Posts Tagged ‘mortgage company’

What options do I have to remove a co-mortgagor from my home loan?

Friday, December 18th, 2009

I 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, 2009

Can 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

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Can I get a home equity loan with a first mortgage?

Monday, November 16th, 2009

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 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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Should I try to hold on to my home or let it go into forclosure?

Saturday, November 14th, 2009

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)

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Mortgage company GMAC stealing my home?

Sunday, October 25th, 2009

Mortgage company GMAC sent me a letter giving me till January 2010 to move out. They will pay off balance and it will not effect my credit. Here’s the strange thing about this, we have never missed a payment and are not behind. Can they force us out of our home? We will loose all of our equity. Should we get a new loan?

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Equity line of credit a good idea to pay off my mortgage?

Thursday, September 24th, 2009

I called my mortgage company today and asked about a refinance. I am not behind, or in forecloser. He did not offer me a good rate, but he did talk about a equity line of credit to pay off the mortgage. I currently have a ARM loan, (I know not good), but thats why i called and tried to get a fixed rate.
He said if I take a equity line of credit, to pay off the balance of the house I would have to pay no fees, or closing cost. Which means that my mortgage would have a 0 ballance. My credit is OK, I owe less then 1/2 of what I borrowed. My ARM interest rate is 7.125%, and he said he could get me the Equity line of credit at 4.5% Is there any catch to this, is this a good idea, or bad idea. Please help

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What are the guidelines that banks are using for Home Equity Lines of Credit?

Tuesday, September 22nd, 2009

I asked this question in a different section and have only gotten one response which is not at all what I am asking, so I am asking it again.

I would like to consolidate some debt. I know that the banks are having a tough time right now. I was wondering if anyone knew what the guidelines were for getting HELOCs (Home Equity Lines of Credit)? My husband and I both started new jobs recently, but we both have excellent credit? Any idea what the debt-to-income ratio is that they are looking for and if all banks are now doing full documentation loans?

I understand HOW a HELOC works. I used to work at a mortgage company. I just need to know what the current guidelines are and if I will qualify. I know the questions to ask the lenders. I just don’t know how all the stuff happening with the economy has changed the guidelines since I worked there (1 1/2 ago).

Specifically:

Combined 1st and HELOCs will be 80% loan to value. How many years employment do you need to have? Can that be overlooked by the fact that we both have mid-700 FICOs? Do all lenders make you prove your income now instead of going stated income? What debt to income ratios do we need to qualify?

Question about Home Equity Line of Credit?

Monday, September 21st, 2009

I plan to get a home equity line to consolidate some monthly bills, and my mortgage company has offered this type of loan as the one wiith the lowest montlhy payment:

Home Equity Line of Credit 90
Rate: 84.500%
APR: 84.500%
Term: 120
Does ANYONE understand the terms and and interest on this type of loan?

do you think we qualify for a construction loan, credit score wise? Please help!?

Monday, September 21st, 2009

My husband and I have credit scores of 560 & 580 currently but we have a best buy credit card that shows that we have not made a payment in 9 months on our credit. I have talked to Best buy and they are in the process of fixing it because we had made every payment on time. Once (if) that is ever fixed then our credit should go up. We have 2 credit cards and have a good payment history with them. We currently have a home mortgage and within the last 3 years that we have had the home we have been late 3 times, several months apart. We also have a car loan with a good payment history as well. We make about ,000.00 a year combined and we have our home loan of 5,000.00 and car of ,000.00 and two credit cards with a combined balance of ,000.00. I am currently building my own benefits company from home and I am making a good income on the side of my 40 hr job so that income is not included in the ,000.00 a year yet.

When we purchased our home three years ago, we had zero credit. The mortgage company supplemented our credit so we could get a home, so within the last three years is where our credit is coming from. With that being said, we dont have a very long history of credit and our scores are not very high. We are looking to build a home within the next two years, we would LOVE to have it build in the Spring/Summer of 09 but we dont know if this is feasible and we dont want to get our hopes up.

We are not expecting a large profit out of our home. We have a great started home in a good location. We are going to be building a 2000 sq ft home on 5 acres. The land is my mother in laws and she has 15 acres and we are getting 5 of them. We have paid her for the land but have not transferred the deed yet as we need to get it surveyed. The land where we are going to build is selling for anywhere from 20-25K an acre, so clearly we have equity in the land.

So my questions are this: Do you think we would qualify for a construction loan?
If not, how can we improve our credit quickly besides making more and extra payments on our monthly bills?
What credit score do you think that banks are looking for with a construction loan?

THANKS IN ADVANCE!!
Jessica

my credit is not the best and i have asked my mortgage?

Sunday, September 13th, 2009

company to help me with a equity loan. i have good equity in my home and have a good payment history of paying my house note. but i do have a lot of other things that i am not up to date on. is there anything i can do to get the mortgage company to give me a equity loan.

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