Easy Home Equity Loan

OK, so please read this clarification if you are going to answer (because I can already anticipate the answers and it will not be what I’m looking for if you don’t read this). This is not a 401K loan I am talking about that you get from through your employer (so please don’t go down that path). Also please don’t suggest a home equity loan (the equity in our home is too low for that). I am talking about going through some type of financial institute and having them give me a loan using the IRA as collateral (and obviously taking into consideration the income we are bringing in and credit rating). I am simply trying to find a way to eliminate some credit card debt at a lower interest rate. If that’s not achievable then I will just keep paying off the cards as I am, by making additional payments on each. Thanks in advance.
Thanks for the quick responses guys. I should have also mentioned I was not looking to take a distribution and pay the tax penalties, but the initial answers seem to be on track with what I was thinking.
One of the reason I love Yahoo answers is that I can use the info provided by responders and then use that to google more info. I just googled tax violations thanks to the first answer and this is what I found (which sounds like it’s my solution)….

1
Call the 401k plan administrator for the company you currently work for. Ask whether it will allow you to roll you IRA into the 401k. While this is not the typical rollover discussed in a financial forum, the IRS does allow this and most administrators will agree. Request any paperwork you need from your plan administrator.

2
Call your IRA administrator and request a distribution form. An IRA rollover–regardless of what direction it is moving in–takes a distribution of assets from one account and has 60 days from the date of liquidation to return the assets in kind (cash) into another qualified plan–in this case your 401k.

3
Fill out all paperwork obtained, sign it and submit.

4
Deposit the IRA distribution check into your 401k p

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We bought our house in 2004 for K and have a 30 year fixed mortgage at 5.25%. Our balance on our mortgage is ,500 Our house has appreciated and is now worth about 0K. We have student loans totaling K and credit card debt of about K. No car loans. We’re expecting a tax return of about ,500. We’d also like to add on another room to our house and have a quote for ,500. We’d like to refinance for about -K. With interest rates getting back down to the mid to low 5% is it a better deal to refinance or get a second mortgage?

Thanks in advance.
My husband and I both have excellent credit.

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I have ,000 in credit card debt that is making me desperate.
I have approximately ,000 in my home equity.
I have about ,000 in an IRA.
All of my credit card interest rates are below 8%, but would I be better off consolidating the credit card debt and getting an Equity loan of some type over 10 years?
I’ve never missed any minimum payments or any payments on bills.

I’m worried about continuing to be able to pay the high credit card payments.

My mortgage rate is 5.25% and although I could sell my home and pay it off, I think the mortgage rate I’m paying would be less than even rent if I sell the house.

What are the positives/negatives of Home Equity Loans?
Thanks in advance.

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I have about 10K in credit card debt that I would like to pay off. The problem is that I’m not sure how to go about doing it. I have the resources and just need to know what way is the best way in terms of being the most financially savvy. I’ve got 2K in cash, 5.5K in a stock which I believe is fundamentally strong and will blossom at some point (but who really knows when), and around 44K in a retirement plan invested in bond funds which is currently enjoying around a 4% rate of return which I can tap for a loan if needed without penalty (only a 2.75% interest for a loan) and I don’t plan on retiring for about 25 yrs. My job is secure too. Also I have about 2K in EE bonds. I am a home owner and considered a refinance loan but don’t want to use my equity to pay off cc debt. So, again I have the means but I’m a little unsure of what would be the "best" way of going about this. Needless to say, I won’t be accumulating anymore credit card debt in the future. Thanks in advance for any suggestions.

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I am in the US and have good credit score. I have a house outside the US with 90% equity in it. Can I use it to get home equity loan from a bank in US?

Thanks in advance for your response.

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I have two issues currently with personal finances…
1) I have around 10k if credit card debt at an interest rate of 7.99%
2) I have a house worth 200k with less than 3% equity in it. The loan was a 5/1 interest only ARM at a 6.658% rate. The ARM is up in September of 2010.

My question is….if you were me, would you work on paying down the credit card as quick as possible and then focus on putting more equity in to the house so that I can refinance in 2010, or would you immediatly begin putting more equity in the home and only make the minimum monthly credit payments for the time being. I don’t believe I am in a position to attach both issues at the same time right now, but I definitely can begin addressing one. My credit score is currently 769.

Thanks in advance!

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…just trying to figure out what the rules are for getting equity out of my house and what I can spend that money on legally. Thanks in advance!

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My wife and I were going to try and refinance our mortgage as our interest rate is 6.25% and the rate had dropped more than a percent. This was the bank’s idea, they actually called us and wanted to set up a meeting. When we got there we went over some ways we could save money, but they wouldn’t allow the the refinancing because my wife’s credit score was too low.
My friend suggested a home equity loan which is, from what I understand, is a loan based off how much non-interest money you’ve paid on the loan. As you can tell I’m not 100% on this.
We took out a loan for about 0,000 and the last value of the house was at about 5,000. The catch here is that I’ve only owned my house for about 3 years so I’ve only actually paid like ,000 on the principle. I’ve never missed a payment, or asked for an extension; and I usually pay more than the amount they ask for.
My plan, if possible, would be to get about 00-00 to pay off some bills, mostly medical. It seems when you go to the hospital these days you get a bill from the hospital, the doctor, the assistant, and pretty much anyone you talk to. The bills aren’t that much in total, but each one wants you to pay a certain amount which is annoying. I’m hoping paying these and clearing any credit card debt will raise us enough to get approval for refinancing.
I do plan on talking with the bank, but I like to come here first just to get a better idea of things.
Thanks in advance.
Note: I am on a fixed rate, I will never go to variable. Also we plan on living here the rest of our lives. We both have very good, very steady work in healthcare.
The idea is once these misc. bills that I pay 0 or so a month to are gone, that money could be slapped back on the monthly mortgage over-payment. I usually paid several hundred over but as the number of the number of these little bills increased, it took away from that and I’m pretty much not paying any extra.
401K is out, as this is my first job that offered it and I have next to nothing. We are a young couple, both mid-20s.

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