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.
Posts Tagged ‘amp’
Is getting Home equity line of credit possible if home have two owner?
Friday, March 12th, 2010It is a buyer's market – I understand that. Home equity loans, how do they work?
Monday, March 8th, 2010If 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!
Can they come after my house if my boyfriend forecloses on his?
Saturday, February 27th, 2010I bought my house by myself I paid cash for it so theirs no money owing on it & like a dummy I got back together with my boyfriend & put his name on my property. He bought a house from a friend & took out a home equity loan for 50,000. & the city has been sending him fines to fix up the house which we have been the fines have gotten up to 69,000 because we dont have the money to pay. My question is can they put a lien on my house if he forcloses on his.
What are the ins and outs of home equity loans?
Thursday, February 25th, 2010Here is what I’m interested in doing … have an eye on a great condo, list prices were around 0k a few years ago, but they are just building and did it right during a down turn in real estate in the area. As a result they dropped the asking price to about 5k. We got a good walk thru with a realitor and she said cash is king here and if they have a cash buyer she knows they’ll likely settle in around 0k just to move the first few units (they build them by the entrance and that was a bad choice!)
So … my credit isn’t going to help with a conventional loan since it can’t be an FHA loan since the project is only about 15% complete and apparently they must do conventional loans for until the project is further along (that’s what the told us, so it was limited to 1 bank) …
Now to the point, I have a relative who may have around that amount in liquid finances. Can they "lend" me the money to purchase the condo and in turn I would then take out an equity loan to repay them? It should appraise at well over 0k and all I would need to to is pay them back to be free and clear. I’m guessing we could even wait a little while to pay them back (build credit up higher?) but I’d like to do that sooner than later.
What are my limitations? Is credit going to bite me on an equity loan if I own outright? Any resources, tips, info would be appreciated!
How much of a home equity loan will we be able to get?
Tuesday, February 23rd, 2010In 2001 my fiance bought our 3 bedroom ranch house for ,000. At that time, our house appraised at ,000. We have made improvements such as water softener & purifier(2001), new roof (2003), new tub surround & toilet (2004), new windows in master bedroom (2006), new carpet & tile throughout (2006), water proofed the basement (2010). We now owe around -60,000. We want to add onto the house, expand the kitchen/dining room, add a full bath, & add a bedroom. One contractor thinks it will cost -60,000 to do this. He makes around ,000/yr. How much of a home equity loan do you think we’ll be able to get? If we can get a home equity loan, will we be able to keep it at 5% (which is the interest rate on our 15yr home mortgage)? If you don’t think we could get that much for an equity loan, is there some other loan we may be able to get?
How will the banks treat this one?
Sunday, February 14th, 2010Was living in one condo and needed money for down payment on a larger one for my family. The first condo was for sale but is just sat, so I rented it, when the new one was completed. Now the payments on both are crushing me. 50 on the first and ,350 on the new one. I can handle the second one okay, that’s where we are living now.
On the first condo, I borrowed money on a home equity loan for additional down payment on the second. First mortgage is for 5K, the amount on the home equity is K. So I owe a total of 0K, the market is now 9K
On the home equity I can still write a check for K…….at the time they issued the loan it was worth more……..
Did I mention that my tenant just moved out, he was only good for 0 per month…….so 50 minus his 950 left me 0 per month in the red. Now it’s the full 50……..this is a seasonal community and the rental market is weak…..
Here’s the question, if I write the a check for the remaining ,000, left on the home equity from the first condo……..then just let the bank have the unit back……..
what are they likely to do and
what will they do to me?
The K in money I clearly have no intent of paying off unless by some miracle the unit sells for 5 and I can wipe out everything and walk away…..
If you have any other input I’d appreciate it. Thanks
Thanks from Florida 
Is it better to pay off credit card debt or a 2nd mortgage first?
Friday, February 12th, 2010For example sake, say a person has ,000 to either:
1) pay off a ,000 balance on a 6% credit card
or
2) pay ,000 down on a 7% variable rate 2nd mortgage with a ,000 balance.
Recommend buying a vehicle half loan, half equity line (HELOC)?
Sunday, December 27th, 2009Just wondering what some financial people might recommend. Our family just got a little bit bigger (in-laws moved in with us) & our current vehicles only hold 5 max (we are now 6 in the household). We’re looking into vans & the one we want is offering 36 months 0% financing…despite that great interest rate, the monthly payment will still be EXCRUCIATINGLY high…after a little brainstorming, was wondering if it would be wise to paydown the financable balance at financing with a HELOC check to get it to something reasonable, pay off that balance in 3 years, then pay toward the HELOC? Anyone ever do this? I think this is better then putting the ENTIRE vehicle on the HELOC (something we pondered as well & something some of our friends do w/o a second thought).
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