Easy Home Equity Loan » real estate agent

In Wisconsin, do both borrowers need to sign for a second mortgage?

admin — Sun, 07 Aug 2011 11:26:32 +0000

The couple is unmarried and no longer living together. The house is for sale, but the one borrower that moved out took a second mortgage without knowledge or consent of the other. Specifically, what is the statute that would cover this?
I am not looking for the ethical or moral aspects of this, I think it’s absolutely terrible.
She cannot afford an attorney to help her, so I am looking for some reference.
The couple was never married. They purchased the house together using her money as the down payment. He moved out because they were not getting along and are no longer a couple. The house is for sale and the asking price is enough to cover the first mortgage and the real estate fees.
As the real estate agent was checking on the property, he discovered the second mortgage that had been taken out on the property….by the guy that moved out. She had no knowledge that he had done this.
As it stands, she cannot afford to keep the house and the market will not support to sell to cover all of the debt.
Again, can he legally take a mortgage out on a house without the other person’s knowledge?

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My first and second mortgage is more than my house is worth.?

admin — Sun, 05 Jun 2011 13:49:57 +0000

My first and second mortgage is more than my house is worth. I owe about 8k combined my house will appraise for 129 than means I am short to pay my real estate agent. What can I do? That means I must pay out of pocket…and forget about paying closing cost for the buyer I cant afford it. I want to get rid of this house soon, its been of the market for 6 months now and I cant drop the price due to the second mortgage being so high. If I never would of gotten that stupid loan I could have sold this place months ago. Any advice?

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How quickly will my credit score bounce back?

admin — Wed, 09 Feb 2011 01:15:18 +0000

Short sighted of me, I know. Today I got my credit report and score. I have two items negatively impacting my credit, but they are both the same thing. It was a purchase made at Circuit City that my ex-husband made on a credit card in my name. The Circuit City delinquency shows up, as does the collection agency that they placed it with.

The statements were going to my previous address where I lived with my ex, so I never had a clue about it until today. The original charge was 4, and now my credit report shows that the outstanding balance is 9. My ex husband has recently passed away, and now I own the home that he lived in. We had no liens on the property, and his bills. with the exception of that one, were all to date. From speaking to my attorney, it appears that as my name is on the deed, the estate will not have to be probated, as he had zero outstanding debt. My plan is to get a home equity line of credit on that home, for a very low interest rate. This will allow me to pay down the mortgage on my current home, and then be able to refinance it using the equity gained. I will also then be able to do the repairs needed to my ex’s home, to either sell it, or make it suitable for tenants. I purchased my home 4 years ago for 0,000. I’ve made many improvements (new electrical service, new windows, remodeled upstairs), and my real estate agent friend says the house will easily appraise for 0,000 at this point. Given this figure, I’d have about ,000 in equity. My ex’s house had a town assessment of 5,000 (with no liens). I have unfortunately not had a credit card for years. The good standing accounts in my rating are 2 that are paid/closed/never late, and one that is a checking account with an overdraft protection that is open/never late. My credit score is 651. Will paying the account that is negatively impacting my score help immediately? Should I answer one of the hundreds of credit card offers that come my way, and pay it off religiously? I guess I’m wondering what would be the fastest way to get my credit score high enough to qualify for a home equity loan on the second home. Sorry for being long-winded, but I think I got all the essentials in.

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Foreclosure…bank seeking judgment on Home Equity Line of Credit?

admin — Sun, 05 Sep 2010 05:13:18 +0000

I was told by my real estate agent that if I did a short sale or foreclosure on my home in Arizona, that both the first mortgage and Home Equity Line of Credit (taken out 9 months after home purchase) would both be relinquished in a short sale or foreclosure. Because the house had dropped significantly in value and half the lots were vacant from owners doing the same thing, I decided to proceed with the short sale. It wasn’t approved and went into foreclosure. Now the bank is pursuing judgment against me to garnish my wages. Unfortunately, I can’t afford to retain an attorney. Is this a case I can win, even if I represent myself in a civil suit against this realtor? I also have email documentation asking him specifically how both loans would be treated. He responded with "Don’t worry, I have it!" I also have a witness to him telling me this verbally. According to the anti-deficiency laws, the second loan is not forgiven because it’s Non-Purchase Money, is this correct? Also, I’m wondering if I have a strong enough case to pursue this in civil court, representing myself.

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I co-own the house but not the loan, will my credit take a beating in a foreclosure?

admin — Thu, 02 Sep 2010 03:05:36 +0000

My girlfriend and I got a house a year ago in Maryland. The loan is entirely in her name but the title of the house is in both our name. We are in over our head with this loan and with the state taxes for Maryland going up each year and thus the escrow we are finding it impossible to keep up. When we did a fair market analysis on the house using a local real estate agent we found in just 1 year we have negative ,000 equity in the house. My question is this, if the house goes through foreclosure will my credit be affected? What if we get married before the foreclosure? I’m worried if we get married at the wrong time and we lose the house it will be tied to my name as well. We are thinking if she loses the house maybe I can get one in just my name next year. Anyone knows if this will work? Thanks in advance…..
Some additional details that might help clarify our situation. The house loan is 0,000 or ,300 a month. My girlfriend makes 0 a month. Not nearly enough to pay the mortgage. The idea when we bought it was for me to pay the loan as she doesn’t make enough to pay it herself and with a baby coming we wanted a nice house to raise our son in. She got one of those shady deals where they gave her a 0,000 loan by saying she was self-employed when she in fact she wasn’t. Before this housing and banking collapse you could get a loan without documenting your income and your ability to pay by claiming you’re self-employed. Nice little loop-hole huh? Anyway, she never said she was self-employed mind you but the guy that worked out her loan said he would put in through like this otherwise she would never qualify for a loan. I couldn’t be on the loan because I had lost my house to foreclosure due to a nasty divorce a year before that. It’s now been more than 2 years since my fore

