My home is appraised at 5,000, my mortgage is at 5.875% with a balance of 67,000, I also have an equity loan at 31/2 % with a balance of ,500 should I refinance ?
Posts Tagged ‘foreclosure’
Should I refinance my mortgage?
Thursday, August 26th, 2010What happens to my 2nd mortgage home equity loan in a short sale in California?
Monday, August 23rd, 2010I am currently under short sale proceedings in CA. My first has agreed to the terms but my second, which is a non-purchase money loan, is requiring me to sign a promissory note at a reduced balance. The second has agreed to reduce my balance by 65% and payable interest free over 20 years. Should I sign? I believe the alternative to not signing is a foreclosure initiated by the first. Need help fast. Thanks for reading.
i have 2 mortgages in my home loan?
Friday, August 20th, 2010i have 2 mortgages in my home loan, thing is i haven’t paid the 1st loan mortgage for about 3 months already bec of very very hard times, so the question is, what will i do with the 2nd loan? am i going to continue paying the 2nd loan while not able to pay for the 1st loan knowing that it will still lead to foreclosure anyway? that i would only waste precious money of what i have left if i would still pay the 2nd loan knowing that the 1st loan can’t be paid and would lead to foreclosure anyway, either way?
Is it even remotely possible for me to get a home loan?
Sunday, August 8th, 2010I 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.
Short sale of foreclosure? What is the best option?
Monday, June 28th, 2010I 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.
Do you think it sounds like we have a good chance at selling our house with the repairs we made, eventho…?
Thursday, June 24th, 2010It 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. :/
Home equity loan , i need your advice?
Sunday, June 6th, 2010Hi,
My question is in regard to a home equity loan. We are selling our current home and have found an excellent deal on a larger house. The house was foreclosed on and we have a contract on the house for about K less than what the builder had in it (e.g. our mortgage will be for around 8K and the builder’s cost was ~5K). The house was put on the market for nearly 0K and the houses around this one are going for above 0k, so my prediction is that we will have around -K in equity pretty quickly.
I also understand that initial appraisals will be very conservative because some appraisers were sued when the housing bubble burst because some properties sold for far less than what they were initially appraised.
All this being said, I have about K in miscellaneous debt and I would like to take out a home equity loan. I am going to try to take out K to consolidate the aforementioned debt and also furnish the new house after we close. Does anyone see a problem with me doing this? Also, how soon after closing on the house would I be able to do this?
Thanks and regards
Should or CAN I combine my Mortgage loan with my home equity loan (Refiance together)?
Tuesday, May 18th, 2010In 2006 I purchased a home for 9,000, I took out a mortgage for ,200 at 6.75% (30 years fixed) and a home equity for ,700 at 8.74% (20 years fixed) and put down ,000. I did this so I could avoid PMI which I did. But now I want to refinance since my rate is ridiculously high. Can I combine these two loans now, currently at ,000 and 00 = ,100 combined? At my local credit union the rate they show is 5.185 % (at HSBC now). Gonna live here for at least 6 more years maybe more until my parents sell their home. Gonna talk to them but just wanted some insight before I went. To throw something else in I just won ,000 and was thinking of just paying off the Equity loan but wasn’t sure if I should invest it instead? Was gonna open a roth IRA for a retirement fund maybe with 00 of it since I’m in my low 30’s..
Lost My house in a divorce. Was responsible for home equity loan used to start my business. Home Buyers Credit?
Tuesday, May 4th, 2010I was divorced and signed over the deed of our house to my ex wife September 2005. I rented until February 2009 and closed on a 8,000 home. We agreed in the divorce that I would be responsible for a home equity loan I took out to start a business. Since I was renting and paid child support , it took me 4 years to pay that loan off. I did NOT, however, own a home during that entire period. And, as stated, the deed was signed over. I did however claim an interest deduction from the 1098 forms I received every year during the time it took me to pay off the home equity loan. My question is do I qualify for the 00 First time buyers credit. I, like many others, am being reviewed this year. I did claim the credit and I know I qualify for the 3 years without buying clause. I’m just wondering what the IRS is going to think when they see Home Mortgage deductions from the 1098 I received until the loan was paid. Help, please
To: I love Idol.
Thank you for the very thought out response. All those people screaming tax fraud. Give me a break. I received 1068forms. I THOUGHT I was supposed to itemize the interest. In fact H & R block did my taxes that year and added it to my deduction.
To answer your question, the mortgage company took me off the mortgage legally 4 years ago. But I still felt responsible for the home equity loan so I agreed to pay that as well. I just didn’t know you couldn’t claim an interest deduction if you were not on the mortgage. That seemed to be the general concensus. I’m calling my new CPA tomorrow. Any other ideas? If you have something productive to say, this goes out to everyone.
How do you become a foreclosure consultant?
Tuesday, April 27th, 2010I heard this was a pretty interesting business and soemthing I may enjoy doing. For those who don’t know what a foreclosure consultant is. Basically, if someone is evicted from their home for missing home equity/loan payments, then then the bank usually hires a contractor or a consultant to give the home a price tag. Does anyone know how to become one of these guys and what required training is needed?
JJ Sotiera:
You must’ve mistaken me for some kind of moron. You didn’t even answer my question. I don’t know of any system or anything, especially one worth hundreds of thousands. I was simply asking what companies (for example) I would talk to about becoming one and what education is required.
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| Foreclosed Homes | Bank Foreclosure Listings | Foreclosure ... Search our database for the latest Bank Foreclosure Listings in the country. View Repossessed homes, Pre-Foreclosures, and Foreclosure Auctions selling as low as $10,000 www.foreclosureagency.com | |