Sunday, 5. September 2010
they are trying to collect 100k after the house already foreclosed, what can i do
according to california civil code 580b if the house was foreclosed under trustee sale which is the case they cannot do a defieciency judgement, what do u think?
also I have no money to pay them what are they going to collect? i beleive with no judgement they cant take money from my accounts, true?
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Saturday, 4. September 2010
a Real Estate Broker that my friend works for lent people money against the equity of their homes at 5% per month, now many of those people are losing their homes, how can he collect after the foreclosure, ist even legal what he was doing given that he was a real estate broker?
He’s trying to sell the loans off, will he have any luck and what can he expect?
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Friday, 3. September 2010
I own a house which I bought 4 years ago. I have an equity line at a 4% interest (IT IS NOT interest only). I also have a land loan for 28000 which is INTEREST ONLY at 6.5% interest and it is fixed until 2010; then the interest will change. I have been thinking on putting the 28000 in my equity line to pay off the loan. I will have a better interest rate and I will be paying some money to the principal. Now, I’m concerned because maybe it is a bad idea to add balance to your home equity. What do you think. Should I keep the loan separate from the equity line or should I add the loan balance to the equity line? Thanks a lot.
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Tuesday, 31. August 2010
I’ve lived in a co-op for over 20 years. Recently, the HUD loan was paid off for this property. Now, we have converted to market rate condos, and we can sell our unit for whatever the market will bear.
I could really use a loan for paying down debt I’ve aquired over the years, and for home improvement as well. Would it be possible for me to obtain a mortgage for maybe half of what my unit is worth (,000-25,000), and like buy it from MYSELF, so I can keep the place I live in, and also have money to payoff some high interest loans and credit cards? It’d be like a refinance, but I am basically not financed at the moment. Others here have sold to real estate offices, and other buyers. I am just interested in getting some equity out of my unit for now. I am ready to move immediately forward if this, if this is a possibility. What do you all think? Possible, or IMpossible?
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Sunday, 29. August 2010
I have less than 15% equity in my home and need to consolidate some bills. My FICO is right at 530 and I have one late mortgage payment about 3 months ago. The amount I need is about 10% equity in my home, but can’t find a lender willing to let me have the money with such a low score. At this point in time, the interest rate is not as important as getting some things paid before they begin to affect my credit even more. Anyone know of any companies out there that will go with a 100% equity loan with my bad credit score?
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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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Tuesday, 24. August 2010
Back in 2006 my mom did a investment on a few properties with a builder down in ATL and we are in OH…She took out a home equity loan of 0,000 and he agreed to pay the mortgage while the investment was in progress…There is a signed contract that she has in hand…Not only did he not follow his commitment but made money off of the investment and never returned her portion…She almost went into foreclosure and has had to downsize since then..It has caused her a lot of grief…Any advice would be great
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Monday, 23. August 2010
We have a second mortgage on our home. The interest rate varies between 7 & 8 percent. Would we be better off to take money out of an annunity (tax free) and pay this off or leave it in and draw 3% interest? Thank you.
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