Texas Home Equity Loan

Questions about refinancing & moving into inherited home?

admin — Wed, 18 Apr 2012 01:15:14 +0000

My wife is the sole surviving heir of her father’s estate but he died intestate. (Without a will) His only debt is his home that he purchased in 2005 for ,000 and currently has a balance of around ,000 over 5 years left on the existing mortgage. The home has been appraised at 0,000 but we realistically would only expect to get close to the original sale price if sold. We would like to keep the home and have been given the green light to move into the home pending the closing of the estate and now expect to have to refinance the remaining mortgage, which is currently paid to date. However, we are worried that our credit won’t be good enough to qualify for a home loan on the remaining balance and that we cannot remain in our current home and keep up the mortgage pending the closure of the estate. It’s either go, or no-go. Will the bank likely take into account the amount left vs. the equity and/or require an additional down payment which we no longer have from keeping everything paid up. And if they decline our refinancing for whatever reason, what are our rights / responsibilities in regards to receiving some of the home equity and finding another place to live? (Ohio)
We currently rent and would receive virtually no funds on moving. (We’ve rented our current home for 20 years through three landlords. I no longer even remember what our original deposit was but our current landlord noted that he was given only 0.) Our friends and family pretty much insist that we’ll have no trouble keeping the house but we just can’t help but worry as I am disabled and this move is stressful enough.

It is hard to refinace your home even with millions in equity for retirees on fixed income for 300k?

admin — Mon, 16 Apr 2012 01:14:58 +0000

Finacing / refinacing rules are so much out of line that one who has million in home equity and more in investments cannot refinance a mere 0,000 Mortgage loan if he is retired and has fixed income. Why?

Home Equity Loan outstanding balance due letter. File Now In Foreclosure Office?

admin — Fri, 13 Apr 2012 00:04:21 +0000

I got this letter from my lender, via regular mail not certified or registered, telling me that because of my delinquency in paying monthly on my home equity loan, my account is now in default and the outstanding balance on my debt is now due. But if I would like to reinstate my HEL I should contact the lender.

I couldn’t find my account at the lender via my usual on-line access so as to check it’s status.

I’m wondering what are they talking about when they say I could have an opportunity to reinstate?
I also got a FedEx priority letter today saying we could explore options to pay off my outstanding balance at less than what I owe via a "Deed in Lieu" offer. Wherein I’d have to make a cash down payment in order to qualify.

The letter has all the lender (Wells Fargo) logo’s information on it and claims to be a team from their "Home Preservation Team". And yet for information on how this stuff works there’s a website listed that is not WF. "makinghomeafordable.gov".

Is this one of those scams I hear about when it comes to homeowners in default being made an offer to avoid foreclosure?

If I pay money as I can on this account, at it’s present state, and maybe get a windfall of cash and pay the past due payments in full, can this bring me out of my current status of having my HEL file in the WF foreclosure department?

Serious answers only please.
Thank you.
And yes, I would ask WF this but I want to know more on my end before asking them to educate me. I’ve had some, shall we say negative bad banker manners experiences with the WF customer service in the past. So I don’t at this point trust them at this dire stage to make me and my account a serious concern. I know banks don’t want to foreclose in this market and would rather I stay in my house. As would I. However, I want to know what all the egg’s in my basket mean to my solvency before I ask WF to count them and tell me what they really mean.

Are home re-fi & equity loans valid if my wife forged my name? Who pays off these loans?

admin — Wed, 11 Apr 2012 04:13:41 +0000

My wife forged my name on home refinance and equity loans. I did not benefit from these loans. She used the money to buy and maintain other properties on which she also forged my name. Are these loans still valid or are they canceled because the loan contracts were fraudulently obtained? Who makes good on these fraudulent loans that the bank gave money for? A notary was also involved.
She hid this from me for 6 years because she collected all of our mail and I would hand her a check each month with the mortgage payment for a 0K loan, which was validly obtained with my signature. A re-fi loan of 0K and equity loans were forged.. Last year, 2010, she said that she could not pay the bills anymore. That is when I saw the 4K mortgage. Copies of the loan docs at the county clerks office had my forged signature. The house is foreclosed. I am retired and living on pensions and did not qualify for a loan modification.. I notified the bank’s fraud dept and they are investigating. Today, I received a possible monthly mortgage modification, which I can handle, based on the 4K loans with my forged signatures. It looks like I have a choice of either pursuing the fraudulent loan claims or accepting a new mortgage with affordable monthly payments. Which I chose depends on the answers to the following questions.

