Our loan was for 5 years. That time is almost up but we will still owe approx. 66,000.00 as a balloon payment. Cannot find any information on what we can do now. All I can find is that you can refinance it through your existing company. We have done this twice before over the past 10 years. However, this time we have had a severe drop in our credit score. Our estimated property value is at least 3 times what we need to borrow in order to pay off this 66,000.00 balloon payment. would like it to be a regular mortgage, or whatever, so that at the end of the term, we wont owe anything.I guess I am wondering if my current bank is obligated to refinance it or would I be forced to find another company who finances couples with poor credit. We have been with this same bank for 15 years. The last time we refinanced the equity loan, when our credit was good, I asked the banker to set it up so that we wouldnt owe so much at the end of it. I guess he thought that 66,000.00 wasnt SO MUCH. Is any company out there helping couples in our situation .
Posts Tagged ‘poor credit’
Home equity loan term is running out. what to do now?
Thursday, August 26th, 2010How will the banks treat this one?
Sunday, February 14th, 2010Was living in one condo and needed money for down payment on a larger one for my family. The first condo was for sale but is just sat, so I rented it, when the new one was completed. Now the payments on both are crushing me. 50 on the first and ,350 on the new one. I can handle the second one okay, that’s where we are living now.
On the first condo, I borrowed money on a home equity loan for additional down payment on the second. First mortgage is for 5K, the amount on the home equity is K. So I owe a total of 0K, the market is now 9K
On the home equity I can still write a check for K…….at the time they issued the loan it was worth more……..
Did I mention that my tenant just moved out, he was only good for 0 per month…….so 50 minus his 950 left me 0 per month in the red. Now it’s the full 50……..this is a seasonal community and the rental market is weak…..
Here’s the question, if I write the a check for the remaining ,000, left on the home equity from the first condo……..then just let the bank have the unit back……..
what are they likely to do and
what will they do to me?
The K in money I clearly have no intent of paying off unless by some miracle the unit sells for 5 and I can wipe out everything and walk away…..
If you have any other input I’d appreciate it. Thanks
Thanks from Florida 
How do you give part of your home equity to someone else?
Monday, November 9th, 2009A relative with poor credit wants to give me a portion of her home equity, so that I can use my good credit to get a loan in my name against that equity. Is that possible? How do you do it?
Should I leave my hubby out?
Monday, October 12th, 2009As I am purchasing a home. The loan is under my name b/c of my husbands poor credit, etc. due to the fact that he pays child support on his 3 kids from a prev. marriage. $ is taken directly out of his paychecks and he is also paying back support.I am wondering if it would be best to leave him off of the title as to not have my income/equity, etc.affected by that mess? I have to file injured spouse
Please give me a little or a lot of info on this. Thanks and I will choose best answer.
Thanks Rachel. Anymore help and details is appreciated.
Does it make sense to purchase a home to reduce debt?
Thursday, September 24th, 2009I have poor credit and debt. I am barely getting from payday to payday. Should I use my VA loan eligibility to purchase an affordable home, and consolidate my debt with a home equity loan?
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 the trick behind paying of your mortgage early with a home equity line of credit?
Saturday, September 19th, 2009I have heard of a software program that shows you how to pay off your mortgage a line of credit.
If the township awards me a variance for my property to put an addition on my home – how long is it good for?
Tuesday, September 15th, 2009My township is going to give me a variance to put a room on the back of my house on June 14th 2006. My plans have changed and now I’m not sure if I’m actually going to do the addition or not – but I’ve got a lot invested in the variance that I’ve already paid… such as 0 for a new survey and lender fees for the home equity loan I took out and I paid someone to do the drawings of my new room. I’m thinking of getting the variance anyway in case "some day" I want to do the addition. Will my variance ever expire if I never start the work?
How do i pay for college, bad credit, no cosigner?
Monday, September 14th, 2009I need approx 20k to complete my degree. I have poor credit, no equity and no cosigner. I have not used any loans previously. I applied to sallie May and it said i need a cosigner, I really don’t know where to go or what to do. I have 57 credits to complete my degree. is there any hope? I have been turned down by private lenders. How much could I get from government loans?
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