Hi,
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 alot more then the place was worth. We talked to a realitor 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 opportuntiy to refinance our home at todays value or else court time, plus but the intrest charges twards the equity of the home. The mortgage company did that with out any question, they told us they will "eat the diffrence" this was about 56k they "ate". There was no disscussion 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.
Posts Tagged ‘mortgage company’
Tax advise please?
Friday, August 13th, 2010Buying a home, need a down payment?
Wednesday, June 30th, 2010Currently I am in the process of house hunting. I already own a home, but its occupied by three people including me. I am trying to move out to live on my own (Finally). I did a recent credit check back in april, it was good, but back then i wasnt interested in owning a new home.
I have a steady job, and make about 2,000 per month. I have a car payment and a small debt to pay to a bank loan (around 1,500 dollars). So my question is, is it possible for a mortgage company to give a loan without having the required 20% to buy a new house? Should i refinance my current property or get an equity loan? The other two current home occupents will remain in that house and carry on the payments there. If anyone has any suggestions or experience, let me know.
By the way this would be my second time being a home owner, the first time i was very young, and might have missed something. My current situation with the home im living in is fine, but i just want to get out, get my own place and go solo.
By the way, those remaining occupents wouldnt be tennants, one of them is on the title and deed to the house, which would probably make him responsible for the mortgage. Still i would be partly responsible.
Can you get an equity line on a home you are going to buy to use as part of the financing for that same home?
Saturday, May 22nd, 2010My wife bought a home that was appraised at 5,000. The mortgage company had her put down ,000 in cash and then financed the home by giving her a fixed rate first mortgage for 0,000 and then at the same time gave her a variable rate Home Equity Line Of Credit against that same house she was buying for 0,000 to use to finance the balance. This just seems really odd to me.
First, in essence it appears that they let her borrow 0,000 against the equity of a home she didn’tt even own until after all the money had changed hands.
Second, since she only put ,000 cash down and the combined loan balances add up to almost 100% of the houses appraised value then how was there even any actual equity in the house to borrow against in the first place?
Can anyone can say if this was a proper way for an OCC regulated nation bank to make a home loan? What kind of state of federal office can I check with to see if this was in any way predatory or improper?
Thank you.
In responce to double checking facts.
The appraisal was for 5,000 and the sale price of the home was 4,900.
The second loan came with a checkbook, all papers say that the second loan is a variable rate home equity line of credit and the approval letter states, You have been approved by (bank name) for a home equity line of 0,000. This transaction will occur simultaneously as the first mortgage loan. The first mortgage loan request was based upon a home equity maximum disbursement of 0,000 at closing
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.
IS there anyway i could take out 2 mortgages. 1 for me and 1 for a buy to let business?
Friday, April 16th, 2010I was toying wth idea of getting a 100k mortgage to buy a house to live in, i.e. shared ownership (75/25%) to make it affordable, i also was wondering if it would be at all possible to take out another mortgage for a buy to let business. So the income from the rents would pay that mortgage each month, is this completely impossible or not/
Last year I refianced for a 2nd mortgage. What can be done about a payoff being 31 days late?
Thursday, April 15th, 2010I took out a second to pay off a ballon payment mortgage. They said not to make the payment that they would pay it off. They paid it off late by 31 or 32 days.
What options do I have to remove a co-mortgagor from my home loan?
Friday, December 18th, 2009I purchased a townhouse 5 years ago with a co-mortgagor. We both lived at the residence until she decided to stop paying and moved in with her boyfriend. She is still on the mortgage with me, but she refuses to make any payments.
She wants to be taken off of the mortgage, but we are upside down on our mortgage and we do not have any equity in the home. Refinancing is not possible because we owe ,000 more than what our house is currently worth. She wants out of her mortgage obligation, and she wants to just walk away.
I tried to do an assumption with our mortgage company, but they denied me. .This would have allowed me to take on the entire loan by myself, and it would have removed her from the loan. They said my income is not sufficient to approve the assumption.
What other options do I have? I just want to keep the house. My co-mortgagor will not sign her rights to the house over to me until she is taken off of the mortgage. Do I have the right to take legal action against her for walking away from her financial responsibilities?
