My mother and father have both their names on the home they live in. My father was allowed to take out a 300,000 line of credit (equity loan) on the house without my mother’s permission. Is this allowed. He has dementia and has lost/wasted the money. How could this have happened without the bank informing the other homeowner or getting her permission?
Posts Tagged ‘money’
Equity loan for a home owned by husband and wife?
Sunday, August 22nd, 2010An estimated 2 million adjustable rate mortgages are scheduled to reset by the end of 2008, going from low int
Saturday, August 21st, 2010An estimated 2 million adjustable rate mortgages are scheduled to reset by the end of 2008, going from low introductory interest rates to higher rates that in some cases will double or even triple the monthly payment. Its called predatory lending. Thats our money that they loan out after we deposit our paychecks, Its regulated by us, but its regulated in favor of profits for the banking industry. Cant one of us go pay off some senators?
Can you still qualify for a home equity loan if you behind on mortgage payments?
Monday, August 16th, 2010I’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.
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.
Home Equity Line of Credit HELP!! Specialized Loan Servicing / GMAC?
Thursday, July 29th, 2010I purchased my home in 2004. At that time, a ,000 home equity line of credit was established through GMAC. In October of 2009, GMAC sold my HELOC to Specialized Loan Servicing.
Ever since, it has been a nightmare.
Can’t keep track of my payments, no idea where my money is being applied, bogus annual maintenance fees (that were not in the original GMAC note), impossible to read statements – I’m just beside myself. On top of all that, it is obvious SLS is geared towards collecting BAD debts. Almost every call I make to them, or piece of mail I receive is set up as if it’s for someone that is 3 months behind. I pay almost double my monthly payment for pete-sakes!!!
I want to get AWAY from this company…. can anyone suggest a lender, company, bank, solution so that I can run from these half-wits??? I don’t deserve to be treated like this, and neither does anyone else that have been upholding their end of the loan requirements.
Which is better a home equity loan or line of credit?
Tuesday, July 27th, 2010I want to buy a used lexus IS250 for 24,000. Great carfax and low mileage (29000). The interest rates on used cars are so high. I also have an option to borrow against my pension (4.9%). The only problem with that is they will only take money from my paycheck during the school year which will likely make my payments too high. Any financial advice will be appreciated. Can a line of credit be fixed? What can I expect to pay in closing for either? A pension loan is free to get.
How can I legally kick out my adult nephew who is damaging my house?
Friday, July 16th, 2010My sister and I inherited my parent’s home, which was paid for, 8 yrs ago, joint co-owners with survivorship. My sister lives in the house with her husband and 29 yr old son. My husband and I live in the same town in another home. My sister and I are very close. She didn’t want to sell the house and wanted to live in the home with her family indefinitely with the understanding I was welcome to stay with them if I ever wanted to move in. We agreed to split the money if we ever decided to sell. However, her son’s behavioral problems have gotten worse over the years and he has been uncontrollable for the past 5 years. He has been in and out of jail, is disrespectful, and has been damaging the house, tearing up, and breaking things. He has a terrible drug problem, refuses to work and expects my sister (and me) to keep him up. My sister is a sweet, wonderful, hard-working person who means well but she enables my nephew and has a hard time telling him "no." Although she has a great job, she is broke b/c she gives her money to my nephew. She spent her retirement funds to keep him out of jail. A few years ago, she took a home equity loan on our house (I to consolidate her debts. My nephew constantly harasses her for money and threatens her if she doesn’t do what he says or threatens to punch the wall or tear up something in the house. We have tried to talk to him and he has gone to rehab but hasn’t changed. When he first started punching holes in his bedrm walls, I called a family meeting to discuss his behavior and told him he had to stop destroying the house. He hasn’t been sober in a year so he is difficult to talk to b/c his thoughts are clouded by the chemicals. I have tried talking to my sister about kicking him out but she says he is her son and she can’t follow thru with it. My brother-in-law has tried to discipline him but my nephew sarcastically tells him it’s not his house and he can’t do anything. He starts arguments between my sister and her husband so that he can control the house. I cannot stand by any longer and let him devalue our house. I want him out of there but I’m not sure what to do. It causes me a lot of pain to see the home my parents worked hard for be destroyed. He brings his party friends and girls in and out of the house at all hours of the day and night. It is sad. What can I do to stop this? Thank you for any advice. Worried In NC
What happens with the 2nd mortgage when I give the 1st mortgage holder a deed in lieu of foreclosure?
Thursday, July 15th, 2010I am unemployed and cannot pay the mortgage payments. I have the home on the market but it will not sell for the loan amount. I was thinking of giving the 1st mortgage holder (80%), a deed in lieu of foreclosure. Will the second mortgage holder (20%) be able to get any money or be able to file a judgment against me as home owner? I live in the State of Arkansas.
US Bank says my loan is "Investor Owned" and they can't offer me a loan modification, any other options for me?
Wednesday, July 14th, 2010I have a 5 year ARM and it is up in Dec. I had to let go of my second property in AZ. My credit is shot. (Aurora Bank strung me and my cash buyers out for 7 months before still Foreclosing on the house) I ran out of savings. My parents have been helping me pay my bills but that money has just about run out. I just got a corporate part time job with a strong possibility of full time hours soon. US Banks says since my home is an "Investor Owned" loan and it’s not a freddie Mac or Mae home, they can’t offer me a loan mod, forbearance…nothing. I have about 50K equity in it. I want to refinance it and get these good load mod’s that so many people have received. Any other options for me on dealing with US Bank. I heard about stopping payments, putting a restraining order against the banks… I am not sure what that is all about. But basically I want to know if there is any other avenue for me to go down that is legit to get a better loan. I am thinking of having my parents be on the loan and get a new loan entirely. I have bad credit due to the short sale tactics of my AZ property. This is a Ca home in Orange County if that makes a difference. I’m also renting two rooms in the house and we all live together, so if there is some kind of renter protection clause, let me know. Please let me know if there are any assistance programs available to me and or any options, ways of going about this that I should know about. Super Thanks!
I didn’t saw I was looking for a job
Does this FHA streamline refinance make sense to do if I plan to sell in 4 years?
Wednesday, July 14th, 2010Here’s the scenario …
Been in my first home for 1 year and have a 5.5% fixed rate on an FHA mortgage. I plan on living here for 4 more years and then selling to upgrade into a new home. I was contacted by my old broker proposing to do an FHA Streamline refinance to take advantage of the current lower rates. His proposition is this…
- 4.625% rate
- Payments lowered by 0 per month
- I bring .8k to closing
- Loan balance goes up by k
I’m trying to understand why this would make sense for me to do.
By my logic the scenario doesn’t give me much of an advantage…
GAIN: months(48) x savings (0) = 80 gained
vs.
LOSS: closing (00) + loan balance change(00) = 00 lost
The broker is arguing with me that the closing is basically free because I can bring the skip payment that would occur plus some refunded escrow money to pay for it. I don’t know if I would agree with that. Seems like I’m financing my savings with cash upfront and losing equity. Any opinions or insight would be greatly appreciated. Thanks!
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