Easy Home Equity Loan

I have a first and second mortgage (to avoid PMI) and I am wondering if, after foreclosure, if we are going to be liable finacially for the banks loss, or the difference between our loan balance and what they get in the foreclosure sale? I know that our credit score will be affected, but I am wondering if that is the only repercussion? I also know the laws are different in states I am in Nevada anyone that knows the nevada foreclosure law specifically would be great. I am also wondering once we move out, assuming we do so before notice to evict what role will we, as the homeowners, need to play in the foreclosure process? I have heard that you must fill out a 1099 form for taxes? saying the difference between the amount owed and what the bank gets is roughly 30,000 what would that mean we pay at tax time?

Interesting Blogs

My house, which is completely paid for, is worth approximately 0K. I’m looking for no more than -20K. Although my credit score is probably about 600, if not even a little less, due to mistakes I’ve made in the past, I do not have any outstanding delinquent accounts.

Interesting Blogs

my home equity about ,000, never have second lien, never have home equity loan, but i have bad credit score 520, how do t get at least ,000 out from my equity? can’t refinance because bad credit, what is the solution ? my emil andyallam@yahoo.com

Interesting Blogs

I was wondering how hard is it to qualify for a second mortgage? We bought our first house a year ago and are planning on renting it out and building a new home. Our credit score is a little above average and we would have a little to put down.

Interesting Blogs

I have just spent a substantial amount of money on a remodel, mostly with a credit card. I am worried it will affect my credit score, so I want to know what I can do. Paying it off within, say, 24 months isn’t an option.

Interesting Blogs

I own a condo. Can I take out a home equity loan on that condo to make the down payment on a new property? If so, what happens when I sell the condo? Since at that point I believe I have to pay off that home equity loan, can I then take out a home equity loan on the new property to pay that off? I just figure since I already own, I should utilize that as much as possible. Also, how much does my credit score play into that? Thanks
I should clarify that I still have a mortgage on the condo, but I did put 20% down when I purchased it. My intention is to rent the condo out, so that will cover that monthly mortgage payment.

Interesting Blogs

I am twenty-two years old and my FICO score from Experian was a 738 four or five months ago. I have:

1. a close to ,000 mortgage with an initial balance of ,000

2. four credit cards with a total limit of close to ,000 (only one of which has a balance [,000 on it but at 0% that I will pay off before any interest accrues])

3. about ,000 in student loans that are not yet in repayment (I am finishing college soon)

4. no auto loan payments (paid cash for my wife’s car and mine)

I am trying to increase my credit score so I can get the very BEST rate on a HELOC (home equity line of credit) so I can begin my real estate career! Hopefully, I can find something lower than prime – 1.00% because I have already been offered that.

Interesting Blogs

i took 20k as a second mortgage to buy a lot. i did not sell the lot. now the lot is worth 5k. but i still have the second mortgage loan. how can i get help with this second mortgage IF ANY. ( loan is from bank of america ) it seems that goldman sach and other banks got help and i know 2 people who got their first morgage remodified in half. is their anything I can do to eliminate or reduced this mortgage.

i have great credit score,
never late on payments,
make ok money.

i just know that i will never recope my money on this lot.

thanks
goldman sach.
bank of america
citi bank
gm
they all got bailout…

i want my bailout…why can i get one??

Interesting Blogs