As I understand it in the state of Texas home owners are only allowed one home equity loan. I have two separate properties, one is my primary residence and one a rental property….some years ago I had my rental property refinanced and in the process received a small amount of the equity. I am now told that I cannot get an equity loan on my primary residence because of the situation with my rental property.
Archive for the ‘Home Equity Loan Refinancing’ Category
In Texas can I get an equity loan on my primary residence, if I have an equity loan on my rental property?
Monday, March 8th, 2010Using 1 Home Equity to Pay for Another Home Equity?
Sunday, March 7th, 2010I currently own 2 properties; 1 is being rented and another one I live in. Both properties have equity of line of credit loans. I almost paid off the loan on the first one that is being rented; the APR on this one is fixed at 7.75%. The second property that I live in, I also have equity of line of credit at fixed rate 9.95% and the balance is 45K. My question is:
1) I almost paid off the first home equity, so should i pull out more equity from the frist one to pay for the second equity, since the APR on the first one is lower? I really want to refinance my mortgage on the second property that I live in, but cannot as the principle balance is more than the house is worth. I thought getting more money from first equity will help me pay down the second equity and save on money since the APR on the first equity is 7.75%.
2) Should I just close off the frist equity account as I pay if all off, and just try to pay the second equity as much as I can at 9.95% APR?
Can I get a construction loan for remodel on a recently purchased short-sale?
Thursday, March 4th, 2010Here is the deal, I bought a home last month for 50,000 less than the appraised value. Turns out the home needs more repairs than I was expecting to make it livable. So, we are thinking of how we can finance the fixes. We cannot refinance to the appraised value for at least 6 months, so our equity is minimal (we put 5% down). So, I thought about a construction loan. Can this be done after the home has already been purchased? Any thoughts?
If I have a loan that is partially secured and I am filing for bankruptcy do I file it on schedule D.?
Sunday, February 21st, 2010I had a personal loan that was refinanced and turned into a home equity loan. Our home was foreclosed and we current on the loan payments. We are filing for bankruptcy and I need to find out whether to list this under schedule D since it is partially secured or under schedule F since they don’t have any property to take from us.
I am refinancing my mortgage at a lower rate and am considering a new car purchase. Is this wise to do?
Thursday, February 18th, 2010I dont have any other major loans or home renovations to do but I am in the market for a new car and would rather avoid financing a new car. I do have an equity loc(variable rate) thats open if i ever need in an emergency but I think it might be better just to go through refinancing. Any opinions?
Do people realize that its an error to blame this economic mess on Subprime lending?
Saturday, February 13th, 2010The fact is subprime lending was a good idea (helping people with lower fico scores if they had enough income). The dangerous part was the ARM and Option Arm Lending. About 80% of subprime mortgages are good…and still good. This financial mess we’re in was influenced by lax regulation in giving out ARM’s (Adjustable Rate Mortgages).
I find it sad to see the media blame folks with subprime loans for this mess, when the issue is really the ease at which lending institutions gave out ARM loans because they felt home prices would continue to rise forever, and when that didn’t happen and people mortgage payments adjusted and they couldn’t refinance due to lack of equity the whole system crashed and they blame the borrowers. Just despicable.
Anyone have any insight on this situation?
What kind of options do I have to get a loan to fix my home but don't have any equity in the home?
Saturday, February 13th, 2010I am refinancing my home this month from a 30 year 7.25 to 15 year 4.34 saving ,000 in interest. Problem is that any equity I had in the 3 years I’ve been paying, I’ll lose when I tie closing costs back in. My wife and I have excellent credit and no credit card debt (only student loan, home mortgage, and 2 car payments). Looking for about ,000. Should I go to a bank or put it on a couple cards??
Signed a Quit Claim deed in 2009, how will this affect my 1040 Taxes?
Friday, February 12th, 2010My ex-fiance and I purchased a house in 2006. We split in July of 2009. I quit claimed the house to him and he refinanced the place in his name. We have talked and each is to the agreement that we will each take half of the interest/tax deduction on the old loan. Do I have to report anything to the IRS stating I don’t own this home anymore? Or is the Quit claim deed on file at the recorders office enough? I did receive money from him for my equity in the home after all paperwork was completed. But no where is it stated that he owed me anything or paid me anything. So Im not sure if I even need to bother with that money I received. I’m really at a loss on how to do up my taxes this year. Any help would be appreciated.
