Thursday, 2. September 2010
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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Thursday, 26. August 2010
Hello,
I have a vacation home overseas and wanted to buy a car from here and ship it there (buying it locally is not an option). The problem is if I get an auto loan, the title will be in my hand but the bank will hold a lien. The problem is shipping companies won’t ship the car unless u have a clean title. Does anyone know of any banks/credit unions..etc who wouldn’t necessary require a lien or at least make an exception by giving me a letter that says I can ship it.
Personal loans, which do not require a collateral have high interest rates and using an equity line of credit is not going to work for me b/c of the current real estate market. So these two options are not possible either.
Any thought?
Thanks in advance,
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Wednesday, 21. July 2010
The home is paid for and no liens are against it. The home would not pass inspection at this time. I need 20K to make it livable again. Someone told me that the bank would lend the
the money on the future equity of the property if I had a licensed contractor do the work. Can anyone clarify this type of loan. Thanks in advance.
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Wednesday, 16. June 2010
My grandparents are giving us their 2nd residence home. No money owed on it, title will be ours next week. Here’s my question: we want to pay off some debt & do home improvements, but I am concerned about the seasoning clause. What banks/lenders offer home equity loans without a seasoning clause? Since there is no purchase amount, will they go by the appraised value in this case? Thanks in advance.
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Saturday, 22. May 2010
Please only people with Title COmpany information answer this question. I asked my bank, and they could not answer my question. Here is the situation.
The house we live in was owned my my mother in law, and she had a second mortgage taken out on the house of ,000 (that is all that is owed on the house) Approx value of the house is 0,000+.
She passed and the house went into the name of the trust with 3 siblings.
The ,000 loan was a variable interest loan, and is now skyrocketing.
Can we get a mortgage loan for the ,000 and keep the house in the name of the trust (with all 3 siblings still on the trust).?
Can we keep the property in a trust?
What steps must we take to do this (obviously all 3 members on the trust have to sign).
Thanks in advance.
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Friday, 7. May 2010
We have applied with one lender. Our home is paid for, our credit is excellent our debts are low and income is very adequate for the amount that we would like to borrow. The lender came back with 10.7 interest. Couldn’t believe it we qualified for 3.9 interest on our depreciating truck purchase that we bought this time last year. How is this interest rate figured? I thought being a secured loan and also great credit there would be no problem of getting around 6.5 Could someone explain this? We do intend to shop further. Thanks in advance.
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Tuesday, 4. May 2010
Hi all, we are going to buy a house in san jose.last week our agent told us you are preapproved you can give notice to your landlord that you are moving in 30 days. yesterday he came and says your loan is not approved and we have to put 25%down instead of putting 10% and also the loan gonna be under her wifes name now and property going to be under my name and his wife name.(he’s trying to help us) b’coz of the credit score i have (625 my scores) right now we can give him only 75,000 he sais he has a 40,000 credit line he can give us to use for 6 months and we have to pay interst on that and after 6 months we can get equity on our house and pay him his 40,000 and then we have to pay that IR to the bank for equity. plz guide me can we go for that ot no. thanks in advance.
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Monday, 3. May 2010
Hi,
I work in the United States. I am planning to invest money in real estate in India. I was planning to do the following,
1. Take a Home equity loan in United States.
2. Send money to a NRE account in India.
3. Invest this money in real estate in India.
4. Book some profit and deposit the money back to my account in US.
I had the following questions,
1. What are the taxes that I will have to pay in India.
2. When I take the money back in US, how will I be taxed.
3. Is everything that I am doing legal here?
Many thanks in advance,
Nirav
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