Question: Are the loans with my forged signatures valid and do I have to pay them?
Question: If I accept the new 4K mortgage, are the forged loans forgotten?

on yahoo finance, in my portfolio, I want to label a row as "cash" or"home equity". How do I label that entry?

admin — Tue, 10 Apr 2012 00:08:50 +0000

Using a home equity loan to buy a car question…?

admin — Mon, 09 Apr 2012 00:42:27 +0000

If I use a home equity loan to buy a car, will I still need to have FULL COVERAGE auto insurance like I would with a normal car loan? If anyone knows, please let me know. Thanx.
Kaitlyn, FYI, my credit score is 790 and my wife’s is 780. We don’t need your service that is for people who don’t pay their bills.

home equity loan foreclosure question (Please! Serious respectful answers only)?

admin — Mon, 09 Apr 2012 00:10:27 +0000

So the short of it. We have two home equity loans. One for a certain equity amount and the other for what was left in home equity to borrow against.
We’re in the rears on the first HEL but fully up to date on the second.

We’ve worked like hell to pay both in due time however the second loan monthly payment amount was easier to come by. Now we get a letter saying the full past due balance is due or Wells Fargo could pursue foreclosure remedy.

Question is, can WF pursue foreclosure on the same house which is borrowed against on the second up to date loan? If they foreclose on the first loan, the house and the second loan that’s fully up to date seems to me to remove the house that guaranteed that second loan from the picture.

HELP?
I don’t want to be homeless. And I’ve grown gray hairs trying to make ends meet on two loans taken out for expenses that were unavoidable.

Thank you for serious respectful informative answers.
Additional detail thanks to Steve2 .

The second lien holder is the same as the first. Wells Fargo.
How does that alter the circumstance you mention?

Thank you for your insight thus far.
Additional:
I know we are said to be eligible for a "Modification". However, in researching that on-line, for what it’s worth from varied sources there, we were led to believe that may not be in our best interest.

We presently owe 92, 500.00 (rounded out). The house is said, via last drive by appraisal (yes, WF does that amazingly and from across the road!) 75,000. I don’t know if that meant that appraisal , done when we were going for the second HEL, reflects what what is left in value of the home after the first loan, is what they’re referring to.

How do I find a councilor to help me out that is credible? Are there credentials I should ask for? In the present state of the economy and with all the foreclosures going on, I don’t want to be a victim of a predatory type company claiming to be dedicated to such pursuits, without knowing what to look for so as to find a credible honest councilor.
Thank you all for your assistance. I don’t want to be home

How to prove that home equity loan taken is used to buy a home?

admin — Sun, 08 Apr 2012 00:01:15 +0000

I want to take a home equity loan from a USA bank on my home in USA and use the proceeds to buy a second house in India? Can I deduct the interest on this home equity loan from my income for tax purpose?

If so, what kind of proof do I need to provide to show that the money is used to buy a house?
I am subjected to AMT… Is it still deductible for AMT?

Should I pay off my student loans or Heloc first?

admin — Tue, 03 Apr 2012 01:48:32 +0000

Some back ground: No credit card debt. No car loans, etc. I have about ,000 in school loans at a 4.875 interest rate. My HELOC loan is ,000 at prime minus .5% (about 2.75%). I realize the higher interest rate might be the way to go (school loan), but also hear how iffy it is to have a HELOC which puts your house on the line if anything is to happen in this economy. Any insight or suggestions?

Do you think I would get approved for a home equity loan?

admin — Sat, 17 Mar 2012 00:03:46 +0000

I don’t have a credit score because I’ve never borrowed money before. I have a house and I still need to pay my property taxes. Would I be able to get a home equity loan to pay my taxes or would I not be able to put my house up as collateral since the taxes aren’t paid yet.

Texas Home Equity Loan

Questions about refinancing & moving into inherited home?

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