Texas Home Equity Loan

question about homebuyer's tax credit?

admin — Mon, 15 Mar 2010 23:34:35 +0000

here is the scenario…. couple [A] buys a house for 0,000 but they couldnt afford that much so another couple-B [ family ] contributed toward the purchase,but will not live there….each couple contributed 5,000.. the title to the home lists each couple as owning 50% of the home..couple-A took out a home equity loan on their previous house + savings to come up with their 5,000… there previous house sold about 2 months later and the home equity loan was paid off at that time for the previous house that they occupied for several years…..now tax time is here and there is a question as to whether couple A qualifies for the homebuyers tax credit…there tax preparer says they do because they occupy the new house and the old house that they lived in for several years sold shortly after buying the new house,,so that there is no question about there actually occupying the new house…………..the question is this…..does couple A qualify fully for the homebuyers tax credit [ not 1st time credit of 00,,just the regular credit of 00 ] ?? or do they only qualify for 1/2 of that credit since they only own 1/2 of the new house??..or do they NOT qualify because of only owning 1/2 of the house??..the other question is this…..IF couple A does qualify fully for the 00 tax credit,,should couple A give 1/2 of that to couple B ??…couple B thinks they should get 1/2 of couple A’s 00 tax refund [ if it goes through],,,couple A isnt sure what the right thing to do is…..obviously couple B doesnt qualify for a tax credit on there own taxes because they will continue to live at their own house,,they will not be occupying the new house at all…….couple A likely will buy out couple B’s 1/2 of the new house in a few years for 1/2 of the appraised value at that time….couple B doesnt claim any legal right to the money,,they just think they should be given 1/2 of the 00 because they purchased 1/2 of the new house that couple A could not otherwise have afforded…any opinions???

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

admin — Sat, 13 Mar 2010 03:36:33 +0000

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.

Can my home equity line lender force me to sell (or into foreclosure) if I own almost 70% of my home?

admin — Fri, 12 Mar 2010 09:30:13 +0000

We are not in foreclosure but this bank has had trouble. I’m trying to understand our position should they demand full payment of the equity line.

First time homebuyer with zero down?

admin — Thu, 11 Mar 2010 04:01:31 +0000

Here’s my situation: Looking to buy a home. I have little (K max) to Zero down (preferably zero). I have NO DEBT. ZERO. I owe nothing to anyone. My credit cards have a zero balance, my car is paid for. ZERO DEBT. I personally make K a year. I will have someone living with me who makes K a year. I have been employed steadily for 15 years (I’m 33) and have rented the same apt for the duration of that time never having been late even once on the rent. I’m employable in multiple fields so if my current job goes south I wouldn’t have trouble finding another job. I had a couple collections issues in my early 20’s for medical bills (One of which I disputed) but have since had two loans (both paid off early) and a few credit cards (all open and with no balances and again, never been late or had collections issues). I’ve got a 401k and life insurance with equity I can borrow from. Anyone have any idea how likely it is for me to get a home loan with zero down? Or a home loan at all? I’d be looking for possibly up to 0K. If you think I could get approved anyone know what a good lender might be? Lending Tree? BoA? US Bank? Any advice appreciated.

What is the process of getting a home equity loan? Risks? Best reasons to get one?

admin — Thu, 11 Mar 2010 00:02:49 +0000

Can i get a home equity loan? And what is the process?

admin — Wed, 10 Mar 2010 22:48:41 +0000

I heard that there are closing costs on home equity loans. Is this the case? Also i just bought my house in September and was told i dont have any equity in my house. Though houses of same model and square feet are selling for more.

What happens if I cant pay judgement?

admin — Wed, 10 Mar 2010 16:50:36 +0000

Need advice from lawyer/person with experience – I live in Texas where they cannot garish wages. I am married, have 1 daughter and another on the way and make just enough to get by. My wife does not work. We have 30,000 in student loans, 10-15 thousand in credit debts, 25,000 for our 2 cars and over 80,000 on our house. We have literally 0 equity in any of these because our interest rates were so high when we got the house/cars. I am currently being sued by a plumber that we couldn’t afford to pay after he completed the job and it is the first of several probably to come as we cannot afford to pay our credit cards anymore because we don’t want to be late on mortgage and cars. When the court claims a judgment on me, what happens n

In Texas can I get an equity loan on my primary residence, if I have an equity loan on my rental property?

admin — Tue, 09 Mar 2010 06:36:28 +0000

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.

It is a buyer's market – I understand that. Home equity loans, how do they work?

admin — Mon, 08 Mar 2010 10:49:25 +0000

If I purchase a home for 0,000, but it is appraised for 0,000, will I have automatic built-in equity that I can use to consolidate ,000 in school loans and credit card debt? Or, will I still have to pay down some of the P&I in my mortgage before I can use the home equity? That is the situation I find myself in right now. Thank you!

Using 1 Home Equity to Pay for Another Home Equity?

admin — Sun, 07 Mar 2010 09:01:44 +0000

I 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?

Texas Home Equity Loan

question about homebuyer's tax credit?

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