We owe 5,000 on our house and it’s now worth about 0,000. We have an ARM that is going to reset in Jan 09. We definitely can’t afford the ,000 jump in payment. Called the mortgage company (Ocwen) and they said we do not qualify for the government’s freeze on interest rates program because our ARM was for 3 years instead of 2, but they said call back closer to the time the loan is set to reset and they’ll work with me. Somehow I doubt it and I don’t want to pay my ,100 property tax bill on the house if I’m just going to lose it in the end. Plus, I’m thinking about all the money we could save every month if we let it go and just rented a house. We’d save about ,000 a month on rent and ,000 a year on property taxes. Why hold on to a house that costs too much and has no equity? Not to mention it’s an interest only loan, so paying it off will NEVER happen. Please give me your advise. Is foreclosure really so bad? My credit score is already low (610)
Posts Tagged ‘improving your credit’
Should I try to hold on to my home or let it go into forclosure?
Saturday, November 14th, 2009is it possible to refinance with no equity in my home?
Thursday, September 24th, 2009I think if we refinanced now we’d have no equity in our home. can i still shop around other banks to refinance? because before you had to have equity, is this time different?
How do I know how much equity my home has?
Monday, September 21st, 2009My husband and I are considering getting a home equity loan to fix up our house a little bit. Our home was valued around ,000 when we bought it almost 2 years ago. It is completely paid off so we do not have a mortgage. How do I know how much equity my home has to borrow against?
Also, I’m a dunce when it comes to these kind of things. I am not sure that our credit history is awesome (although I know it’s not horrible- over the past few years we’ve probably had like 2 late credit card payments, and recently we accidentally exceeded our credit limit on our credit card, but I’ve never had problems with car payments, etc.) so will that affect it much? I’m confused about the whole situation.
Can you take out a home equity loan on your current home to put a down payment on an investment property?
Wednesday, July 29th, 2009Just wondering if I put a considerable down payment on a home and built more equity over a few years if it would be possible to take a home equity loan out to put a down payment on another home that would be used for investment purposes? A rental property/duple/apartment complex etc….
Of course I realize that the home equity loan would need to be paid back but I was wondering if people out there do this on a regular basis?
If not can anyone give me creative financing ideas when it comest to purchasing multiple homes for investment purposes.
I understand a persons credit score tangible assets can be a determining factor but I have yet to build any considerable assets.
I make close to 0K a year before taxes, would that alone be good enough for banks to finance me?
P.S. – I live in the Dallas TX area and I am looking at properties averaging around 0K as rental properties.
Just wondering if building up equity in homes would allow me to borrow to purchase.
my x did something similar. He forged my signature on a home equity loan . what are laws in pa on forging?
Monday, July 13th, 2009husband did this while we were married but just found out about it now. I found out because my credit report had a bad score because of this loan i knew nothing about.
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