Posts Tagged ‘mortgage home equity’

What does it mean to take out a 2nd or 3rd mortgage out?

Sunday, August 1st, 2010

l thought a mortgage was a mortgage. Buy a house, give up your life, slave away to pay until you are 80.

so whats the deal with taking out a 2nd or 3rd or 4th mortgage? what does that mean?

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Transfer/Purchase of home ownership, with no tax implications to "seller"?

Wednesday, June 16th, 2010

My grandparents bought a home in 1993 for my parents in cash, no open mortgage. Home is in grandparents name. My parents are divorced and my mom lived in it for 10+ years until January when she passed away. My grandfather is deceased as well and neither of them left a will. Now before I make improvements and pay the back taxes I woul dlike for the house to be in my name and I’ve gotten so much advice, what’s right? I’ve initiated an Affidavit of Heirship, but recently a real estate attorney said I needed to get a deed created to turn the owners from my grandmother (and grandfathers living kids from previous marriage) to just my grandmother and then she could do whatever she wanted. She was the spouse, do they have those rights? (I’m in Texas by the way.) Well then she needed money so she was going to sell it to me for cheap and I was going to try for the 1st home buyer tax credit, nope. I wanted a large loan to pay her, pay the back taxes, pay my debt and give my brother some cash also repair the home. We quickly caught on to the "seller" having to pay taxes on all that money (100k). SO that won’t work. I then had a tax/accounting person say do it as an inheritance your mom died and your grandmother is giving it to you as an inheritance of your mom’s then you can take out a mortgage/ home equity. NO Can’t inherit from someone who is living… AH! What now? A gift? SOmeone help please. House value about 2k in 77546, Texas

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Home Equity Loans from investment property?

Friday, April 30th, 2010

Are there any legit (well known) Lenders out there who will give a home equity line of credit from an investment property? We have about 65% equity in a home we currently own and rent out in CO.
We have superb credit (above 750). When we built it and bought it with so much cash, we had every intention of it being our final home. Circumstances change and we’re now out of State.

We make excellent profit off it, so selling it, not an option. But how can we free up some cash?

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IS there anyway i could take out 2 mortgages. 1 for me and 1 for a buy to let business?

Friday, April 16th, 2010

I 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/

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Moving into grandparents farm house while they are nursing home?

Friday, April 16th, 2010

My husband and I are moving into my grandparents old farmhouse. The property consists of about 5 acres, two buildings and the house. The house needs some work and my husband and I are going to do this work, but my question is what are our options for this. The property is worth too much money for any one person to buy in the family, so my husband and I are living out there until everyone figures our what we are going to do. Should we get the deed transferred temporarily to my name so that we can get a home equity loan, and be able to have our own insurance company cover the house, or should we live there and make the repairs really slowly? Thank you

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Tax Pro Opinion – Foreclosure/2nd Mortgage Issue?

Friday, February 12th, 2010

I can’t find anything about this situation.
My house has a 1st and 2nd mortgage (Home Equity Loan). The Home Equity loan was used for repairs & updates on the house so I’ve been claiming it all along on my taxes (the interest payments).
The house is going into foreclosure. The main mortgage is FHA insured, but the 2nd mortgage is not. I make just a little too much to be eligible for Chapter 7 Bankruptcy, which is the only way to totally discharge debt.
I could do Chapter 13 (or maybe it is 11), but that is just restructuring and paying back what is owed. The 2nd Mortgage bank is willing to work with me on lower payments and longer payback time and they know the house is foreclosing – which would at least avoid lawyers fees for them & me.
I’m just wondering if anyone thinks there is any chance at all that those payments could remain tax deductible (the interest portion) after the house has foreclosed and I am no longer the owner of it. The loan WAS for my home and the funds WERE used in accordance to the rules which have made it eligible for tax deductibility.
What are your thoughts? Am I dreamin’?

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Can you do a Deed-in-lieu of foreclosure if you have a home equity line of credit on your home?

Friday, November 27th, 2009

I am considering the Deed in lieu of foreclosure option but I have a Home equity line of credit on my house. Is this something that can still be done? BTW I live in Florida if that has any bearing on the answer.
Thanks in advance for any advice :-)

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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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Are home equity lines of credit or loans easier/harder to get approved of than personal loans?

Saturday, November 14th, 2009

what’s the difference between the two, and which ones are easier/harder to be approved of etc?
My partner is getting one or the other, which I’m strongly urging because he owes me alot of money , due to health problems and house problems I had to help him with, and I personally want him to go with whatever’s more flexible, and has a longer time frame, so it will make it easier on him on payments.

He got accepted left and right when he applied for personal loans last year but turned them all down because he didn’t need them yet, and this year he’s starting again but is going for the home equity, but already got one rejection, because he already has some debt.

I personally don’t know what to tell him, so someone educate me!

thanks.

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What is my next step? I want to combine my bills to one . I can’t get a home equity or an unsecured.Bankrupt?

Thursday, November 12th, 2009

I’m trying to stay solvent with my finances but my bank won’tgive me a home equity or an unsecured loan. What else can I do, file bankruptcy. I lost my good paying job about 5 years ago and just can’t get up to the earnings level I need to stay above water. Any other ideas?
Thanks Tom.

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