Posts Tagged ‘credit score’

Questions about obtaining a Home Equity Loan?

Thursday, August 26th, 2010

OK so I have a couple of questions since I am considering looking into obtaining a home equity loan, I’ll try and include as much info as I can so you are familiar with my current situation.

So I plan on putting the house (home #1) on the market within the next year or two and to make the home market ready it needs some work. On top of this I need to purchase 2 cars for my sons so I figured a home equity loan will be able to cover these costs. I own 2 homes. Home #1 was appraised at 0,000 and has 2,000 remaining on the mortgage. Home #2 was appraised for 0,000 and has 3,000 remaining on the mortgage so I like to think I have a decent amount of equity. I have an ok credit score sitting around 720, and make roughly 0,000/yr. I’ve NEVER missed a mortgage payment, nor any payment in general over the past 3 years. I’d really like to take out around 0,000 if that’s plausible. I’m just so confused as to how to go about this; some say get a home equity loan others say refinance. What is your personal opinion, and why? I greatly appreciate all the help and advice you share!!!
ADDITIONAL DETAILS:

I’m currently in a lease and I personally don’t see the need of getting car loans, which is the secondary concern. The primary concern is there is work that needs to be done to the house before I put it on the market. Figured this loan could fit all my needs into one note.

My name is on my mother's house and she wants to take out an equity loan? Am I responsible if she defaults?

Wednesday, August 18th, 2010

My mother put her house in my name and my siblings. Now she wants to take out a home equity loan and the bank wants my personal information. Am I responsible if she defaults and how does it effect my finances?
The bank is now saying we don’t have to sign for the loan. It will be in her name only, yet they want our personal information. The representative says this will not affect our personal finances or credit scores. Do I believe her?

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Can you still qualify for a home equity loan if you behind on mortgage payments?

Monday, August 16th, 2010

I’m behind on mortgage payments because, i’m going through a loan modification, but i need money to pay for school, will i be able to still get a home equity loan. Because my credit is not amazing.

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Have a Tax question,?

Thursday, August 12th, 2010

Sorry i have asked this question before, account trouble I am asking this in a diffrent account.

About three years ago we refinance our home, and took some cash out to pay bills mainly student loans. Sounded like a good deal at that time, well it was one of those inflating rates.. we tried to refinance and found out that we owed allot more then the place was worth. We talked to a realtor and he advise that the way over inflated the value of condo. We hired on attorney and discovered they forged the value and our income. He gave them the opportunity to refinance our home at todays value or else court time, plus but the interest charges towards the equity of the home. The mortgage company did that with out any question, they told us they will "eat the difference" this was about 56k they "ate". There was no discussion of tax during this. Will we get at W-2 for this, how ugly will it be during tax time. The lawyer fee was 5k for this. We live in Ca.

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Money makeover and planning?

Wednesday, August 11th, 2010

Here is the scenario of a family I am assisting in planning:

Wife is a teacher, husband is a Airline employee and his job is not secure and he wants a change. Both are in their mid-30’s with a 2 year old child.

They just came into ,000.

They have a combined annual income of ,000

They owe 2 months worth of mortgage on a rental income apt that they are upside down in where they have a 0 monthly gap.

Husband has high 500’s credit score. Some charge offs, collections, late payments. Their collections total about ,000 without any settlement negotiations. Wife has 720 credit. No bankruptcies

They owe ,000 in home equity loan.

Their current mortgage is on time, no issues. Only with rental prop do they owe 2 months.

They have little life insurance only through employers, about 0,000 each.

The husband is planning on using some of the funds to improve his schooling and earning or take a new career. Perhaps computer networking, web design or a short training in health field such as ultrasound or mri tech.

They have 0 in savings.

They have one child, no pre-pay college yet, child is 2 years.

Their monthly expenses are: ,500-,000

What advice would you give them? They came to me about what to do with their ,000 windfall, however looking at their situation its more complicated. I think they need 3 months in savings, pay down some cards get life insurance and yes, pay for husbands schooling to increase earnings, and sell or get up to date on income property….any other suggestions?

Thanks.
5 days ago (Tiebreaker)
Additional Details
They owe 130,000 on their home mortgage with a 6% fixed 30 yr

Their rental/income prop is worth 115,000 and they owe 120,000 with a 6% fixed 30 yr

All their credit cards and unpaid debt ranges from 14%-20% interest…not certain on balance breakdown for each card/account. Total about ,000

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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.

Money makeover? How to invest $10,000?

