We are not in foreclosure but this bank has had trouble. I’m trying to understand our position should they demand full payment of the equity line.
Posts Tagged ‘mortgage loans’
Can my home equity line lender force me to sell (or into foreclosure) if I own almost 70% of my home?
Friday, March 12th, 2010Using 1 Home Equity to Pay for Another Home Equity?
Sunday, March 7th, 2010I currently own 2 properties; 1 is being rented and another one I live in. Both properties have equity of line of credit loans. I almost paid off the loan on the first one that is being rented; the APR on this one is fixed at 7.75%. The second property that I live in, I also have equity of line of credit at fixed rate 9.95% and the balance is 45K. My question is:
1) I almost paid off the first home equity, so should i pull out more equity from the frist one to pay for the second equity, since the APR on the first one is lower? I really want to refinance my mortgage on the second property that I live in, but cannot as the principle balance is more than the house is worth. I thought getting more money from first equity will help me pay down the second equity and save on money since the APR on the first equity is 7.75%.
2) Should I just close off the frist equity account as I pay if all off, and just try to pay the second equity as much as I can at 9.95% APR?
Do people realize that its an error to blame this economic mess on Subprime lending?
Saturday, February 13th, 2010The fact is subprime lending was a good idea (helping people with lower fico scores if they had enough income). The dangerous part was the ARM and Option Arm Lending. About 80% of subprime mortgages are good…and still good. This financial mess we’re in was influenced by lax regulation in giving out ARM’s (Adjustable Rate Mortgages).
I find it sad to see the media blame folks with subprime loans for this mess, when the issue is really the ease at which lending institutions gave out ARM loans because they felt home prices would continue to rise forever, and when that didn’t happen and people mortgage payments adjusted and they couldn’t refinance due to lack of equity the whole system crashed and they blame the borrowers. Just despicable.
Anyone have any insight on this situation?
If my 2nd home forecloses, and my 2nd mortgage on my 1st home is with that same lender, what will happen?
Wednesday, February 10th, 20102 mortgages on the primary home that will remain in good standing (no late payments). The 2nd mortgage is with the same lender as the investment house. If the investment house forecloses with negative equity, will the first home be in jeopardy?
I would like access my home equity.?
Tuesday, February 9th, 2010Which mortgage lender will loan the most without hidden fees on an interest only or low-payment loan, without income verification. Also what % of the house value can I expect to be able to borrow on a no-ratio or no-income-verification loan? I own the home, free and clear and it has potential rental income. Thank You
Our broker is wanting to give us a Heloc 2.85% rate for our first house. Will we be paying off any principa?
Thursday, November 19th, 2009We were told a Heloc 2.85% Heloc would be the best for us to keep our mortgage down. We were told that the prime rate is most likely going to go down and if it did go up it would be very minimal, and our mortgage payments would stay the same till our 5 year term was up and then we could renegotiate.
Also with a Heloc are we paying anything at all in principal???
The price of the house is 340,000. Our rate would be 2.85%.
Thanks in advance.
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!
How does an 80/15 loan work in a short sale in NH?
Saturday, October 31st, 2009I sold my home in NH in a short sale. To buy the home originally we did an 80% and a 15% loan. So we started with a standard loan and a home equity loan. I heard recently that new laws state that in a short sale if the home equity loan was used to purchase the house then it is not recoverable by the bank after a short sale. Is this true? Right now the bank is coming after us for that amount.
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