I can’t find anything about this situation.
My house has a 1st and 2nd mortgage (Home Equity Loan). The Home Equity loan was used for repairs & updates on the house so I’ve been claiming it all along on my taxes (the interest payments).
The house is going into foreclosure. The main mortgage is FHA insured, but the 2nd mortgage is not. I make just a little too much to be eligible for Chapter 7 Bankruptcy, which is the only way to totally discharge debt.
I could do Chapter 13 (or maybe it is 11), but that is just restructuring and paying back what is owed. The 2nd Mortgage bank is willing to work with me on lower payments and longer payback time and they know the house is foreclosing – which would at least avoid lawyers fees for them & me.
I’m just wondering if anyone thinks there is any chance at all that those payments could remain tax deductible (the interest portion) after the house has foreclosed and I am no longer the owner of it. The loan WAS for my home and the funds WERE used in accordance to the rules which have made it eligible for tax deductibility.
What are your thoughts? Am I dreamin’?
Posts Tagged ‘fha’
Any Zero down home loan out there?
Saturday, February 6th, 2010Thinking about selling but I will walk away with practically nothing. Any zero down or 3% FHA left ?
home equity loan when there is a short sale?
Monday, February 1st, 2010How does a home equity loan bank deal with a sort sale. The original loan belongs to another bank..
I want to borrow $50,000 dollars and I have very good credit. I own a house with 200,000 in equity.?
Friday, November 6th, 2009I owe nothing on the house,but I want to buy a another car instead and do some things around the house too. Can I use the money on a home equity loan for anything I want without restrictions? Thanks
Need a Home Improvement Loan for a house I purchased 2 years ago in Texas?
Thursday, November 5th, 2009I looking to get a Loan for 00.00 – 00.00 to fixup my house. I’m a first time home owner and purchased the house as a forclosure through an FHA Home Morgage Loan. I don’t have much equity built up, but I’m looking for any options available. Government Loans or Grants, First Buyer Home Improvement Loan, Any advise will be appreciated. Thanks
Cash on Equity Loans?
Friday, October 30th, 2009When someone says they have cash for your home equity loan, what does this mean? Does it mean they will give u the cash for the downpayment of the home (as a loan) or what??? I’m having trouble comprehending….
Good FICO, DTI High, Good Equity! Can I Refi a Cash Out?
Wednesday, October 7th, 2009We are in dire straights. We have lived in our home in Charlotte area 15 years. Home is financed with Chase. Never had a late payment, not even 1 day day late on home or the Home Equity Loan we have.
Took out a Home Equity Loan 3 years ago. Never a late payment there either.
All total our bills are killing us. Want to Refi. Balance on home is K and Home Equity Loan balance is K.
Husband lost job, just got rehired on another contract but want start his new job till next month. He is a government contactor so makes good money but when the contract stopped the money dried up quickly.
His credit score however is absolutely no help, in the 500’s.
My FICO scores are 691 Equifax, 726 Experion, and 686 Trans Union.
Problem is I only gross 33K or so a year.
We applied online for a refi to payoff bills but were told my husband is no help on the loan because of his FICO scores.
With the DTI I am at 90% so I cannot get approved to refi.
The home is worth about 5,000. We have about ,000 in Credit Card Bills and Loans we want to pay off.
Can anyone out there give us an idea of how to refi, payoff the debt and get a loan.
What about going FHA with my husband as the co-x since he has the low FICO but has very good income to lower the DTI ratio? He makes about ,000 per year and it will be Federal Taxes tax-free as he will be working overseas for a year.
We really need some professional advice.
NEED ADVISE ON FHA HOME LOAN VS PRIVATE LOAN?
Friday, October 2nd, 2009HELLO EVERYONE. I SEEN A FORECLOSURE PROPERTY OWNED BY CHASE PREVIOUS BROUGHT 50Ok AND NOW SALING FOR 289k. NOW I HAVE THE CASH,CREDIT, INCOME,BUT THIS PURCHASE WOULD BE MY SECOND HOME THAT I WANT TO MAKE MY PRIMARY RESIDENT. nOW MY FISRT HOME i LIVE IN , I HAVE PLACE IT ON THE MARKEFT TO SELL. I ONLY HAVE ONE PROBLEM, FHA REQUIRES THAT YOU HAVE 25% EQUITY IN YOUR HOME IN ORDER TO PURCHASE A SECOND HOME OR TO USE IT AS A RENTAL INCOME. I HAVE SOME TO CO SIGN WITH ME, BUT SHE PURCHASE A HOME LIKE ME 4 YEARS AGO AND WE BOTH HAVE NO EQUITY. SOMEONE TOLD ME TO GET A PRIVATE LOAN THEN IN 6 MOS, THEN FINACE IN 6 MONTH. DOES ANY ONE HAVE ANY EXPERIENCE WITH PRIVATE LOAN HOME PURSCHASE. I AM SO REDY TO BUY, BUT I CAN’T DUE TO NO EQUITY AND I DON’T HAVE ENOGH OF MONEY TO GO CONVENTIONAL. . ANY ADVISE?????
Related ‘fha’ sites :
| Federal Housing Administration portal.hud.gov | |
| HUD - Federal Housing Administration What is FHA Mortgage Insurance? FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans. ... www.hud.gov/offices/hsg/ | |
| Federal Housing Administration/U.S. Department of Housing and ... FHA has insured over 37 million home mortgages and 47,205 multifamily project mortgages since 1934. ... Clearly, FHA provides a huge economic boost to the country in the ... portal.hud.gov/portal/... | |
| Federal Housing Administration - Wikipedia, the free encyclopedia The FHA's logo. The Federal Housing Administration (FHA) is a United States government agency created as part of the National Housing Act of 1934. ... en.wikipedia.org/wiki/ | |
| Let FHA Loans Help You - HUD FHA loans have been helping people become homeowners since 1934. ... FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. ... www.hud.gov/buying/loans.cfm | |
| FHA loan - Wikipedia, the free encyclopedia FHA loans have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. ... en.wikipedia.org/wiki/FHA_loan | |
| Florida Hospital Association The FHA has established a healthcare reform webpage with links to the Congressional ... There is still time to complete the FHA Salary Surveys -- 03/12/2010 ... www.fha.org | |
| FHA home loan requirements - FHA loan guidelines for FHA ... FHA loans for purchase or refinance. How to qualify for a fha mortgage loan, where to find information on FHA Down Payments. ... www.fhainfo.com/index.asp | |
| Federal Housing Administration: Definition from Answers.com Federal Housing Administration (FHA) Federal agency that insures residential mortgages. Created by the National Housing Act of 1934, the FHA is now a www.answers.com/topic/ | |
| FHA & HUD Government Mortgages Free FHA help and information for all FHA loan and mortgage products. FHA licensed Loan Officers are on call to answer all your FHA related questions. ... www.fhamortgage.org | |