Easy Home Equity Loan

I bought a "fixer upper" house 2-1/2 years ago for ,000. I put ,000 into it using various credit cards with 0% intro rates that are or about to run out. Meaning I will be paying a lot of interest if I dont do something in the next few months. The house now appraises at 5,000 so thats a potential profit of ,000 that I can make. Plus I wont have to pay any capital gains on my profit because it was my primary residence for 2+ years. I am also on a 5/1 ARM loan because of the fact that I did not plan on living in this area that long.

I wouldnt mind staying in the house but I want to buy another property to rent out but dont have any additional funds to do so. Do you think it is better to sell of this house and pay off the debts and start with a clean slate? Refinance and pay off the credit cards and make a down payment on a rental house? or get a line of credit to pay off credit cards and make a down payment on a rental house?

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So i have a house out in So. California. Purchased for 430K…. refinanced twice..becuase I was suckered in and didnt know the real estate game…. now my bill is @ nearly 510K…. my loan bill has been adjusted for 30 years @ 1,700/per month. ….interesting only?

I still have equity in the house, but im afraid of a market fall….What would happen then? Can i re-structure my payments or loans to send more money to the principal without refinancing? please help…

Do I have to send a minimum payment to the principal, after paying my interest only loan? or can i send a "whatever I can" amount?

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I got 4 credit cards from 4 different banks. Can I use the personal loan or home equity loan to pay all my balances from these 4 credit cards?

For example, I got a total of 00 debt, each credit card got 00 balance, can I pay them all using my Personal loan from Chase?

Because I was thinking like, I can only use the Loan "from Chase" to pay for my debts on Chase.
Is there a difference between Personal and Home Equity Loans?

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I took out 2 loans to pay for college. One was a federal loan with a 3.5% interest rate for K, this loan is in my name. The other was a sallie mae student signature loan for k at about 10%, this is in my fathers name, even though I make the payments. My father refinanced the loan to a better rate of 8.5% with a Line of Credit loan, and then refinanced again with a home equity loan with an interest rate of 6.9%, which is what it is in now. First -is this equity loan deductible? or has it lost its "deductability" because it is no longer a real student loan? Second- if so, can I claim it on my taxes? because I make the payments? or does it have to be claimed by my father? third- any suggestions on getting a lower interest rate? I paid k toward the equity loan and only about 0 went to princeble and over k went to interest! this is destroying me…

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On Aug.31, Bush urged Congress to allow the Federal Housing Administration to insure larger loans and to suspend the practice of counting surpluses from canceled mortgages as taxable income.

All of a sudden, even staunch Bushites are crying and whining.

What Bush did was actually too little, too late.

In the 90s, the market for subprime housing loans exploded, and wild growth allowed new and first-time buyers to purchase property, opened lenders to increased profits.

Lenders, (many of them Republicans), believed that home prices would rise interminably, allowing borrowers to pay off their loans with the equity they’d squeeze out of their homes.

Then, borrowers began to default and the market for subprime loans contracted rapidly.

Then, last April, New Century Financial, one of the nation’s largest subprime lenders, filed for bankruptcy.

Up till now, Bush has supported unfettered subprime lending, mostly to benefit his banking supporters.

Now…he’s the homeowner’s "friend."
The glaring truth is that the situation he’s trying to "fix" is one that he, himself helped to create.
Ya, tenthamend…and the lenders were forced at gunpoint to grant the loans. Sheesh.
THANK YOU, Karl M. for that experienced input!.
But, as Karl alluded, the lending institutions were MORE than willing to grant the loans, just like credit card companies want you to borrow money. Just try to pay one off in full some time and SEE what happens…

Does any sane person believe that many of these lenders weren’t Republicans? What were they thinking?

E-Z money?

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I would really like to get into real estate investing, but do not have the funding available to me.

I am not new to real estate and have worked with pre-foreclosures before. I used to find them, work out deals (sometimes short-sales) with the banks and then submit them to a network of buyers that I am affiliated with.

What I want to do now, however, is invest in real estate for myself rather than collecting small finders fees after doing all the work. I am an expert at finding nice properties for pennies on the dollar, but am unable to purchase these properties myself because of a lack of funds.

This would not be as big of a problem if it weren’t for my own poor credit score. Which makes it impossible for me to secure a loan using traditional techniques. So what would be required is either a true "equity based" loan or "no doc" loan; or a private investor.

Does anyone know how I can get money to make these investments, i.e. private loans, hard money, etc. and more specifically how to get in touch with them?

Thank you in advance.

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The loan has not been charged off yet. However taxes and an insurance payment are due. This is a real estate loan. The loan balance is equal to 100% of the equity, as the property value has declined.

Should I charge the loan balance keeping the "carrying charges" with the loan, so when we do charge it off, I have all of the costs? Thank you all
Definitions – Charged off>a loan paid off by a reserve held by the financial institution because of customer default.

Taxes>Real Estate Property Taxes
Insurance>Property Insurance

Nonaccrual>no longer taking earned interest into income as the loan is not current.

Current>customer makes timely payment.

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I currently have a 5 year home equity loan for 6.5% interest rate on ,000.00. We have a good credit standing. We own our home and owe nothing on it. We have paid on this loan through direct withdrawal on my paycheck for over 2 years now. I was just wondering if I could refinance this for a lower rate w/ all of the low low interest rates out there right now. What is the going interest rate for a 5 year home equity loan? Is it worth refinancing? The only reason we are wanting to do this is if we can save a given amount of $ each month then we can actually use that towards the principal if we have a lower payment w/ the refinance. We are very comfortable w/ the loan we have now but if we could speed things up with getting this paid off then it would be wonderful. Any ideas on current rates and if this is a good idea? Please don’t answer this question w/ the answer of "I need more info…this is not enough info to answer this question" sorts of answers. Thanks!

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