Sunday, August 8th, 2010

Here is the scenario of a family I am assisting in planning:

Wife is a teacher, husband is a Airline employee and his job is not secure and he wants a change. Both are in their mid-30’s with a 2 year old child.

They just came into ,000.

They have a combined annual income of ,000

They owe 2 months worth of mortgage on a rental income apt that they are upside down in where they have a 0 monthly gap.

Husband has high 500’s credit score. Some charge offs, collections, late payments. Their collections total about ,000 without any settlement negotiations. Wife has 720 credit. No bankruptcies

They owe ,000 in home equity loan.

Their current mortgage is on time, no issues. Only with rental prop do they owe 2 months.

They have little life insurance only through employers, about 0,000 each.

The husband is planning on using some of the funds to improve his schooling and earning or take a new career. Perhaps computer networking, web design or a short training in health field such as ultrasound or mri tech.

They have 0 in savings.

They have one child, no pre-pay college yet, child is 2 years.

Their monthly expenses are: ,500-,000

What advice would you give them? They came to me about what to do with their ,000 windfall, however looking at their situation its more complicated. I think they need 3 months in savings, pay down some cards get life insurance and yes, pay for husbands schooling to increase earnings, and sell or get up to date on income property….any other suggestions?

They owe 130,000 on their home mortgage with a 6% fixed 30 yr

Their rental/income prop is worth 115,000 and they owe 120,000 with a 6% fixed 30 yr

All their creit cards and unpaid debt ranges from 14%-20% interest…not certain on balance breakdown for each card/account. Total about ,000

(more…)

help is there anybody that could help us refinance our ist and 2nd mortgage combine even the value is lower?

Tuesday, July 20th, 2010

credit score is excellent but the house was appraised lower than the total loan combined for refinance. we just want to lower our monthly payment due to pay cuts. current interest on first is 6.75 and the second is 7.5% we would love to find a 5% that would surely cut our monthly payment.

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Do you think it sounds like we have a good chance at selling our house with the repairs we made, eventho…?

Thursday, June 24th, 2010

It didn’t sell for a whole year after being on the market? When we first moved in our Double Wide home 3 years ago, which is a 93′ model, it had old fridge, stove, washer, and dryer (maybe from the early 90’s). We replaced all of those appliances in a matching set. They are all white fridgidaire. We bought those brand new. Also since we moved here, he replaced the whole AC unit and Hot water heater. He also painted a few of the rooms which were wallpapered from when it was built.. so you can imagine the walls looked nasty. The only thing i think will turn people away is the carpet, which is a blue and has wrinkled up i guess you could say. We are talking about having someone come in and clean it and tighten it up. Also, the kitchen floor has a few mud stains on it and some other little problems here and there (nothing major). We are trying to get out of debt and that is why we are trying to sell the home. He bought the house 3 years ago for ,000. When we got it appraised a year ago (before we updated everything and made all the changes), they appraised it as 121,000. I was shocked. Now that we have done all of these repairs, i am thinking that if we sell, we can use the remaining balance to pay off our debts, get married and move into a nicer home with cheaper payments or at least look for something in better condition. We have 2 loan bills over 1,000$ a piece from having to replacing the AC and a couple of other reasons. We also have 2 credit cards and our furniture bill that we racked up from buying the new appliances for the kitchen. Since our credit is bad, we cannot get approved for a home equity loan, a personal loan AND we cannot refinance. My boyfriend has a 12 hour job that he works 6 days a week and he would get a 2nd job to get out of debt, but they keep changing up his hours and they are not understanding about anything. Everything is very overwhelming and hard to deal with and selling the home seems to be our only option of saving from foreclosure and causing our credit score to drop even more. Please let me know what you think we could do.. and also.. if we put the house up for the market, are we allowed to have our stuff in here while they come look at it? I always see pictures online of homes for sale and they are always empty. :/

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regarding financing a single wide mobile home?

Thursday, June 17th, 2010

son has credit score of 520 He was 18 and left an apartment 3 mo early cause of mold but still got a judgment which was paid.Spent a yr in Irag.He’s 23 now with wife and 2 children.Want to buy a new single wide.Have lot to set it on.Can we put our paid house up for security or would it be better to do a home equity loan.He has grown up now and is responsible.Our home is worth a lot more than 3 single wides.Who would finance a single wide or would it be better to get a secure loan from the bank at a lower rate.Would a secure loan give us a better interest
why don’t u people read the question please I said the judgment was paid and my home is paid for yikes

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