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’?
Posts Tagged ‘mortgage home equity’
Can you do a Deed-in-lieu of foreclosure if you have a home equity line of credit on your home?
Friday, November 27th, 2009I 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 
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!
Are home equity lines of credit or loans easier/harder to get approved of than personal loans?
Saturday, November 14th, 2009what’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.
What determines if the interest on my Home Equity Line of Credit is tax deductable?
Saturday, November 7th, 2009Can I pay off my car loan with my HELOC and the interest will be tax deductable?
Cash on Equity Loans?
Friday, October 30th, 2009When someone says they have cash for your home equity loan, what does this mean? Does it mean they will give u the cash for the downpayment of the home (as a loan) or what??? I’m having trouble comprehending….
Home loan question?
Monday, September 21st, 2009My Grandmother wants to give my husband and I her home. We are more than willing to take her up on this offer but are a little confused on how to go about getting a loan to cover the repairs to the home. Would that classify as a Mortgage? Home Equity? And if so could we get the VA loan since we are eligible for that?
What is todays interest rate on a fixed rate home equity line of credit?
Tuesday, September 15th, 2009I am asking because I am really nervous about applying for home equity for a roof starting very soon-probably next week.
My roof is leaking.
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