Easy Home Equity Loan » home equity line

If a 2nd mortgage was included in a bankruptcy and discharged. Do they still have a claim to the property?

admin — Fri, 19 Aug 2011 06:37:24 +0000

We filed bankruptcy a year ago. We left out the first mortgage but included the second mortgage (home equity line of credit). It has been discharged, no one contested it and we haven’t received a statement or any other communication from them since. We want to sell the house now to our daughter. Does that 2nd mortgage company still have a claim to the property?

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Should I take out a home-equity line of credit to pay down my mortgage to eliminate PMI?

admin — Fri, 12 Aug 2011 09:13:29 +0000

My husband and I are currently paying PMI (Private Mortgage Insurance) on our mortgage. (We have no second mortgages.) I know we need twenty percent equity in order to eliminate PMI, but I don’t think we’re quite there. Is taking out a home-equity line of credit to pay down the mortage a good idea? I know that we’d then have two loans to pay, but the PMI would be eliminate and all of our payments (minus the interest) would be going toward the loan rather that insurance. Is it possible to get a home-equity line of credit for 6%?

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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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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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How can I increase my credit score?

admin — Sun, 29 May 2011 23:06:45 +0000

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.

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Does anyone have information on the Money Merge Account. It is supposed to help you pay off…?

admin — Tue, 24 May 2011 22:53:37 +0000

…your mortgage early.
Your mortgage balance can only be impacted/reduced only once per month. Therefore, if you have a 30 year fixed rate mortgage at 6% you will pay 6% per year every year until the end of the 30 year term. Interest on these loans are front end loaded as well. Conversely, if you borrow from a home equity line you can make payments every week if you so choose and drive down the outstanding balance of that loan weekly. As you drive down that balance, the bank must reduce the amount of interest it charges you thus yielding a much lower rate than the stated rate charged.

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can I claim a home equity loan on bankruptcy?

admin — Tue, 26 Apr 2011 09:54:17 +0000

I am going to claim my credit cards, can I claim my home equity line as well?

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Long question. Please read details before answering.Thx. I need advice on credit card debt?

admin — Mon, 25 Apr 2011 01:19:52 +0000

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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Should we pay down our home equity loan or pay off our truck?

admin — Tue, 19 Apr 2011 05:03:14 +0000

We still owe 000 @ 11.25% on our home equity line of credit ! we pay 0 per month.Should we pay this down by 1/2 or should we pay off our truck @ 8.9% bal of ,750? we have no credit card debt as we just payed them off. Recently retired and sadly have no retirement saved up.

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Pay off credit card with fixed home equity draw?

admin — Sat, 16 Apr 2011 05:06:21 +0000

My 48 y/o sister has asked me a question and I don’t want to give her bad advice. Here’s her question and her stated financial info:

Should they pay off balance on their 8.25% (prime for life) credit card (with a long and excellent credit history) and put that balance towards their home equity loan? Both have high FICOs.

They currently have a 1st mortgage of 0K fixed at 4.25% until 5/09. They also have a fixed (locked in) rate of 7.65 on their home equity line at a 10-year term with a current balance of K (K avail). Their home is worth between 0-580K. They only have one credit card they use, but it’s K (prime for life) currently 8.25% and she makes at least double the monthly payments in an attempt to pay down. They would like to eliminate the credit card debt if possible to be able to save more and not feel so stretched each month. Plus one teen now needs a car (more outflow).

Banker will lock addt’l draw and combine both for 7.6%. Yearly income K. Advice?
Forgot to mention that mortgage is 75/month, she pays 0 on equity loan (min 5), and she pays 0-1000/month down on the credit card. If CC was eliminated, the banker told her the new lock on the equity loan would make that monthly payment 3, which she could also pay more down on with no penalty. She’s really nervous about fooling with the equity in the home because of their old(er) age. Should she keep things as is and pay down aggressively or transfer to current home equity or other great idea? Thanks again.