Home Equity Loans FAQ
Monday, December 14th, 2009Can home equity loan travel to foreclosure?
When my house was worth something a few years ago I paid of an existing mortgage beside a 30year fixed home equity loan. I also took out a small home equity loan for improvements. I had a ton of equity but now i don’t. House have been on market for 3 years since getting…
Can i achieve a home equity loan from a property located contained by PR, realm of US, while living surrounded by US?
I moved from PR to FL, and would like to consolidate debts. unless you owe nothing on the house within PR, the answer is likely “no”. you probably can re-finance it, paying off the existing loan. Be…
Can I achieve a home equity loan on in somebody`s company owned property?
My wife and I are separated, she is living in the house. Does she have to agree and co-sign for the loan? No you can not. She would enjoy to agree and co-sign on the loan and she would be entitled to 1/2 the loan equity. If your…
Can I achieve a home equity loan?
I own my fathers home outright, no mortgage, just the property tariff bill, I need about 20,000 for renevations and to win caught up on a few other bills. The house was closing assessed to be worth $275,000. I would like to use bank of america but I hold on to reading…
Can i achieve home equity loan minus human being on mortgage? but I’m on work
going through divorce and she killed me with debt.she make more than me has the house and the kids and i have the debt. she is jerk me around setleing with me. if the divorce is not final then within most states no way unless…
Can I acquire a home equity loan or do I hold to re-do my mortgage?
I bought my home 4 years ago, and it appraised at $101,000. I bought it through a mortgage company, on a 30 year loan. Now that I can afford to pay a little more I’d close to to redo my loan, and add…
Can I apply for home equity loan while house is tabled for Dutch auction?
In MD area, is it possible to apply for home equity loan while house is listed for Dutch auction? I am trying to purchase a land/lot, but need home equity loan for downpayment. I know loan guidelines have be pretty tight recently. If my…
Can I appropriate out a home equity loan right after the purchase if I bought a 170000 house for 145000?
wondering about taking out a home equity loan on the remaining value of the house to consolidate the rest of my bills. Is this clever? Yes but you will need to have terrifically good credit, and be able to debt…
Can I borrow $50000? Have some home equity and a business but unqualified to take traditional loan. Looking for?
money for business expansion. Contact me a buylife_1(a)yahoo.com if serious. This could be as an investment-would pay a decent return-can provide info. www.lendingtree.com if you enjoy equity in your home, you can get 125% of homes expediency. They were running an ad…
Can i bring a home equity loan even though i dont own my home?
im still financing my home. mortgage. but i want to get an equity loan even though i dont own it yet. is this possible? if so, do i capture the loan amount value of my home or is there a sunhat limit. say…100,000? If you have…
Can i bring a home equity loan on a home i purely bought that i be able equity contained by it?
we are buying a home from my mother. she is gifting us the equity in the home. can we get an equity loan at duplicate time as we get our home loan or do we have to dally and how…
Can I bring a Home Equity Loan on a Rental Property?
You can have it done but the fees will be huge. You will probably pay between 3 and 4 points which is a significant amount. It is harder, regulations are more difficult but it can be done. Source(s): Certified Real Estate Appraiser What? Not if your…
Can i buy a tentative home on home equity loan?
my existing house valued three hundred and fifty dollars and i still need to pay 80,000 towards my mortgage immediately i am thinking to to take two hundred and fifty thousand dollars equity on my house and paid stale mortgage and i have a wish to buy a home…
Can I capture a home equity loan near Bad Credit. i OWN My home and its fully remunerated for?
I went to the bank today and tried to procure a home equity loan but they turned me down because I had bad credit. I own a stable job that I worked at for over 5 years, I own my…
Can I catch a home equity loan next to a first mortgage?
I am buying my first home with an FHA loan. The mortgage company I am using doesn’t do a 203K loan and I would like to use money to develop the house. I was approved for $40,000 more than purchase price and only want $20K max. …
Can I claim the home equity loan interest on my taxes if the form have my husbands SSN number?
NO-why aren’t you filing jointly? You claim the amount you compensated on your return. Check the schedule A instructions for any additonal notations. (Be advised, if you itemize, your husband must also itemize.)
