Easy Home Equity Loan

Took out an equity line on a home that was foreclosed 3 years ago, It is now a unsecured loan. I have made payments each month to this company, now they tell me my interest rate went up to 23%??? , The paperwork I signed said it started at 19% and would go down each year, then they tell me I have 3000 in deferred interest????? WTF???? I don’t mind paying my debt but christ, I refuse to get piled on or raped by these Bastards. What are the usury laws ?????

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I have successfully modified my first mortgage and have submitted a modification request for my second. They will not budge and have refused to lower my principal and/or interest rate (12.15%) what are my options? Home Value = 316,000 first=311,000 second=97,000. Serious answers only please…:-D

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times have been tough as a single mom so I re fied for the 3rd time in 2005 I didn’t use my regular broker she was so busy she told me to just call my mortgage company and they should take care of me, well they sure did I got a sub prime loan, I have had been a home owner with 4 different homes since 1974, I had variable rate each time with no problems, sub prime was not even on the map for me until this last loan they fooled me with.. so I was really confused when it turned into a MESS and I was losing 620.00 per month off my equity!! I remember I had a clause that I can get a fixed rate from 2007-2012 for only 200.00 but when I called they gave me some OUTRAGEOUS interest rate not the going rate they said its not a new refi so its more I was so MAD! THEY lied to me about that too. FED UP I heard the rate went down called my broker left a message I NEED A FIX LOW rate NOW my company is being WRONG.. I called my company asking for a pay off price so I know how much to refi my for, they were like, so your getting a refi? I said yes and you all give me the run around with my fixed option I am leaving, I WAS SHOCKED they offer me a 4.74 fixed rate right then and there!! CAN YOU BELIEVE IT? for only a 200.00 fee I got so damn lucky I wanted to put this out there in case i can help anyone else.. call for a pay off price and shake them UP!! GOOD LUCK TO ALL!!!

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My ex boyfriend and I purchased a home 8 years ago. We are both listed as borrowers on legal loan papers. We had worked hard on fixing it and increased its value considerably. The quality of our relationship, however, did not improve or increased and we separated. I moved out of the property a year and a half ago but remained legally responsible for the loan and he still lives in it. Although we are no longer together, we remain good friends. I am looking into purchasing a vehicle within the next four months and I am already sure that I won’t be able to qualify for an auto loan due to the financial responsibility I still share with my ex boyfriend. We have discussed refinancing the home and making him the sole responsible party for the loan and therefore, removing my name from the mortgage and its financial commitment.. Currently, he can not buy my part of the loan out and refinancing will be just to remove me from the papers without taking money from the equity to at least maintain similar monthly payments and hopefully get a better interest rate. We have agreed to sell the home later (still work to be done, not in optimal selling condition) and divide the profits once the sale goes through. If we refinance this loan to his name, how will the IRS deal with my share of the the profits? Since I will not listed as the borrower, I am afraid the IRS will read my gain as a gift and I will be taxed for it. Should I make the refinancing transaction with my ex through the courts to have a legal binding document to fall back to during tax time and for good practices sake? How should I go about this? HELP!

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I bought my home 14 months ago, it was a foreclosure, and we got a heck of a deal. It appraises at about 0,000 or 5,000 right now, and we paid 2,000 for it.

Since it has only been 14 months, the principal is still at about 0,300. BUT…we are paying like 3 a month for PMI (Property Mortgage Insurance) since we don’t have enough equity in the home at this point. We are also paying an interest rate of 6.75%. I really don’t know how that compares to other people…but I didn’t think it was all that great.

So…..I was just calling around to a few different mortgage companies, and not hearing anything real intriguing until last Friday. I talked to a guy who said he could lower my mortgage payment by a month, lower the interest rate to 6.35%, pay off 00 worth of my student loans (which equates to about a monthly savings), and we would get to skip 2 mortgage payments. Skipping those 2 mortgage payments would then allow me to pay off a laptop lease I have, which would save approximatley per month. I would then have about 00-2000 cash left (from skipping the 2nd month of mortage payment, and getting the remaining balance of my current escrow account), and I could save that, or pay another small student loan off. So…in the end, we could likely knock out close to 0 of monthly expenses, and have 3-4 less bills to send off every month. I really like that idea.

