Easy Home Equity Loan » money

Can I deduct interest on more than $100,000 on a home equity loan?

admin — Mon, 05 Sep 2011 02:39:35 +0000

the money was used to build another house (occupied by my elderly parents) located next to my primary residence on the same 10 acres of land. Can this qualify as a "home or land improvement" and allow me to write off the full interest amount?

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Can I get a second mortgage?

admin — Sun, 28 Aug 2011 06:43:29 +0000

I’m writing a book. One of my characters (a single mother of two) owns a house for 000 (with an annual salary of 000. One day, she gets in an accident and is paralyzed waist down. What would happen to her house? If all the money goes to her medical bills and what not? Her daughter will drop out of college and begin to work (she’s 18). Will the home equity be tapped dry? What does that even mean?

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how long can the mortgage company come after me for the judgment against me after my home foreclosed?

admin — Fri, 26 Aug 2011 06:38:52 +0000

My home foreclosed and there is a judgment against me. How long can they attempt to come after me for that money? Do I have to declare bankruptcy? What does the mortgage company gain by forcing me into bankruptcy? Is there any advantage to going into bankruptcy? I never took out a second mortgage, how often do mortgage companies come after foreclosures for the remaining balance judgment against them?

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Do I report Home Equity Loan as Income?

admin — Thu, 25 Aug 2011 12:22:08 +0000

I took out an Home equity Loan of 60,000, so where on the 1040 should I report this.
As well, I kinda used the money from this to buy a car, 14000, and pay a medical bill for my mother in law for 20 000 (not my dependent)
Can I deduct these expenses anywhere on the 1040, if so where ?

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Hi I am from Southern California and my father has been having debt problems, mostly with his second mortgage.?

admin — Sat, 13 Aug 2011 06:37:14 +0000

Hi I am from Southern California and my father has been having debt problems, mostly with his second mortgage. He recently told me that he found a lawyer on a radio station that has promised to get rid of all his debts. All the lawyer asks for is 00 now and another 00 later (this plus a number of different fees such as home evaluation fee over 0 plus 0 per visit and court appearance). To be honest this guy seems a bit shady to me, he says he is just starting and that his office is empty-looking because he just moved to this building. He has promised my father that in three years he will be debt free and that even though my father owes ,000 in credit cards plus the mortgage, that he will not pay more than 0 a month and thus he will have a lot of money left over to spend as he pleases. He has also told him to immediatelly stop paying everything, regardless of my father’s situation. The guy defined bankruptcy as practically total debt forgiveness and just a simple way to “start fresh.” I am not sure bankruptcy is the way to go for my father; he can afford his credit card debts and his first mortgage and is only really having troubles with the second mortgage of about ,000. This lawyer said “If what I promise you sounds too good to be true it’s only because you people are ill-informed.” He has promised debt forgiveness and more cash… I have a gut feeling that this guy is not well intentioned…

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I want to buy a house the owner has a second mortgage on it?

admin — Thu, 11 Aug 2011 09:03:05 +0000

We have been renting to own a house. We have been saving up for the down payment. We have been rent to own for over 2 years. The owners have been using all of the rent to make house payments. They told us we will only owe the balance of the loan. We have found out that the owners have recently taken out a loan using the house (is this a second mortgage?). They told us that it won’t affect what we buy the home for (they verbally quoted a price). How can they sell us the house if they borrow money against it to buy another home? How do we protect ourselves without getting robbed by lawyers? We have never done anything like this before so we are blind to what can happen to us. I read if they default on the loan that we could loose the home even if we buy it from them. Also, we heard they had some back tax problems from something else.

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In Wisconsin, do both borrowers need to sign for a second mortgage?

admin — Sun, 07 Aug 2011 11:26:32 +0000

The couple is unmarried and no longer living together. The house is for sale, but the one borrower that moved out took a second mortgage without knowledge or consent of the other. Specifically, what is the statute that would cover this?
I am not looking for the ethical or moral aspects of this, I think it’s absolutely terrible.
She cannot afford an attorney to help her, so I am looking for some reference.
The couple was never married. They purchased the house together using her money as the down payment. He moved out because they were not getting along and are no longer a couple. The house is for sale and the asking price is enough to cover the first mortgage and the real estate fees.
As the real estate agent was checking on the property, he discovered the second mortgage that had been taken out on the property….by the guy that moved out. She had no knowledge that he had done this.
As it stands, she cannot afford to keep the house and the market will not support to sell to cover all of the debt.
Again, can he legally take a mortgage out on a house without the other person’s knowledge?

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What is the difference between refinancing a home loan and a second mortgage?

admin — Tue, 02 Aug 2011 09:22:08 +0000

We are thinking about either a cash-out-refinancing of our home loan or applying for a second mortgage but don’t really know the difference between the two options. We are going to use the money for bills we are upside down on. We aren’t so far under that we need to file bankruptcy but we are pretty far behind on all of our bills and want to catch up before its to late. We need info about how the two are different and the pros and cons of the options. Please no spam about your mortgage company. We just need the facts. Thank you

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Can an owner gift you money to pay off a second mortgage on my current house?

admin — Sat, 30 Jul 2011 11:27:58 +0000

I qualify for a 0,000 mortgage. But my current house will most likely sell for ,000 less my 1st and second. The house I want to buyt is sell for 8,000 and appraised for 0,000. Can I buy the house for 0,000 and take the money to pay off the second on my current house in one transcation?
I can afford a 0,000 mortgage according to a mortgage calculator. A 0,000 mortgage is less than a 0,000 so qualifying is not the problem. Its the second on my current home.

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Where can i get a home equity loan fast and easy?

admin — Sat, 30 Jul 2011 00:15:41 +0000

i just bought a house and am moving in about two weeks. I’m thinking about getting a 0,000 to 5,000. I just don’t know the "rules" of actually getting the money. will i be able to just apply for the loan and get it or do i have to like live in the house for several months. i really don’t know a lot so some help would be great. thanks!!!