Need advice from lawyer/person with experience – I live in Texas where they cannot garish wages. I am married, have 1 daughter and another on the way and make just enough to get by. My wife does not work. We have 30,000 in student loans, 10-15 thousand in credit debts, 25,000 for our 2 cars and over 80,000 on our house. We have literally 0 equity in any of these because our interest rates were so high when we got the house/cars. I am currently being sued by a plumber that we couldn’t afford to pay after he completed the job and it is the first of several probably to come as we cannot afford to pay our credit cards anymore because we don’t want to be late on mortgage and cars. When the court claims a judgment on me, what happens n
Posts Tagged ‘mortgage’
It is a buyer's market – I understand that. Home equity loans, how do they work?
Monday, March 8th, 2010If I purchase a home for 0,000, but it is appraised for 0,000, will I have automatic built-in equity that I can use to consolidate ,000 in school loans and credit card debt? Or, will I still have to pay down some of the P&I in my mortgage before I can use the home equity? That is the situation I find myself in right now. Thank you!
Using 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?
Personal Finance and Business Question. Any advice for me?
Monday, February 15th, 2010I am going to get my masters in Physicians Assistant in a couple of years and I am going to go into Cardiovascular Surgery as a Physician Assistant when im 23 years old. They make about 120k+. However I don’t plan on getting married until 28… I realized its better to be older before getting into a real relationship. But I want to know what side business I could open up and focus on after my shift as a PA is over. When im 23 and I would have payed off my loans because Im going to work part time as a PA when im 21. I will also take out a 150k home equity loan on my parents house, Yes i understand the risks but I will pay off the payment of about 2.5k every month myself. I’m going to take out the loan as a downpayment on a 2 family house. That mortgage will be likely payed off using the rent income from my house, trying my best to keep intents in there. But I plan on selling the house after maybe 10 years hoping to get 300k for a downpayment on a bigger house. But what type of business Could i do ? My uncle has a very successful limo service making millions yearly and my other uncle owns 2 two family houses and is very successful. Any advice for me?
I have 1st and 2nd mortgage on my house. I only can pay for the 1st not the 2nd Can I still live in the house?
Saturday, February 13th, 2010I purchase a house that had one mortgage they sold the mortgages and now i have 2 mortgages that i have to pay.
one is 180,000 and the other is 30,000 i can only pay for one. can i pay for the most expensive one and file bankruptcy on the 2nd one and continuing living in the house
Is it better to pay off credit card debt or a 2nd mortgage first?
Friday, February 12th, 2010For example sake, say a person has ,000 to either:
1) pay off a ,000 balance on a 6% credit card
or
2) pay ,000 down on a 7% variable rate 2nd mortgage with a ,000 balance.
Signed a Quit Claim deed in 2009, how will this affect my 1040 Taxes?
Friday, February 12th, 2010My ex-fiance and I purchased a house in 2006. We split in July of 2009. I quit claimed the house to him and he refinanced the place in his name. We have talked and each is to the agreement that we will each take half of the interest/tax deduction on the old loan. Do I have to report anything to the IRS stating I don’t own this home anymore? Or is the Quit claim deed on file at the recorders office enough? I did receive money from him for my equity in the home after all paperwork was completed. But no where is it stated that he owed me anything or paid me anything. So Im not sure if I even need to bother with that money I received. I’m really at a loss on how to do up my taxes this year. Any help would be appreciated.
We bought the house for 175000. I paid half of everything from day one till the end. In the end I reiceived approx. 000 from him, after closing costs, back due mortgage (for the few months I wasn’t residing in the house but still responsible for mortgage) The amount owed to me prior to the deductions was around K. I lived in the house up until July of 2009. I signed the Quit claim deed in September at which time he refinanced the house in his name. He did not take equity outta the home to pay me off.
The interest was in both of our names. We were both on the title and the mortgage.
My daughter, only child, me a senior guy, wants me to move to Las Vegas….?
Friday, February 12th, 2010…I have some problems with that. Help me decide.
The pro, of course, is to live near my daughter, who is a great girl with a great job, heart and attitude. The city is OK with me. I am a widower and not getting younger and have no nearby family or friends. What holds me back? My current home is nice (but not much equity) would have to be sold in a down market. I can’t afford more that 00 per month tops rent or mortgage to start over. I do not like the Vegas weather of hot summers/cold winters. Add to that, I would have a sad, close-up view of her living badly with voluntarily nonworking husband. My daughter pays everything and is always in debt and chased by debt collectors. She has borrowed from me, but I am putting an end to that now. I do not have much hope this situation will change in the future. She complains all the time, but is unlikely to dump the guy. I cannot see me making this move, but at same time I worry about not making it, leaving her and me both far apart and alone. How would you sort out this mess?
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