Posts Tagged ‘blog archive’

IN NEED OF PROFESSIONAL OPINION ABOUT HOME AND 2ND MORTGAGES?

Thursday, February 11th, 2010

My husband and I owe my mother about K.

We currently live in a home that is unfinished (we bought it that way..) It sits on 3+ acres, the main floor is 1600 sf, the upstairs is approx 1300 sf, the basement is "somewhat" finished and has a higher ceiling than most. We live on the main floor because the 2nd floor is totally unfinished – no insulation, no walls. It is a huge home with loads of potential but we’ve run out of funds to complete it.

We have someone who is interested in coming in and completing the home and our plan is to do this, take out a second mortgage, pay our lender off, then pay my mother. Is this a good thing? We’ve been burned before and we want to be very careful this time around. Does this all sound too risky or a good thing to do consider the circumstances?

Though the home is large, we can only get an appraisal based on a 2 bedroom, 1 bath home. When completed, the value will be raised significantly to a 4-5 bedroom, 3 bath home.

Would it be best to slowly do the work ourselves rather than taking the risk? We live in Ontario so the housing market is much healthier than our southern friends. My husband and I have good secure jobs.

Signed, "Really at a Loss for What to Do"

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Equity questions best answer 10 points?

Thursday, February 11th, 2010

How do I know how much equity I have in my home?How can I find out?If you have equity in your home and never use it for anything where does it go?If you have to pay it back how is it your money?how soon do you have to pay the money back if you take out a equity loan?someone said buying a home can help you with retirement how is that? If you never have home equity then you didn’t purchase a good house is that right?

Best answer to all my crazy questions get 10 points ………Thanks

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I would like access my home equity.?

Tuesday, February 9th, 2010

Which mortgage lender will loan the most without hidden fees on an interest only or low-payment loan, without income verification. Also what % of the house value can I expect to be able to borrow on a no-ratio or no-income-verification loan? I own the home, free and clear and it has potential rental income. Thank You

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Can’t refinance without a job? Nor home equity loan? Divorced? Its complicated.?

Friday, February 5th, 2010

I have a divorce settlement that left me with my house and my exwife relinquished the home. I have a tenant who pays my mortgage and everything is fine. Its just that when i want to make a move like
refinance, I am pretty sure i cant because i dont have a job (unemployed). Also i would like to get a home equity small loan but i feel like again it will be the same thing. Should it be this difficult for a home that is in good standing, i have great credit too. One of my problems is that the divorce doesnt take wife off of note. I even did a quit claim but still i am told i have to refinance to get her off the loan. But i cant refinance cause im not working…..do i got the vicious circle right or should i try a different banker?

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When can I take equity out after buying a home?

Sunday, January 17th, 2010

I’m buying a house with some equity in it. How long after closing can I take that equity loan out? Do I need a reason to take it out?

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what can I do if I feel that I am a victim of predatory lending?

Sunday, November 29th, 2009

I think that my husband and I are victims of predatory lending. Here are the details. We have a balloon loan for one year with 8.1% interest. The house was appraised for ,000 more than our loan. The bank who financed us let us use our vehicles as collateral, one was wrecked, so it has been released, but now they are holding on to my 1997 mini van, unless we pay them ,700 which they claim is the decrease that the market has taken and has reduced our equity in our home. When we went to resign the yearly loan in December, we asked if we could get the interest reduced, they said no. We asked if we could refinance, they said they do not do refinancing and directed us to their main office who would contact Countrywide for us. Last night we received a letter that said since we didn’t pay our property taxes in October, they had paid it and now that has raised our house payment. We have been having some financial trouble and were planning on paying the taxes with our income tax return. We are current on our loan but do have two 30 day late dings on the loan.
So, what do we do? Contact a lawyer? How do you negotiate with something like this??
Thanks!

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Can you figure out the logic behind this debt/equity question?

Tuesday, November 24th, 2009

I was asked this question on a completed exam. I have the answer now, but I don’t really follow the logic behind it. Please give me your answer, and a description of WHY YOU CHOSE THAT ANSWER. I’m still not sold that the teacher shouldn’t throw this out. Thanks.

"In comparing debt to equity financing, debt financing will allow owner(s) to maintain more control of the business."
a) True
b) False

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I got a call from somewhere wanting to talk about my home equity..?

Thursday, November 19th, 2009

Today i got a call, by the way i am a minor, from somewhere wanting to talk about my home equity….

i said that i was busy and i hung up. then i looked up what it was and it said it was a loan system or something…

what just happened…? help? what should i do??

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Can I get a home equity loan with a first mortgage?

Monday, November 16th, 2009

I am buying my first home with an FHA loan. The mortgage company I am using doesn’t do a 203K loan and I would like to use money to improve the house. I was approved for ,000 more than purchase price and only want K max. My credit is not perfect… I’m trying to find out the chances of being able to get a home equity loan with a first mortgage. The house is valued 7K and the loan will be for 9000. Any help would be great!

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