Thursday, 28. October 2010
Historically, home prices are super high compared to the average earnings even though the huge drop has already happened. People are angry that they are losing equity, are underwater on their loans, and some just walk away from their loan because they are paying a lot more than their worth. So I don’t see TARP or anything like that helping or protecting people’s home equity.
I bought a SUV last year and the deal was either ,000 off (and have 10% financing) or no rebate and offer 2.99% interest rate. To me, those who took the 2.99% deal paid 00 more for the same SUV. For the dealership though, they were able to sell it for more than what others thought it might be worth.
I think housing prices still need to go down a lot more. I am wondering if the government can offer incentives or interest free loans to banks so that they can offer super low rates in the 3% range to get people to buy at these higher prices. Then the economy awakens again. Yes there will still be foreclosures but then a turnaround will be coming quicker.
I have talked to realtors over the past few years and it is always the same. "There is no way rates will go lower than now.
So is my idea correct or is there pretty much no way we can have 3% mortgages. If not 3%, how far down can they go?
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Tuesday, 5. October 2010
I got the bank to do a "died-in-lieu of foreclosure" on my home. Am I responsible for my second mortgage still?
The bank already did the deed-in-lieu of foreclosure and forgave me of the loan and the second mortgage holder released their deed to the first bank and now they want me to pay the second loan.
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Monday, 27. September 2010
Home was gifted to me via Will.
An open home equity line of credit for ,000 is open on this home and payments are made monthly through estate.
Money in Estate will run dry long before H.E.L.O.C. is paid, but I can replenish estate with my own monies (approx 0 month) and am not very concerned with the loan.
I just want to know if I can put the home in my name prior to loan being paid off? Am guessing I would have to put the loan in my name first?
Thanks for any help, this is all new to me. I know I could go to an estate lawyer but am trying to handle all affairs I can without ringing up a large bill.
Is a "quit claim deed" all I need?
Must I change the loan to my name? Loan has very favorable terms (interest rate).
Canada Sux, Thanks for the answer! Can you explai a little bit about Warranty Deeds? Thx either way!
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Monday, 20. September 2010
We just purchased our first home back in March of 2009 at a 30yr fixed 5% interest rate. It is an FHA insured loan and we are eligible for a "streamline" if the interest rates drop below our 5%. If the rates do drop below 5% over the next couple of months, would we be able to get cash with the new refinance? We would go with another 30yr fixed below 5%. We bought our home for 0k in March 2009 and our payments are ,400+ a month with everything included in that payment.
The reason I ask is because we really need to get ,000 asap. What about equity line of credit? Is it possible that our home is worth a little bit more than what we paid back in March 2009? We did a lot of cosmetic modifications to it. But I know equity loans are much higher than our current 5% interest rate.
I am new to all of this. Thanks.
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Thursday, 19. August 2010
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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Tuesday, 17. August 2010
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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Tuesday, 27. July 2010
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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Sunday, 11. July 2010
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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