Where can I find a mortgage company that will let me finance the entire amount the home is worth?

Saturday, 28. August 2010

I’m buying a ,000 house according to tax records for ,000, but want to get ,000 because it needs repairs. It shouldn’t really matter to the mortgage company how much I paid for it, because in the (extremely unlikely) event that my house was repossessed, they’d have a ,000 house to sell. Especially since I’m investing the extra money into it and doing the work myself. It would definately be worth well over 0,000 when I’m finished. I don’t want a home equity loan because I want just one payment with just one interest rate. My credit score is 702. I should be able to get a loan.


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Can I get a home equity loan with a first mortgage?

Saturday, 21. August 2010

I am buying my first home with an FHA loan. The mortgage company I am using doesn’t do a 203K loan and I would like to use money to improve the house. I was approved for ,000 more than purchase price and only want K max. My credit is not perfect… I’m trying to find out the chances of being able to get a home equity loan with a first mortgage. The house is valued 7K and the loan will be for 9000. Any help would be great!


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My husband went and took out a second mortgage on the house on my name. What do I do?

Wednesday, 11. August 2010

He went and signed my name on the legal mortgage papers, and the mortgage company knew about this. I had no clue, I just found out. The mortgage is on forclosure now. Do you have any solutions as to what I should do


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My husband went and took out a second mortgage on the house on my name. What do I do?

Tuesday, 20. July 2010

He went and signed my name on the legal mortgage papers, and the mortgage company knew about this. I had no clue, I just found out. The mortgage is on forclosure now. Do you have any solutions as to what I should do
Thanks so much for your input!


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Is it possible to mortgage a house for more than it is worth if the owner of the second mortgage doesn't agree

Monday, 21. June 2010

Our broker from a couple years ago on a refinance said our second mortgage wasn’t an actual second mortgage but a personal line of credit, so they refinanced us for the full value of the house. They did not contact the second mortgage company about this and never got them to agree to be the second mortgage to the first company’s refinance.
How do I find out if the second mortgage IS a second mortgage and isn’t the broker supposed to make sure everything is legit?


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Can my apprasial for a Home Equity loan also be used to get PMI off of my mortage?

Thursday, 17. June 2010

I am starting my own business and need start up cash. I bought my home last year for 209000, but it was way undervalued. Several smaller homes in my neighoorhood have sold for about 230000. The principal remaining on my loan is 205000. If I take out a home equity loan for 40K and can get my house appraised for 250K while reducing my principal to 200K I can eliminate PMI and roll that money (and then some) into the payment for my home equity loan. Will my mortgage company accept the home equity loans company’s appraisal (it should be done by an outside company). Also, the reason I layed out so much information is because I am also fishing for any advice I can get on this situation. Thanks for any input at all!


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Do I still own the house for the second mortgage, but the first was foreclosed?

Friday, 4. June 2010

I had 2 mortgages, one for 80% and one for 20%. The first mortgage company foreclosed. It was sold. The second mortgage company did not foreclose. Public records now show my name and the new owners name. Do I still own 20% of the house?


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Would a home equity loan work for me?

Friday, 28. May 2010

Here is my situation:

-owe 00 to citifinancial @ 28.9% interest (student loan & personal loan)— min. payment of 7/mo

–owe 900 to finance company @ 18.99% interest (car loan)– min payment of 8 bi-weekly

–owe 0 to HBC credit card @ 28.9% interest (used for wedding attire and wedding necessities)

–owe 6000 to mortgage company @ prime + 8%- originaly purchase price of house was 3,900

Citifinancial has offered us the following home equity loan terms:

–lowered interest to 18.9%
–pay off car loan & credit card debt
–pay off our existing loan with them
–lowered monthly payments to 7/month (we would pay bi-weekly and about 0 bi-weekly, so paying more then minimum payment)
–00 cash upon signing new loan (which we could REALLY use to buy new appliances for our kitchen- dishwasher is dead, and so is our dryer)

My husband doesn’t think it is a good idea to take our a home equity loan, while I think it is a good idea because of a lower interest rate, paying off other debt, and NOT financing our needed appliances (at an in-store rate of 28% interest, because we don’t have extra cash right now)… what do you think?

We have had our original citi loan for 13 months, and it was originally 500– we have it down to 00 in a year, so we are good at paying it on time, and paying more on it when we can.
I think it is a good idea to take the loan, because it seems it will help our credit, lower our monthly payment (though as I said, we would continue paying more than the minimum)– and the best thing would be that our other loans are more than 18.9% interest- so wouldn’t it make sense to pay only ONE bill (the new citi loan) than a bunch of small ones at higher interest rates??

Help me make sense of this- how can I explain this to my hubby so he sees it the same way I do? HE says he doesn’t want to do it because he wants to pay citi financial off and never deal with them again- he doesn’t see how it can really help us out right now…

ALSO it would prolong our payments to citi for 2 years beyond what we are owing them right now- this new loan would be for 160 payments- 160 months=13 years whereas we owe them for a little under 11 years right now… and our car loan is 4 years ammort.

What makes sense- taking the loan OR paying what we do now on different bills and never getting anywhere?


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