an excellent sales and office admin and learn very quickly. If I can have 2/3rds paid off when we split up, the remainder won’t be so bad.

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I bought a house three yrs ago with no money down. The house is now worth about 0k, down from 0k. I have been paying all my bills on time but choking in them.
My first mortgage is was modified and sold to a new provider and is at 4.125%. My second mortgage is at 10.25%.
First mortgage is about 5k and about 0 a month. Second mortgage is about k and about 0 a month.

I have over k in credit card debt also.

I was advised to try to have the second mortgage forgiven for 1-10% of the loan amount by claiming hardship and mentioning that I’m considering bankruptcy.
If the house is foreclosed they would see no money whatsoever so it might be a good deal for them to get -7k in a lump sum and write off the rest.

If I could make the second mortgage go away, than I might be able to make payments. I’ll get the money from my parents as long as it’s a reasonable amount.

Has anyone done this? Can someone recommend how I should go about it? Or can you suggest other avenues?

Thanks.

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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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I just bought a house a week ago and want to get a loan to help pay off my credit card debt, which is about ,000 and is currently at a 10% APR. We bought the house for 5k, put ,000 down. The house was appraised at 5k – k more than what we bought it for. What type of loan can I get or should I get?

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My wife has about ,000.00 in credit card debt. All on 1 card. They just jacked her rate to 17%. That is almost 0 a month in interest payments! The card is in her name only. We own a home. It’s in both our names. We have almost 0,000.00 in equity. My credit is shot due to credit card debt in my name only i recently negotiated down and payed off. My wife needs to keep her credit score around the mid 700′s where it is now. So we think if she applies for a home equity loan in just her name she can use that money to pay off her credit card. Problem is, she is an independent contractor and makes like ,000.00 a year. I’m thinking this is not enough to qualify her. Also, both our names are on the deed to our home. We owe about 0K and only have a 1st.
I am also confused about going with a ‘home equity loan" vs a "home equity line of credit".
Please explain the pros vs cons of each. Are both tax deductable? THANKS!!!

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