Archive for the ‘home equity line of credit’ Category

Is a home equity line of credit tax deductible like a mortgage?

Thursday, August 26th, 2010

I am considering getting a line of credit off of our equity, but before I do, I want
to find out if there is a tax credit for it.

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If I file for bankruptcy can I include my home equity line of credit in it?

Monday, August 2nd, 2010

I have a 1st mortgage and home equity line of credit. Can I include the line of credit in the bankruptcy filing and still keep the 1st mortgage and keep the house?

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Should I take out from my home equity line of credit to pay off my mortgage?

Saturday, July 3rd, 2010

Mortgage interest rate is 5.625%. My home equity line of credit is just 2.75%. I have enough credit to cover the balance of my mortgage, and will certainly pay it off either way within the 10 year requirement.

What are the ramifications? Am I missing anything?

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what is considered when applying for a Home equity line of credit?

Thursday, April 29th, 2010

Credit score? Income requirements? Equity limits? Etc.?
I am closing next week. The current value is 145k. But after I complete the repairs, the appraised value will be around 210-220k based on prevous sales, comps etc. If I ask for and recieve a appraisal that says this, will the bank look at this number or the old 145k number in determining the equity?

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Does a house have to be in living condition to quality for a home equity line of credit?

Monday, April 12th, 2010

I bought a duplex a few months ago and I’m in the process of converting it into a single family home. It has been completely gutted and so far has new wall framing up. Is it possible to get a heloc if there is equity in the house, even if it’s not in living condition?
The purchase price was ,000. I owe ,000.
It was appraised for 0,000 when I bought it.

Can I file bankruptcy for a home equity line of credit ?

Tuesday, March 30th, 2010

I bought a house, then took out a line of equity to buy more real estate which did not happen due to a lot of stuff that happened. I am now renting my house out, but I dont receive enough cash flow
to cover the equity line of credit.
I would like to sell my house and then file for bk if I can. Is that possible ?
Or any other ideas ??
Thank-you very much for your help.

Is getting Home equity line of credit possible if home have two owner?

Friday, March 12th, 2010

There are two owner of a house. Mortgage is under one and other owner wants to get home equity line of credit. Home value right now will be at lease $ 800,000 & current mortgage balance is about $ 200,000. It is Newyork city. Is that possible to get home equity line of credit? How much it could be?
Both persons name on deed but mortgage has one’s name.

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Can I change name on home deed if currently listed as estate and home equity line of credit open – see details?

Wednesday, March 3rd, 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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Whats the worst that can happen if I MAX out home equity line of credit and flee without repayment?

Friday, February 26th, 2010

I have about 108,000 of credit in my house. What would happen if i just maxed out my line of credit, deposited the money in my account and let the bank have my house. What other type of legal penalties would i face? Can it be like a (technical) trade "i have the money you can have the house"?

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What is the best type of loan to get? –a home equity line of credit or a home equity loan? I want to pay o?

Monday, February 22nd, 2010

Is it better to get a home equity loan, or a home equity line of credit? I want to pay off my credit card debt.

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