Friday, 29. October 2010
Hello,
My mom modified her home loan through Wachovia’s home loan modification program. The result was an agreed payment that while not lower than her previous payment (which was a big let-down) was at a fixed interest rate. It is just barely doable for her and so therefore was excepted. She was told that she must complete a 3 month trial period to determine if she could afford the payment. She is just now finished with this trial period.
The problem is this. She has a 0,000 home equity line of credit that was always included in her monthly billing for her house. She assumed this was included in the agreed upon payment. Now, after her trial period which will drastically increase her payment. It really looks like they made a mistake and forgot about it – and are now trying to scramble fix their error.
This will add a considerable amount to her monthly payment making it far greater than it was prior to the modification! This makes no sense. And the wording in the letter is very disheartening mentioning the lien on the house and their intent to collect a debt.
This feels like a grave mistake, and comes across like a scam to steal her house away from her. She’s worse off after, than before!
I’d appreciate some input.
Thank you.
She can’t afford an attorney. Wachovia will not "sit down" an talk to you at the branch about this. You have to call.
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Tuesday, 12. October 2010
my wife 49 years old she got lay off and because of the large debit she filed for bank crapesy.10 month after we get married.and she still had home equity loan around 23 thousands dollar and home loan of 75 thousands dollar.the interest rate on the home equity so high around 10.50% APR and since she find Job that bay around nine hundred every 2 weeks,the home equity payment is around 200 month and the loan is 670 month and because we live in condominium we bay association fee 163 dollar/month.Iam studding and I can not work right now and help her..and since she filled for bank crapsey she can not get home equity loan with batter interest rate and also because I don’t work I cant get that too. I suggest on her to put the condominium for closer and walk away.but she refuse this idea.she also tried to get home improvement loan with 6.5% rate for 10 thousands dollar to pay the home equity loan but she got declined..any one out there can suggest something to help me and my wife.thank you
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Friday, 27. August 2010
So, I am in a situation where I had a good job for years w/o a degree, bought a condo, got laid off and now working again, but I think the real solution is to go back and finish my bachelor’s degree. In order to do this, I would like to quit my job this fall or sometime next year to finish my junior and senior year full time instead of just going part time. One thing is for sure and that is I start my junior year of college this fall, I just don’t know if it will be full time or part time. The college is night classes which makes it good for the part time option. The problem with not working and going to school full time is making my mortgage payment. My condo is worth 240K from the bad economy and have a 190K loan against it. (I had a good down payment from a previous house sale). My current APR on the condo is 5.875%. I got a GFE on a basic refinance (5.125% w/o points or fees) and it came back I would pay 10 per month w/ taxes instead of the 15 per month I’m paying now. I’m also considering not refinancing because it is only a 5 savings per month and I plan to sell in 3 years after I get my degree. If I don’t refinance, I am thinking of going with a line of credit (home equity loan) with the bank I have the home loan with and then quit my job when school starts. I would then use the money from the line of credit to pay my mortgage while I’m in school. I think the percentage rate was around 6.5%. I wouldn’t need to use the home equity loan until my senior year of college though. I currently have ,000 severance from the lay off I plan to use during my junior year to pay my mortgage. Then when that money is gone, I would plan to use the line of credit during my senior year. I like the line of credit because I only pay interest on what has been taking out. Second option instead of the line of credit: Instead of the home equity loan for my senior year of college, I could refinance the condo and "take cash out". I have not looked into this option. If I take ,000 out, I could put it in a CD for a year and then it would be used for my senior year of college to pay my mortgage. I know it is not a good situation for me, but I’m trying to make the best of it. Does the home equity loan sound better or the refinance?
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Sunday, 22. August 2010
My MIL asked my husband to refinance her home loan with her so that she can get a lower interest rate. She owes a home with my husband’s brother. She refinanced her home a few times and now she has an interest only loan, so she’s not building equity.
We own a house too, have a child in private school and I resigned from my job to start my own business. Interestly enough, she spoke to my husband about the refinancing the day before I resigned from my job and I am pretty sure I told her when I was going to resign. Why gives her the right to come to my husband and ask him for such a huge favor? My MIL and BIL are unable to handle the responsibily and need to sell the house ASAP
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Sunday, 22. August 2010
I was left 1/3 of my grandmother’s home. The executor (my brother) of the will owns another 1/3 and then my other brother owns the final third. The property is currently up for sale. I have not received any documentation that shows I am 1/3 owner of the property (grandmother died over a year ago). I don’t know how much involvement I should have in the sale. How much am I allowed? Also, I don’t like how my brother is handling the disbursement of the estate and think he may try to pocket the money if the property sells, he is not an honest man. My brother took our 96 yr old grandmother to a lawyer and had her name him as executor behind the rest of the families’ back’s. She was suffering from dementia. They lived in another state and we had no idea what he was up to. I don’t want to cause a big problem or alarm him to the fact that I am suspicious of how he is dealing with this. I just want to know what my rights are in regards to my portion of the estate. Do I technically own 1/3 of that as equity? If so could I use that for a home loan or get a cash advancement so that I could wash my hands of all of this? I just want to find out the best way to get my share and get out. It’s a substantial amount of money and I know my grandmother would not have wanted it dealt with this way.
The property has not yet been probated. I have been researching that today. My brother never showed the will to anyone, just told us we would be getting money from the property when it sold. I called to acquire a copy of the will today and as soon as I see what I am entitled to, I intend to follow up with the probate procedures.
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Monday, 16. August 2010
I am involved in a 3-way investment on a rental property and we are being forced to sell because of a DOT project. Our profit on this property will be approximately ,000 and we need to figure out how to split this up. Being close family members, we weren’t too concerned about figuring this out we bought the property.
I would really appreciate any suggestions from real estate investors experienced with partnership investments like this.
Here are the figures for the capital and work/mangement invested by each party.
Investor #1:
Invested 0, 000 by taking out a regular home loan.
Lived at the property and payed "rent".
Did 85% of the maintenance, improvements and rental property management.
Investor #2:
Invested ,000 from a home equity line of credit.
Did 0% of the maintenance, improvements and rental property management.
Investor #3:
Invested ,000 from a home equity line of credit.
Did 15% of the maintenance, improvements and rental property management.
Thank you!
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Friday, 6. August 2010
Other than banks, where is the best to go for a home loan?
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Saturday, 24. July 2010
have been approved for a home loan. I found a house that they are asking 9,000 for and I just made an offer of 0,000 hoping I can get a steal because of the way the market is down and continuing to go down. The house is currently worth 8,000 according to the appraisal. I’m pretty sure the bank is going to let it go to me for my offer, so that would mean the minute the doc’s are signed, I just got a house with 8,000 in equity in it. I plan to pay off both my cars and some credit cards using a home equity loan or line of credit, so that I only have the house payment to pay. How soon after I buy the house, can I be approved for one of these and what does it take to get qualified,. i.e credit score, equity, etc.
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