We bought the house for 175000. I paid half of everything from day one till the end. In the end I reiceived approx. 000 from him, after closing costs, back due mortgage (for the few months I wasn’t residing in the house but still responsible for mortgage) The amount owed to me prior to the deductions was around K. I lived in the house up until July of 2009. I signed the Quit claim deed in September at which time he refinanced the house in his name. He did not take equity outta the home to pay me off.
The interest was in both of our names. We were both on the title and the mortgage.
Bankruptcy Question….different info from bankruptcy attorneys?
Thursday, February 11th, 2010I was divorced in September 2008. Ex-husband signed a quit-claim deed and I retained the home, along with the mortgage and home equity loan that were in our names. I have been paying this debt on my own since. My ex-husband filed for bankruptcy on Jan 30, 2010. I called two bankruptcy attorney’s to see what I had to do to protect myself and my investment.
1st attorney: do nothing, just keep paying the mortgage and home equity
2nd attorney: do a reaffirmation (which my ex won’t sign) or refinance, which will cost me thousands of $ to do.
So here’s my questions:
1. If I have to refinance can I go after my ex for 1/2 the costs considering in our MSA there was no notification I had to refinance at the time and he was okay with that.
2. Which attorney should I listen to?
Help! Desperate and running out of time in Florida!
Republicans….how do you feel about the banks taking advantage of red states ?
Tuesday, February 9th, 2010Link to what i’m talking about:
http://finance.yahoo.com/news/Mortgage-l
We all know that the financial crisis didn’t just affect Liberals, and didn’t just affect Conservatives… we were all affected. People lost their homes and investments everywhere….
Some people aren’t aware that even after foreclosure, giving it back to the bank, or short selling your home… you could still be on the hook for thousands of dollars of deficiency on your homes value.
Many people are finding themselves in the circumstance described in the article….. bought a home when economy was good, economy tanks, home prices dive, lost jobs, foreclosure….
So can the bank hit you up directly for these enormous sums of money, even though the short sale or forelosure couldn’t be done without the banks approval ?
The answer is….
DEPENDS ON WHERE YOU LIVE.
See …the red state voters typically side with the banks, the corporate entities, and they elect politicians who are corporate minded people, good ol’ supply side boys… they don’t usually side with the consumer. This is the reason that Repulican led states, are mostly the states where the banks can pursue you, and they can wait up to five years…potentially increasing the loss to you on purpose.., before they file a judgement against you.
So how do you feel about supporting politicians who side with the banks that are essentially picking on red states ?
Try to follow this one..
This basically means that the bank losses from the banks in blue states, where they cannot pursue that negative equity, is going to be passed on, through distributed declines in home values, to red states where they can legally pursue it.
Now…dont’ get me wrong…
I believe if you take out a loan, you should pay that loan off. You agreed to pay, you should pay.
However… I also feel that the responsiblity for this "investment" should not just be on the consumer in the event that the value of that investment plummets. The bank made the loan with the intention of making money, but that profit intention is no more guaranteed than the equitability of that investement made jointly with the consumer. Additionally, there should not be a legal instrument, in which the lender can legally delay filing a judgement, for the purpose of increasing their claim. It would appear that practice is yet another practice, where the bank is taking advantage of the consumer, by placing all of the potential future losses of that property investement on consumer.
What’s worse is that they are doing these things using money that isn’t even technically theirs. It’s OURS. They’re using Peter, to kill Paul.
This is something everyone should be aware of, whether you are conservative or liberal, and especially if you are considering allowing your home to go into foreclosure.
Check the laws in your state and get a lawyer before you do anything !!
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"Once they have a judgment, they can pursue you anywhere," said Richard Zaretsky, a board-certified real estate attorney in West Palm Beach, Fla. "They can ask for financial records, have your wages garnished and, if you fail to respond, a judge can put you in jail."
In the case of foreclosure, lenders can pursue deficiencies in more than 30 states, including Florida, New York and Texas, according to the U.S. Foreclosure Network, an organization of mortgage law firms.
Some states, such as California, are "non-recourse" and don’t allow deficiency judgments. But, even there, if the if the original loan was refinanced, some or all of it may be subject to claims.
James… the lenders made bad loans on of their own free will…because they thought home prices would go up forever…so even if the consumer defaulted, they would have positive equity in the home itself allowing them to recoup the loan and still make a profit….
That is the simple truth to this whole thing man…
Did people take those loans willingly ? of course…. and the banks made them willingly..because they were greedy.
It boils down to this….
Should the bank be completely insulated from shady investments, and all of the reponsibility placed on the individual ? ..EVEN AFTER FORCLOSURE !???
Who advocates for the consumer in this capitalist equation ?