Easy Home Equity Loan » lenders

Foreclosure on second mortgage?

admin — Fri, 05 Aug 2011 11:25:36 +0000

I have an investment property that I rent out to a tenant in Georgia. I currently am up to date on my first equity line that I have out on the property, but my second line has become past due by almost 30 days and lender has put a hold on the account. Even when I try to make payments on the account they do not let me due to some reason. I have consulted with others who have loans from this lender and they say that a freeze has been placed on their accounts as well (approx 30 others). In the event that that I am unable to pay the loan in its entirely if recalled by the lender or if the lender does not accept payments causing it to go into foreclosure, how will this affect my first mortgage, tenant, and me personally. Can I just allow it to be foreclosed and wash my hands of it, taking the hit on my credit? Or can the lenders sue me for anything? Also if the bank does decide to foreclose will that require me to pay any type of legal fees?

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What's the difference between a HELOC and a Home Equity Loan?

admin — Sun, 29 May 2011 05:08:25 +0000

I’ve seen a lot of lenders offer both. Which do I need for a renovation?

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How can I find a hard money lender?

admin — Sun, 17 Apr 2011 20:29:44 +0000

I need to find a hard money lender or private investor for a ,000 loan. I want to use the equity in home as the basis for the loan. The house is worth about 0,000 and I owe ,000 on the mortgage. I do not qualify for a traditional mortgage because of self employment income. I know I will not have trouble paying this off even with a high interest rate. Looking for a short term like 1 year only. I have good credit scores. I was wondering where I can get a list of lenders/investors that may do this type of loan. Any suggestions?

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How do I find a good mortgage lender?

admin — Sat, 16 Apr 2011 20:31:13 +0000

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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US blacks see 'financial apartheid' in subprime crisis – do you see their reasoning on this?

admin — Thu, 14 Apr 2011 20:30:01 +0000

SO…you are crying RACISM for being given a chance to own a home and FAILING because you did not pay your bills? How is this apartheid?
This all goes back to being treated EQUALLY. It is not MY fault that you chose to buy something you could not afford. Whites do it too. It is just stupidity and greed…nothing else.

http://www.breitbart.com/article.php?id=080127181914.e1z8r2hd&show_article=1

"People of color are more than three times more likely to have subprime loans," concluded the organization United for a Fair Economy in a recent report which estimated that minorities have seen between 163 billion and 278 billion dollars of their equity go up in smoke since 2000.
The city has responded by suing lenders, accusing them of targeting black borrowers and steering them to the loans granted with few formalities and at hefty interest rates to people with poor credit histories.
READ THE ARTICLE – this is not MY ISSUE

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How much do I need to pay on my mortgage?

admin — Fri, 25 Mar 2011 01:16:12 +0000

Here’s what’s going on: We purchased a single family home in 11/07 at a 6.5% interest rate for 30 years (conventional loan.) It was our 1st time purchasing-we just went thru the motions. Anyhow, I have wanted to refi for a lower rate and term, but we have a little negative equity and lenders will only lend 90% with PMI. That’s quite a bit of money for us to fork out (not including the thousands of dollars to actually refi), so I say forget the refi & figure out what I need to pay each month to pay this loan off in 15 years. Pretty much there are 2 equations I’d like to know-

1) How much do I need to pay each month to pay my loan off in 180 payments/months?

2) How much do I need to pay each month to pay off my loan in 160 payments/months?

Let’s presume I’m paying the 1st of every month. I know that interest rate will change my p/o greatly if I vary from the 1st of the month plan-no plans to do that.

I am just looking for the most accurate estimate I can get, so please ask me any questions if I am missing information, I will happily update my question and you can update your answer.

Assuming homeowner’s insurance does not change-78/yr
Assuming taxes do not change-8/yr
Current loan balance 3,500

Here’s a copy of my mortgage site based on a 50(ish) payment I made this month:

Your payment is comprised of the
following amounts:
Principal and Interest 8.48
County Tax: .57
PMI Escrow: .41
Hazard Escrow: .17
Overage/Shortage: .02

3) What’s Hazard Escrow????? Geez.
Lauren, you are an asset to Y! Answers! Thanks for your time & information!

