Posts Tagged ‘amp’

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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My 2nd Mortgage suing me; what exactly is demand for trial by jury ?

Thursday, August 19th, 2010

I have a 1st & 2nd with same company. they lowered my 1st but charged off my 2nd. now attorney’s acting on behalf of this lender and suing me for the whole amount of 2nd.
I just got a summons and need to know what happens if I "demand for trial by jury" ?
would it be an advantage to the defendant ? also will I be appearing at court or would this court case process be based on written response ?

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Should I consolidate my credit card debt & close old card accounts before or after refinancing my home?

Monday, August 9th, 2010

I have about 00 in credit card debt, I was thinking of getting a end-term loan that has regular monthly payments to get it paid off sooner and a stable interest rate. My problem is two things 1. We (my husband and I) are going to refinance our home in March so I do not know whether to get this loan now or wait until after we refinance. We do no have enough equity in our home to get any kind of equity loan for the house. 2. My husband has about three credit cards that does not have any balance on them and that he has not used in years one he has never used. Does this hurt his credit should we cancel them? If so, do we do it now or after we refinance?
The loan we are looking at is an intrest only for the first 5 years which we will be selling after that and so we don’t want to refinance much more than we already owe on it maybe get about 00 to put down new flooring. The new floors is needed as we have two children w/ eczema & asthma and the old carpet is needing to be replaced. We are looking at laminate flooring throughout the house.

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Is it even remotely possible for me to get a home loan?

Sunday, August 8th, 2010

I have a weird situation.

I live in a 150K house (4000sqft) in Texas. It’s newer (2002). This is a FAMILY LOAN with nothing recorded except for my name at the appraisal district (we did an official loan/deed at a lawyers) but nothing gets reported to credit. I have around ,000 of it paid off – equity.

I had a financial melt down back in the crash of 2008 and was forced to dump about 10K in credit cards. I have no other debt. All vehicles & RV are paid off. My credit score SUCKS and will continue to suck even if I pay off those CC’s.

I’m considering buying a mobile home that was in foreclosure on some acreage. It’s about ,000 on 10 acres in the boondocks.

LOL let’s assume my credit score is 525.

I have about 30% down or ,333

Is it possible that any lender will lend me the money? The mobile home on acreage on credit would go down as my primary residence.

Can I do this without tapping the equity I currently have or even messing with this house?

If I MUST get a home equity loan, and I have 50k equity, how large would the loan be for?

Thanks.

What does it mean to take out a 2nd or 3rd mortgage out?

Sunday, August 1st, 2010

l thought a mortgage was a mortgage. Buy a house, give up your life, slave away to pay until you are 80.

so whats the deal with taking out a 2nd or 3rd or 4th mortgage? what does that mean?

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Do you have to have permission from lender to add a name to a deed creating a joint tenancy? (Floroida)?

Saturday, July 31st, 2010

My friend was talked into adding her boyfriend to her deed and creating a joint tenancy. He makes no payments and has no equity in the property. There is a mortgage on the property and permission was not obtained from the lender before this was done. What can she do to get this reversed or is it even a legal deed in the first place since the lender is unaware of it and did not grant permission to do it.

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I can get a home equity loan. This would cover my credit card debt of 15,000. Tax break?

Sunday, July 18th, 2010

If I take out a home equity loan at 8% to cover my 15k credit card debt at 13.99%. I will save in interest. But will I also get to write off a portion of the 8% come tax time because it involved loan related to my condo? Thanks

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Short sale of foreclosure? What is the best option?

Monday, June 28th, 2010

I am aware that in California they passed a law about a year and a half ago where if your home foreclosures you are only legally bound to pay back the loan if you refinanced and took equity out not on your original purchase loan. That being said we can still make our payment but the neighborhood is getting really bad with gangs violence and break-ins. I am 20 something female whose husband works nights & I can’t sleep at night anymore since this has started & I think it will only get worse on a house that is now worth 50K less than we paid for it. So would it be better to walk away or see if the lender will accept a short sale. In a foreclosure do they send you a 1099 to get taxed on the difference? Because of the area we live in our houses will be the last to have value return. So we’ll be stuck there for the next 10 years probably & to top it off we have an ARM that we were told how easy it’d be to refinance before it resets so I fear 3 more years it will be too much $ anyways
Thank you for the concern but I would rather have to live with a foreclosure for 7 years than live with not being able to sleep at night or every go out of town or in a worst case scenario live with being raped for the rest of my life. So please answer what I asked not tell me no don’t do that. The values since the neighborhood is so bad are not likely to rise for another 6-7 years. I can’t stay and wait for it to get worse and worse.

I stopped paying my mortgage & may declare bankruptcy. Will the 2nd mortgage be forgiven ?

Monday, June 28th, 2010

I am a teacher with a secure job & possibly getting divorced. I can’t afford my upside-down mortgages alone. Is bankruptcy a good option to try to keep my home? Will the 2nd mortgage be forgiven so I can stay here? What other options do I have?

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What excatly is a second mortgage. Is it just 2 mortgages together?

Saturday, June 19th, 2010

I currently own a home worth 42k and owe 36k. I’m looking to start my own business. Is possible to get a second mortgage for 42k and double up on my monthly mortgage payment to start my business

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