The house in question belonged to my Mother who died in April 2009 and has been empty ever since. My problem is that she had an active home equity loan on the property that I have been trying to pay monthly, even though I am not listed on the loan. Now that I am having my own financial issues and late making payments, the finance company wants to foreclose on the property. They are willing to not foreclose if I can make the 1 needed payment and get the property rented ASAP.
Property located in Bellwood IL.
Archive for the ‘best home equity loans’ Category
What is the best way to rent a house quickly?
Wednesday, August 18th, 2010What should I do about this loan? Mortgage vs student loans?
Tuesday, August 17th, 2010My math skills aren’t amazing and I’m not sure how I would figure this out anyway, so maybe someone can help me. This is a real life question. We have about 60 or so thousand dollars in private student loans and then maybe 10 in federal loans. If you’re not familiar with private student loans, skip to the bottom and I’ll explain them. The rate for the student loans is currently about 9%.
We are selling our house and if we sell the house for the amount that we paid (we’ll probably get a little more), we will net about 35,000 after commissions. We’re planning on buying a small fixer upper for 75-100,000 and getting a 10 year mortgage. Mortgage rates look like they’re about 4 or so percent. I was planning on getting the 10 yr mortgage, paying it off in about 4 years and then taking out a home equity loan and paying them off. My dad said that I should either put down less and pay down the student loans even though it doesn’t pay them off or take out equity as I go and pay them down.
My hesitation to do this is that my payment on the student loans won’t go down just because I owe less, but with a HEL, I will be paying more for the time being (mtg + HEL+ student loans at the same time). It’s still doable, but I’d rather not be paying more than I have to.
So my question is this:
if I pay down as I go, will my student loans skip ahead so that I’m paying a higher percentage of my payment to the principle than interest? Or is the percentage of principle vs. interest determined by time rather than how much you owe?
What do you think the best strategy for paying off these loans quickly and for the least amount of money?
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Private student loans: they were offered for a short time while lenders were lending money like crazy and they’re not federal loans, so they don’t have the low interest rates. The interest rates on private student loans are variable, currently at about 9%, but it’s been as high as 11.5%. No one is offering them anymore so you can’t refinance them, lock in a rate, file for bankruptcy, or in any way alter the loan terms. No matter what, the loans will be at that rate and you can’t get rid of them. If our credit scores go down or we don’t pay on time or whatever, the rates can go up to whatever they want. So as you can imagine we are dying to pay these off and get them out of our lives.
what are the tax liabilities for caring the note on real estate? owc, or owner financing?
Friday, July 9th, 2010what is the best way to be the bank, for my kids, on their house, without being over taxed. I have done it once before doing a home equity loan at 6% interest and charging them 8% interest. but i got hit with big capital gains tax. It also seemed like i could deduct 100% of my interest. what are the options?
What would a financial planner/advisor suggest is the best avenue to explore?
Tuesday, April 20th, 2010Line of credit from our credit union, personal loan, or home equity loan to cover a few months of expenses while on a maternity leave with little current ability to save enough now to cover the bills for the time off work.
we have worked a budget and can save some but near what we need, about half, I was planning on only 8 weeks off, my husband just started a new job in Jan after 6 months without one so playing catch up is what we have been doing which makes it hard to save when already behind
What is the process of getting a home equity loan? Risks? Best reasons to get one?
Wednesday, March 10th, 2010Good or bad: Take $8,000 loan to pay off smaller credit card debts ($4,000) to only pay 1 bill/month?
Wednesday, February 17th, 2010Just calculated all my CC debt and I have a grand total of 50 in debt. I also have to pay tuition next semester which will be another ,000. So 50 total. This CC debt is hanging over my head and annoying. I just want to get rid of it once and for all!
I have been offered a loan of ,000. My minimum balance per month would be 0. I would take the ,000 to pay off the 50 debt which leaves me with ,550 in my bank account. With that ,550 + my current bank account balance + work I will pay the 0 per month.
…Then I will not rip up my CC cards (3 total) but I will just straight up not use them. Actually my highest balance is on my Best Buy store card (bought a laptop, a desktop, and an HD Canon over the last 6 months)…..
So do you think it is a good idea to do this? I do because I will pay off and "consolidate" all my debt into one payment a month. Instead of worrying about 4 due dates I’ll just worry about 1….Not to mention this loan will boost my credit score and report (which is good so far, not one missed payment or late payment, staying below 35-40% of my max credit limit at all times)….
Here is the good part. I recently was approved to buy a foreclosed home. I believe I can get (renting it out) 0 a month. The problem is I am waiting on the bank to get the paperwork together so I can use my money from my checking account (yes I have enough to pay off all my debt listed above + way more) BUT I want to use this money to pay for the house THEN LATER when the house is paid for + repairs worry about the ,000 in debt. It has been a few weeks since the bank accepted my offer and I am hoping any day now they will have the paperwork ready so I can get a tenant in there.
So the good news is (hopefully just before Xmas) I will have an extra income of 0 a month which will by itself pay for more than the min. balance of the loan each month.
Since I said I would have roughly 50 of the loan money left after I pay my debt I will use this + the first months rent + the deposit from my tenant to pay a large chunk of that ,000 debt off (probably ,000). Then from that point I will go on with my life and business and only owe ,000 on the ,000 loan which I will pay off quickly. Now I spoke with the lender and they said if I paid the loan early I would barely pay any interest whereas if I pay over the life of the loan I will pay the full interest.
…Then several months down the road I will try to talk with my bank on getting a home equity loan (to use to buy a second foreclosed home)…
What do you guys think?
Personal Finance and Business Question. Any advice for me?
Monday, February 15th, 2010I am going to get my masters in Physicians Assistant in a couple of years and I am going to go into Cardiovascular Surgery as a Physician Assistant when im 23 years old. They make about 120k+. However I don’t plan on getting married until 28… I realized its better to be older before getting into a real relationship. But I want to know what side business I could open up and focus on after my shift as a PA is over. When im 23 and I would have payed off my loans because Im going to work part time as a PA when im 21. I will also take out a 150k home equity loan on my parents house, Yes i understand the risks but I will pay off the payment of about 2.5k every month myself. I’m going to take out the loan as a downpayment on a 2 family house. That mortgage will be likely payed off using the rent income from my house, trying my best to keep intents in there. But I plan on selling the house after maybe 10 years hoping to get 300k for a downpayment on a bigger house. But what type of business Could i do ? My uncle has a very successful limo service making millions yearly and my other uncle owns 2 two family houses and is very successful. Any advice for me?
What are my options for financing my house remodeling project?
Sunday, February 14th, 2010I guessing I need 10K – 15K to fix my house the way I would like to. How do I finance something like that? I’ve heard that rates are high on home equity loans, but maybe that’s the best way to go? Or just a simple loan from a bank? I really don’t know what options are out there and how they work. For example, if I do get a loan from a bank do they just put that money in my checking account and I write checks? If not, how do I access the money? What kind of information do I have to give them for a loan like that? Any advice you can give me is greatly appreciated.