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Anyone know a thing or two about refinancing with an 80/20 ARM???

admin — Wed, 23 Mar 2011 22:50:42 +0000

I have an 80/20 loan. The 80 is an ARM with a 10 yr libor that had a 6.25% that went to an 8.25% in Feb. The other loan is a 30 yr fixed with an 8.25% rate. My husband is active duty military, so we qualify for the SCRA which locks us in at a 6% rate for as long as he remains active duty, which he intend to do for 20 years. Because we moved for his job, we had to rent out our townhome due to decreasing mortgage prices. We want to refinance to lock in our interest rates, esp since they are now in the 5.75% ranges and make our loans just one. We were told by our lenders (citi) that we have no equity in our home, therefore do now qualify to combine loans, and that refinancing cost will be around 5,000. Also it will be different considering the home is now an "investment" since it’s being rented. So my ? is do we keep the loan we have since we’re under the SCRA, or do we act now and go for rates that are low.And if so, how do we go about gettin a loan that doesnt require much to put down

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Help me Understand pleaseee<3 10points?

admin — Wed, 09 Mar 2011 20:46:05 +0000

Which word describes what you exchange for money when you negotiate a secured debt with a lender?

       collateral
       credit report
       principal
       interest

Which word describes the decrease in value of an asset over time?

       financing
       equity
       leasing
       depreciation

. What will a bank do if you default on a car loan?

       foreclose on the car
       refinance the car
       repossess the car
       depreciate the car

Why do lenders often charge more interest for a car loan than a home loan?

       because you could crash the car
       the car could be stolen during the loan
       cars can be moved to from one location to another
       all of the above

What can a bank do if your credit score goes down significantly and you miss a car or home loan payment?

       foreclose on your home
       require the car loan to be paid-in-full
       increase interest rates
       all of the above

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Why cant I get a home equity loan on my mobile home?

admin — Fri, 25 Feb 2011 00:21:06 +0000

I have a 1994 mobile home on a big corner lot in PA. The mobile is anchored to a permanent cement slab and the axels and tires were pulled. There is now an addition so it looks more like modular, double wide,, not sure of the correct wording. The land and the home are both paid in full. My credit is fair. As soon as they hear "mobile" the conversation is over. Am i looking too the wrong lenders? Why will they not give me a loan and use my home as collateral? The property is worth about 78,000 and I only want to borrow 28,000. Banks will finance them when they are bought from dealers so why is this different? I really need to figure this out and find someone who can quote me terms w/o wasting each others time. The property is also paid in full. I have a land deed for that and a title for the mobile home. Can i change the title to a home deed? Good luck with this one,, I appreciate ur input.

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1. Which type of debt is the least attractive for a consumer? (1 point)?

admin — Wed, 09 Feb 2011 22:55:41 +0000

1. Which type of debt is the least attractive for a consumer? (1 point)
unsecured debt
secured debt
mortgage debt
lease debt
2. Secured debt means a lender gives you money in exchange for what?
(1 point)
collateral
credit report
principal
interest
3. When an asset, such as a car, decreases in value over time what is it called? (1 point)
financing
equity
leasing
depreciation
4. When you lease a car, you build equity while making monthly payments. (1 point)
True
False
5. If the bank decides you’ve defaulted on a car loan, what will they do? (1 point)
foreclose on the car
refinance the car
repossess the car
depreciate the car
6. Why do lenders often charge more interest for a car loan than a home loan? (1 point)
because you could crash the car
the car could be stolen during the loan
cars can be moved to annother location
all of the above
7. Secured debt allows you to refinance the loan to get money (equity) out in the event of an emergency. (1 point)
True
False
8. Credit cards are considered unsecured debt. (1 point)
True
False
9. If your credit score goes down significantly and you miss a car or home loan payment what could the bank do? (1 point)
foreclose on your home
require the car loan to be paid-in-full
increase interest rates
all of the above
none of the above
10. When you buy an off-lease used car, you can buy the same warranties you would get if you purchased the car new. (1 point)
True
False