Can I compensate past its sell-by date a home equity loan near my credit card ( lower interest rates!)+ how do I do it?
I have an offer from a credit card co near a low interest rate, 2% lower than my home equity loan interest. I would love to get rid of the horrible 8.75% home loan interest on $12,000….
Can i construct the payments on my dad’s home equity loan?
My father took out a home equity loan a few years ago to help me out financially. I make the payments on his home equity loan directly to my father’s sandbank. Is this legal, or does my father need to be the one signing the checks? they don’t really vigilance…
Can i database collapse on my home equity loan, but not my mortgage loan?
I doubt it. Husband owns a mortgage co. If you report bankruptcy on a home equity, they could take your house. Don’t do it. Good luck. Bankruptcy (7, 11, or 13) will not disturb the legal status of a properly documented mortgage….
Can I discount interest on more than $100,000 on a home equity loan?
the money was used to build another house (occupied by my elderly parents) located next to my primary residence on indistinguishable 10 acres of land. Can this qualify as a “home or land improvement” and allow me to write stale the full interest amount? To deduct interest…
Can I draw from a home equity loan 2 years after liquidation?
I had a business failure that cause a personal chapter 7 bankruptcy which was discharged within April of 2007. I currently have a tax lien on the home due to some IRS penalty, interest and taxes owed from the business. I’d like to get a home equity loan to…
Can i filch out a home equity loan against my home near a co-signer?
i want to take out 30,000 home equity loan but i am in chapter 13 collapse, can i get someone that has pretty well brought-up credit to co-sign for me If you weren’t contained by bankruptcy, I would say yes unsurprisingly. It depends upon each individual bank…
Can I gain a home equity loan next to no seasoning requirements beside bleak credit?
We just purchased a home and want to consolidate some bills to create a better cash flow. The problem is we’ve solitary been in the house for two months. I’m man told that most companies require 6 months to 12 months seasoning to get…
Can I get hold of a debt consolidation loan as a home loan but next to no equity?
I am trying to consolidate my credit card debt because the payments are too high each month. If I could catch a home loan this would be perfect. I am having difficulty making adjectives the payments and I don’t want to…
Can I get hold of a Home Equity Loan lacking a W2 and single paystubs?
It depends on your mound. Some banks require a home appraisal too. Look… not matter what anyone says you’ll never particular until you try. Talk to a mortgage broker. They have many sources of funds. Not going to happen right…
Can I get hold of a home equity loan on a property I own surrounded by Canada, if I’m an American citizen?
I own, (thru an inheritance) a cottage/home in Ontario,Canada. Where can I go to procure a home equity loan on it? I own the property out right and only pay twelve-monthly taxes on it. Althought the property is in…
Can I get hold of a Home Equity Loan to purchase a rental property?
So, that way I could use some money to rehab around the property rather than getting a mortgage loan. The rental properties are usually range $30K to $50K. Thanks! done all the time I am a mortgage banker within TN & KY . …
Can I go and get a home equity loan if I already enjoy a second mortgage?
Get valuable tips on mortgage from http://moneymentor.cashmatter.info . It’s a exceptionally useful website. Generally not short paying off the second. No one wants to own the third lien position on the house, especially if there isn’t a ton of equity. Most likely you…
Can I go and get a home equity loan?
Can I get a home equity loan if I have fruitless credit. Please help. I need to know what trusted companies I can contact for this type of loan. Thanks. i am loan officer. tell me more about your situation and i’ll agree to you know if this is the…
Can I grasp a home equity loan near a credit rack up of 560?
probably not…right now the sub market is discouraging…..right now a credit score of 600 is needed for most home loans…… no and you should not try because you will not be able to afford the rate that they will charge!! work on getting you…
More Home Equity Loans questions please visit : RefinanceFreeFAQ.com
Can I get a home equity loan with a first mortgage?
Monday, November 16th, 2009I am buying my first home with an FHA loan. The mortgage company I am using doesn’t do a 203K loan and I would like to use money to improve the house. I was approved for ,000 more than purchase price and only want K max. My credit is not perfect… I’m trying to find out the chances of being able to get a home equity loan with a first mortgage. The house is valued 7K and the loan will be for 9000. Any help would be great!
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