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My mom wants to call my personal loan?

admin — Sat, 28 Aug 2010 21:58:54 +0000

My mother made a personal loan to m 6 years ago for ,000 from an equity line of credit. I used it for school and to purchase a condo. Now that the market has crashed, my homes’ value has fallen 50% and I will likely opt to liquidate the property for a loss. (I am a licensed real estate agent.)

A financial planner told her that it is in her best interest that I pay off this loan ASAP because the the bank could demand immediate payment in full at any time and if I didn’t have the money then she would have to pay it from her own savings.

As a result she has rallied all my brothers and sisters to pressure me into returning home to live there until I can pay off the ,000 by basically giving her all my earnings until the loan is paid down.

As much as I want to pay the loan off fast, I am 29 years old and I do not want to move home with my 2 younger brothers and parents. In a 2 bedroom house, I would basically be living in a tool shed until I’m in my early 30s.

I do not think it is fair that I should be made to feel guilty for what has happened to me due to the economy, or what could potentially happen to her for making this loan to me. She tells me, "I feel I will never get that money back" It saddens me to think that she doesn’t trust me but I do not think it is fair for her to put such a huge responsibility on me and expect me, a single, 29 year old, to move home for a few years and give her most of my earnings.

What should I do?
The reason I haven’t paid the loan down is because I have paid off my high interest credit cards first, and then real estate market has crashed leaving me with just enough money to make interest payments and live on. Now I intend to find a stable job in the next two months unless I can start to make money.
She is trying to accelerate the loan. There was never any agreement to do this. If a bank tried to do this it would be called "loan sharking."

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How to get a possible investor/buyer to take possession of my home & pay the mortgage until they can sell?

admin — Sat, 21 Aug 2010 01:13:13 +0000

My home is over 194K; I refinanced, w/ the help of my best friend. The loan is now over 212k, the house has been apraised for 230k. As of 6/2008, their will be 40k of equity available. I would like for an investor/buyer to take possession of the home, continue to pay the mortgage and give me 30k, leaving them w/10k of equity. I will give them gift of deed & they can sell or rent out the home. We refinanced in 6/2006, so if the house is sold before 6/2008 than a 2% penalty will apply. I wil move out as soon as the investor agrees to my 30K and contracts are signed. I do not wish to have any further compensation. The 30k will help for relocation of myself & family & paying off debt. The real estate agent that originally sold me this home stolel 20K from me; Atty fees & closing cost was put into the new loan. The mortgage is 1500 monthly, this was fine, but my hrs @ work have decreased & I before it gets critical, I would like to be out of the situation. Is option possible? Thank you.

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What happens if I sell a house and I'm in the negative after all fees and comissions have been paid?

admin — Sat, 14 Aug 2010 00:21:21 +0000

I’m trying to sell a house. I have two loans:
Mortgage 1: owe 9,000
Home Equity Loan: owe ,000
Total loans: 8,000

I bought the house two years ago for 5,000. I currently have an offer on the house for 9,000. I would end up with ,000 profit. BUT after paying comissions, taxes, closing costs, etc., it looks like I will end up -00 in the red. What do people do in this situation? Who do I have to pay first, the lender or the real estate agent? What kind of loan would I need to take out to cover my rear??

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What is the term for this situation?

admin — Fri, 30 Jul 2010 10:24:20 +0000

I went to look at a house yesterday and the real estate agent was explaining to me that the homeowner had bought the house for more than he was selling it for and that he had also taken out a home equity loan on the house. She said therefore it was the bank that would decide whether or not they would be accepting out bid because he owes more on the house than he can make off it. She didn’t say he was in foreclosure at all but she used a term for the situation that I can’t remember, I believe it was something having to do with stop or step, does anyone know?

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How you buy some one out in real estate?

admin — Tue, 22 Jun 2010 14:52:24 +0000

Okay so my mom and her sister own a house together. It was my grandparents house and they inherited it when they died. My aunt has been freeloading and living in there for FREE for the past year and a half. She doesn’t even have a job. Anyway my mom is ready to finally buy her out since her sister doesn’t have the means (obviously) to do it herself. What is her first step? Its not going to be an easy road since my aunt is playing the victim card and cant believe my mom would be trying to buy her out. Does my mom need to get a lawyer? Or just a real estate agent? What should she do first? Is this going to be generally easy? Also, does my mother need to qualify for a loan to buy her out? (since there is equity because the house is paid for)

Thanks for the help!
To answer your question- my mother does want to buy her out. I’m pretty sure that her sister will begrudgingly agree because she doesn’t really have a choice you know? Her sister isn’t holding on for any reason other than its a free place to live. So my question is I guess can she just go find a real esate agent to do an estimate and what not? I guess if she doesn’t agree then she’d have to get a lawyer and all that. Supposing that wont happen what steps should my mom take?
They both do no live in the house. My aunt lives there with her cousin…and she charges her cousin rent! And nothing is paid to my mother at all. Her cousin also pays for all of the utilities.