Easy Home Equity Loan

If your home is paid for but you are currently unemployed, can you get a home equity loan or borrow money on the house?

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Ok we finally closed on our short sale this past January after a full year of torture from our second mortgage company Greentree. I have heard a lot of horrible things about them and that they are notorious for preying on the elderly and getting them kicked out of thier home. They bought our second mortgage so we didn’t really have a choice about it. So after 9 months of peace and quiet and trying to get our lives back together I get a phone call out of the blue yesterday from them requesting the balance of the mortgage. I was under the impression that they had settled for 3k out of 30k. Since they were not really supposed to get anything, due to the 100 that our first mortage Citi lost. So the guy was really nasty on the phone when I told him we were not able to pay. He asked if that was a refusal pay and I said I guess so since we don’t have any money. He then said fine then I can release this to claims or court or for lilitigation or something? I was panicked because we have a 16 month old and another 55k loan to pay off. So I called my realtor and he said don’t worry about it. That they are just using strong arm tactics and can’t actually do anything about it. Is this true? Can they take us to court and make us pay back the loan partial or full? Or are they trying to scare us into coughing up what we don’t have?
Thankyou so much for the answers so far. Unfortunately I didn’t really understand all of this while going through it. It was a very hectic year for us with moving from Florida to nj then to Pa. My husband came up first an I was packing up the house with our 6 month old, so when were near our realtor I was a little preoccupied the in January when we signed the final closing packet we were told to call with questions and had literally about two hours to sign it and drop it back in the mail to get back to fl intime for closing. We were so thrilled to be done with it that I guess it’s what we get.

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I mean I know you can deduct the interest. What I don’t understand is when you get your tax refund, will this just be a percentage of the refund or will you see the money come back dollar for dollar that you can then use to make a bulk payment on the loan?

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We had a first mortgage balance of 108,000. However, to avoid PMI our refinanced loan had to be 104,000. So now we have 2 loans, one is the main 104,000 loan and the other loan is about 6,000 which covered the 4,000 balance drop and closing costs. We have the money to pay off the second loan. So, should we pay off the second loan (our rate on this loan is 4.875%)? Also, am I able to deduct this second loan interest as mortgage interest? Thanks.
We have k+ in savings so paying off the loan isn’t a problem. Our "rewards checking" rate is 4.5% so we are basically coming out even by keeping the loan (plus we can deduct the interest).

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My wife and I are looking at all options for us to somehow refinance or adjust an upside down mortgage on our home here in California. We love our home & neighbors and would like to stay in it.

Ive read too many stories where people have spent thousands of dollars with lawyers, only to lose their money becuase nothing happens in the long run (KFI-640am in Los Angeles has one shady advertiser with a D- rating on BBB).

Ive done a bunch of research… there doesnt seem like too many options out there besides going directly to my mortgage company and pleading for help. Which through phone calls have said they arent interested in helping us "at this time".

The "Obama Plan" doesnt cover my situation since my mortgage is upside down too much.

Lastly, the HOPE program reduces the loan amount to the current house value, then does a refi, but also requires the home owner to give up 50% of any future equity in the house. The governments website of the HOPE program does not have much information on it. One glaring question I have that no one can seem to answer is: What if we pay off our loan within 30 years… do I still owe the government 50% equity after I pay off the loan (and if I sell the house)?

Does anyone have any good info about the HOPE program or any other options available to me? Any info would be greatly appreciated, thanks!
Ryan… do you want to know why I’m looking into this? BECAUSE I CAN ! Because the stupid politicians made these programs. The same stupid politicians that raped our country and gave all of our money to the Feds, to the Chinese, and to everyone else. The same idiots that nationalized our private companies.
So if we never sell, we never give up any earned equity?

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My fiance and I purchased a house 2 years ago, but we recently decided to pursue doctoral degrees in a different state. We need to move to the other state by mid May, and given the current state of our economy, we are concerned that our house will not sell in time. A good friend of ours is willing to rent our house if we can’t sell it, and the rental income will more than cover the monthly mortgage payment as well as taxes and insurance. I understand that mortgage lenders are getting stricter about who they lend money to. Do you think there’s any way that a financial institution will grant us a second mortgage so that we can buy a second house? We have roughly ,000 equity in our current house, and the balance of the mortgage is only about ,000. We also have just over ,000 in savings (not including retirement), so we’ll easily be able to put 20% down. The kicker, though, is that I’ll be giving up my job for a graduate assistantship, so our total household income (not including potential rental income) will likely drop to about ,000. My fiance is a master’s student right now, so his income will not change considerably. If we cannot sell our current home and we’re forced to rent to our friend, then will mortgage lenders include this rental income in our total household income when deciding whether or not we qualify for a second mortgage?

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My fiance and I have not great credit, but we make a decent amount money and are looking to consolidate debt so that we can get out of it! We have about k in equity in our house, and we will need about k to consolidate. We have a combined income of ,000. we don’t care about the rate because anything will be better than paying 20-30% interests on about 8 different accouts. Help!

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We are looking to help our son purchase a house and use HELOC as part of the downpayment. Is this allowed or is gifting him money the only way? Our current house has been paid off for several years and we have outstanding credit.

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