Easy Home Equity Loan

I want to rent out my home and buy a new home. When the market gets better I plan on selling it. It still has mortgage. SO will I be able to get a second mortgage? I have some debt but plan to pay off completely. The house I want to buy will cost less. Also will I be able to deduct property tax and interest for both mortgages?

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Ok , my home forclosed,, I had 2 mortgages (from the begining) the second h. mortgage is in collections , I am trying to make payments. Basically only what my payment used to be but I am still behind 2 to 3 thousand dollars. They want the 3 thousand but I do not have that kind of money. They want the money before they will attempt to lower my 10.75 percent intrest rate to they say they’ll lower it to 5 % or 6 % (but I think it should be no more than 3%) I do not have the home anymore.
It two different banks and the one I still owe is the leeser amount
The home is forclosed.. Gone realator has it
I couldn’t even afford the bancuptcy, plus a lawyer said I’d lose the home wheather I filed or not. So I never did cause I couldnt afford it and I didnt want to borrow money if I was going to lose the house anyways
So will paying the monthly payments , wouldn’t that look better on a credit report? I do though have others bills not being paid such as the last water, electris, and gas bill from the house

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My girlfriend and I purchased a 2bdrm 2bth condo 6mths ago. We now want to move into a larger townhome. We don’t want to sell the condo, but rather rent it instead. To add to that the home we found isn’t done being built yet. In order to seal the deal we need to cough up almost 15G in the next 3mths. Are there mortgages out there for people in our situation? Considering that it would be our second mortgage, and we require another one asap in order to hold the new home. Are we dreaming to big? How do some people have 3 different rental properties? If it helps at all we beleive we have at least 10% equity in our condo right now. All advice is much appreciated

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We have negative equity in our current home, so we aren’t able to sell it anytime soon. We are trying to rent our current home in hopes of purchasing a new home (with better terms) closer to work (I have an hour and a half commute one way!).

Here’s the problem: 30% negative equity, so I don’t think we qualify for another mortgage, especially since the second mortgage, when combined with the first, would consume 65% of total monthly income.

No car payments, no credit card payments, nothing…flawless credit 800+ beacon.

Could we, therefore, qualify for a VA loan (I have the pre-qualification from VA already) for a new primary residence? I think it’s an FHA requirement (the 30% equity or have a rental agreement and a bunch of other documentation) that prohibits another loan when the first is an underwater rental, but wondering if the VA loan route is an exemption to this policy.

In short, would a mortgage company be able to make a VA loan happen (though not required, I would also put 10%+ down and find a house being sold under appraisal), although I currently have another mortgage underwater and the two mortgages together would put me at 65% of gross monthly income?

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My husband is a Naval Officer and we purchased our first condo/home a little over six months ago with a VA loan.

Next year my husband is changing stations. We would like to buy a new home at the next location while turning our current place into a rental property. We’re already in contact with a property management firm, but I was curious.. How would opening a new mortgage work? Would we even be able to qualify for a mortgage for a second home with our first? Do they take into consideration we would be renting our current residence?

Thanks for the information
When we took out our first mortgage our lender (or the person who processed our loan) was aware this residence would eventually be used as an income property. I’ll have to call and check on that. Thanks for the excellent information.

So another young person question:

I watch these programs on HGTV that come in and help people fix up their homes so they sell. People on these shows usually have already purchased a new home and are "afraid of carrying two mortgages.." If it’s so difficult to get a mortgage for a second home, how do they do it?

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I have noticed that many many people on here will deny something that is very blatantly true.

or at the very least when cornered, then will try to blame that truth on someone else other than who it belongs.

So lets say for example we say that there is a foreclosure crisis and that it was caused by the government policies that turned a blind eye to regulating mortgages and financial institutions allowing them to make whatever crazy loans they wanted to anyone which of course led to a house boom for which some took credit when it was booming claiming how great of a job they were doing putting new homeowners into houses and how wealthy americans were being able to borrow all that money from the equity in their homes. Things were booming they claimed. But then reality set it, the crash occurred, the bubble burst……and now if you say well there is a major foreclosure crisis due to those policies of deregulation and artificially low interest rates etc…, then the same people who were bragging about the boom will now try to say a) either there is no crisis going on..and its all in your mind, or b) that if there is a crisis going on, it was really caused by the policies of someone who came before them.

This is an example of what I mean by my question. In other words, there is no honesty in political debate..there is no mea culpa…no the buck stops here…no you were right, I was wrong.
I think what I am saying is that some people are purposely dishonest so they can an argument at all cost.

I am just wondering what goes on in their minds, when they know they have to lie to win the argument. How can they believe their policy beliefs are best when they have to lie to win an argument? Or is it that politics is basically just about your own self interest and not the greater good?

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1st = 0K @ 5.62%
2nd = M @ 6.20%
Home equity is 5K @ 7.2%

Hoping to have just two loans. Conforming 7K and Home equity that would allow up to 2M in total debt so Home equity loan = M.

Something like that. House is worth 0 or so…….

I want to get my husband off all the mortgages…

What kind of debt could gross income of K per month support?

Is this a bad idea. We have been seperated 3 years but never divorced — he is willing to stay on mortgages, but I would rather stand on my own and be able to change the title too.

I think too that would allow him to more easily purchase another home. I made 100% of the original downpayment on the one I am discussing.
Home equity loan was used for new roof, new windows, car note repayment, and debt consoldiation. Debt free except these mortgages/and the Heloc

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I have a first mortgage for 9,000 and a second mortgage for ,000… both are locked rates at 6%. This is my primary property and live in California. The current home value is 0,000….

I would like your opinions, experiences, or advise on whether I should stop paying my second mortgage. I will continue to pay my first mortgage. Both mortgages are current and have never been late over the past 6 years. Divorce has caused my financial need to lower living costs.

PS: I have heard that the bank who has the second mortgage may charge off the debt as the home is worth less than the amount owed on the first – and the first has too be bought out to claim on the second in California.

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