He told me all of this, and I was pretty excited……UNTIL I saw that our new loan amount would be 2,000…. It’s still under what the home appraises for, but I just kinda hate seeing it jump to over 0,000…

I’m not sure how long we will be in this home, but I would guess at the VERY minimum, 5 more years, but who knows, we could be there for another 25. We haven’t really put much thought into it.

Can anyone lend some advice on this? I would appreciate hearing another opinion.

ps- It would be refinancing a 30 year fixed, to another 30 year fixed. And I am 25 years old. Just throwing that out there.

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I currently own a villa in Deerfield Beach, FL (near Fort Lauderdale). I paid 50K for it over 10 years ago. Currently I have about 150K of equity in the home. I re-financed about 6 years ago so my interest rate is at 5.0% on a 15 year loan. The mortgage including taxes and insurance right now is about 0 a month.

We are thinking about moving to a larger house with a purchase price around 300K. With the market, it is really tough to sell. I would like to keep my current house and rent it out. I’m seeing rental prices around the area is about 50 a month.

Presuming I can get that amount, what’s the best way for me to manage my equity so I can buy the new house. Idealy I would like to break even on my rental house after taking the equity out to buy the new house.

Any help or creative financing ideas are appreciated. I would like to hear about different types of loans and is it possible to combine the houses into one mortgage. Does it make sense? Thanks!

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Hello everyone. I am purchasing a house but the loan I could get was FHA because i did not have 20 % down and not enough credit for conforming loan. I could put 15 % down on the house but my question is whether i should do that or go with the minimum of 3 % because with FHA loan you pay premium mortgage insurance 1.5 % upfront and .5 higher interest rate. Lets say if i build a better credit in 6 months to qualify for a conforming rate and refinance the house from FHA to conforming do i need to have 20 % down for conforming loan or should i put the money to FHA loan and that 15 % is counted as home equity. All I need is 5 % after that right or do i need to have 20 % in cash?
I asked this question once but mostly i got people trying to get me to contact them for loans. I dont need that. Only respond if you know the answer.
Nop I cant get a conforming right now. I could come upwith the 20 % but not enought credit. Please answer about the amount i should put on FHA loan. Would the 15 % count when i refinance to confroming to make 20 % or do i need to hold the money so i can have them for the conforming loan in about 6 months when i build up my credit.
I have no choice FHA is what i am getting right now. Please focus on the question I need to know about the % amount whether it is better for me to put down 15 % on the fha or should i put down 3 % and save the money for the conforming when i refinance. I would put 15 % if the money counts toward the refinance to conforming in the future to make 20 %. total after adding 5 %.

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My husband wants to get out of his car loan. We have tons of negative equity in this car because we rolled over negative equity from the car before this one. Our payment is thus very high. Our finance company (Wells Fargo) won’t work with us to lower our interest rate, thus lowering our whopper monthly payment. Mind you, my husband’s hours have been cut due to the economy and we are struggling to keep our payments current on our mortgage which is more important. Here’s where we disagree: my husband wants to have the car voluntarily repo’ed (I am the co-signer). Our credit already pretty much sucks, but we are really going to need to refinance our house in about a year or so because our temporary modification will run out then and our monthly payments will go up about 0/month. My thoughts are that we really need to try and up our credit scores this year so we can refinance and I think a repo will make our credit even worse. My hubby is listening to people at work who are saying that it will only make a small dent in our scores and that we can pay back the deficiency balance after the repo (which will be probably about K) little by little. I say that they will take us to court, put a lien on our home, sue us, etc. My husband is using the defense that he wants to go and get another car using one of those programs where if you get laid off they will pay your car note for up to a year (he may get laid off too). And he wants to get a cheaper car, which is fine. But I really think its a bad idea to have a car repo’ed because it will hurt our scores a lot and leave us with a huge sum of money to pay back. What are your thoughts???? EXPERT advice would be helpful too…

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