Easy Home Equity Loan

Mortgage is with Chase, equity loan is also with Chase. We applied for a loan modification. Due to job loss, decreased pay we cannot continue to make our home loan and equity loan payments.

Wondering if they will adjust/combine our equity loan in our home loan modification. I can’t get a straight answer from Chase regarding specifics until underwriter has approved.

Does any one know, or has had experience with Chase or this scenario.
Thanks!

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I have about 10K in credit card debt that I would like to pay off. The problem is that I’m not sure how to go about doing it. I have the resources and just need to know what way is the best way in terms of being the most financially savvy. I’ve got 2K in cash, 5.5K in a stock which I believe is fundamentally strong and will blossom at some point (but who really knows when), and around 44K in a retirement plan invested in bond funds which is currently enjoying around a 4% rate of return which I can tap for a loan if needed without penalty (only a 2.75% interest for a loan) and I don’t plan on retiring for about 25 yrs. My job is secure too. Also I have about 2K in EE bonds. I am a home owner and considered a refinance loan but don’t want to use my equity to pay off cc debt. So, again I have the means but I’m a little unsure of what would be the "best" way of going about this. Needless to say, I won’t be accumulating anymore credit card debt in the future. Thanks in advance for any suggestions.

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I have noticed that many many people on here will deny something that is very blatantly true.

or at the very least when cornered, then will try to blame that truth on someone else other than who it belongs.

So lets say for example we say that there is a foreclosure crisis and that it was caused by the government policies that turned a blind eye to regulating mortgages and financial institutions allowing them to make whatever crazy loans they wanted to anyone which of course led to a house boom for which some took credit when it was booming claiming how great of a job they were doing putting new homeowners into houses and how wealthy americans were being able to borrow all that money from the equity in their homes. Things were booming they claimed. But then reality set it, the crash occurred, the bubble burst……and now if you say well there is a major foreclosure crisis due to those policies of deregulation and artificially low interest rates etc…, then the same people who were bragging about the boom will now try to say a) either there is no crisis going on..and its all in your mind, or b) that if there is a crisis going on, it was really caused by the policies of someone who came before them.

This is an example of what I mean by my question. In other words, there is no honesty in political debate..there is no mea culpa…no the buck stops here…no you were right, I was wrong.
I think what I am saying is that some people are purposely dishonest so they can an argument at all cost.

I am just wondering what goes on in their minds, when they know they have to lie to win the argument. How can they believe their policy beliefs are best when they have to lie to win an argument? Or is it that politics is basically just about your own self interest and not the greater good?

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I need a new roof and new carpeting in my home at the very least so it can be rented out. It could also use new sideing and an interior pain job. I will be staying there during repairs but then the house will be rented out. I have never had to do something like this before and I dont even know how to begin this project. please help

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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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The problem right now is that if you show positive income to your bank they have no reason to lower your payments since that is how they make money and want to squeeze every penny you make towards that payment, and if you do not show enough to pay the bill the Bank prefers to right up a loss and ask the government for their money back.

My solution, which I hope March 4th the administrations will look like, would be this:
-There is a fixed interest rate between 4.5 to 6% that the Banks MUST modify at. You get the lower end or higher end based on credit. Banks are still profitable at 5% and if they are not it is because the FED is trying to make too much money off its money monopoly.
-Like in many Western European countries, your income needs to be 3 times your new mortgage payment to get the modification.
-As a borrower you are not absolved of any debt, it goes to the back end of the loan and/or should you ask the lender to re-appraise your home at current value to qualify for the above rules, you release any right to positive equity gain from that moment forward to the parties absorbing the loss.

That is it. So if you have a 500,000 loan on a house worth 300,000, at 5% you would get payments of roughly 2K a month for which you need to show you make 6K a month, should you want the property re-evaluated at the market value, your loan payments will drop to 50 for which your income needs to be roughly 4K a month, but you lose all future equity in your home.

If this is still too expensive you cannot afford to be in it any longer. The deal can only be done once and if something happens in the future where you lose your job, your only option is the current repayment type plans.

What do you guys think about it, and what is so hard in implementing this?
The only problem i see is that Banks will prefer to pout and go under on purpose to get bailed out than curtail any lowering of rates.

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I don’t have a job, but I would have a co signer. The home is also paid off. Does a co signer make a difference when asking for a home equity loan?

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I have been paying on my 30 fixed mortgage for 8 years now. Haven’t been late with a payment since 2006, but had a few late payments in ’05-’06 when my wife lost her job following a move to a different state. My credit is "good" at just under 700, last time I checked (last Aug). The mortgage I currently have is a VA loan, but it is at 7%!
I only want to shorten the term to a 15 year mortgage and continue paying about the same, or even a little more monthly, but at a reasonable interest rate (~5%). I just want to build up equity faster and pay it off sooner. I’m NOT trying to reduce payments or get a consolidation loan/line of credit.
One other key factor is that I no longer live in the home. It is a rental (single family home) which I maintain very well.
Bank of America won’t budge on refinancing or renegotiating the rate. I paid 8k for the house (brand new home) and owe just under 0k. I think the house would likely appraise for 0 – 5K.
Problem is that I get all of this junk mail which appear to be "bait and switch" tactics from nefarious lenders. I want a legitimate company to give me a reasonable loan with no hassle. Is that too much to ask?

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