I have a divorce settlement that left me with my house and my exwife relinquished the home. I have a tenant who pays my mortgage and everything is fine. Its just that when i want to make a move like
refinance, I am pretty sure i cant because i dont have a job (unemployed). Also i would like to get a home equity small loan but i feel like again it will be the same thing. Should it be this difficult for a home that is in good standing, i have great credit too. One of my problems is that the divorce doesnt take wife off of note. I even did a quit claim but still i am told i have to refinance to get her off the loan. But i cant refinance cause im not working…..do i got the vicious circle right or should i try a different banker?
Posts Tagged ‘recession’
Can’t refinance without a job? Nor home equity loan? Divorced? Its complicated.?
Friday, February 5th, 2010Should I take out a 2nd mortgage or home equity loan to pay off credit cards?
Monday, October 5th, 2009I’m going to be putting my house on the market soon. Should I pay off the cards now or wait til I sell the house? I expect to make enough to pay off mortgage AND outstanding cards but would like to pay cards sooner.
news article for school?
Wednesday, September 23rd, 2009i have to do a news analysis and the article i was assigned is difficult.. can someone please sum it up for me on what its talkin about?? thanks.
WASHINGTON – Americans’ wealth rose this spring for the first time in nearly two years, with stocks and home values gaining as the recession faded.
Still, household net worth remains about 19 percent below its peak in the third quarter of 2007, before the recession began.
The Federal Reserve said net worth grew by trillion to .1 trillion in the April-to-June quarter. Net worth, or the value of assets such as homes, checking accounts and investments minus debts like mortgages and credit cards, rose nearly 4 percent from the first quarter, the Fed said.
Even with the gain, Americans’ net worth stands well below the .3 trillion it reached two years ago.
The second quarter increase in net worth was the first since wealth peaked. According to the Fed report, the pickup was led by gains in stock portfolios. The value of Americans’ stock holdings rose 21.6 percent from the first quarter, marking the first increase in two years.
Net worth in the second quarter also was boosted by higher home prices. The value of real-estate holdings rose 1.8 percent, according to the Fed report. That was the first gain since the final quarter of 2006.
This week, Fed Chairman Ben Bernanke said the worst recession since the 1930s probably is over. Most analysts say the U.S. economy is growing in the current quarter, which ends Sept. 30, at an annual rate of 3 to 4 percent. The economy shrank at a 1 percent pace in the second quarter, much slower than in previous quarters.
Bernanke warned that the pace of recovery probably won’t be brisk enough to generate solid job growth and keep the unemployment rate now at a 26-year high of 9.7 percent from rising.
Collectively, homeowners had 43.1 percent equity in their homes in the second quarter, according to the Fed report. That was up only slightly from a record low of 41.9 percent in the first quarter.
The report also showed that total household debt including mortgages, credit cards, autos and other consumer loans stood at .7 trillion in the second quarter.
That’s down slightly from .8 trillion in the first three months of this year, and suggests that households are trimming debt, but are doing so slowly. Debt peaked at .9 trillion in the spring of last year.
How soon can you get a home equity line of credit after purchase?
Monday, September 14th, 2009Also, If there any companies that based their loan decisions only on the amount of equity, without checking credit and debt to income ratio? Thanks
Does taking money out of my condo makes sense?
Monday, September 7th, 2009Here is the deal. I live in Orange County California and I’ve own a condo for a little over 10 years. Back then I paid 6,000.00 and refinanced it about 5 years ago only to get a better interest rate. Which at the time was 5.75% fixed for 5 years. We’ll my credit is excellent and I now own 8,000.00 on my property which is still worth around 0,000.00 even in this down economy. I was thinking it’s time to get relocked in to an even lower rate which I was quoted 4.85% fixed for 30 years, which no points and only a ,500.00 fee through Wells Fargo Bank. I told the agent I was probably was going to keep the property as a rental but purchase something new in the new in a couple years. He told me I could pull out 0,000.00 now, with no extra lending costs and lock that into the lower rate, have the tax right off and use that money as a down payment when it came time to purchase a new home. I save money so there no fear of me spending the equity unwisely. Even with taking the money out I could still rent my place at positive cash flow or at least break even with the association fees. Would this be a wise move? I really want to hold to this property, no matter what, until it shots up again and in the mean rent it out. I’ll need a bigger place in a year because I plan to get married. Need the pros and cons please.
How much equity required for risk taken?
Sunday, September 6th, 2009In terms of finance, risk can be defined as standard deviation. My question is if you know what the standard deviation is how do you translate that into the amount of equity needed for the investment?
Divorce question?
Saturday, August 29th, 2009My husband wants to settle our divorce. He wants to keep our family home, that I do not live in. he only wants to pay me off for the equity which is like 00.00. the house has been appraised @ 5,000. and there was a refinancing of 5,000.00 that I did not recieve any cash for. but signed for on the loan.
Should I be asking for more than the equity?
I do have an attorney but he is out of town….My hesitation is should I be asking for half of the value of the home or is the equity all I have comming to me? I am not signing anything. I was just wondering about other opinions?
Home equity loan vs. home equity ling of credit?
Saturday, August 22nd, 2009I own my home and its approximateey worth is 5,000 or more. I just want to prepare for the recession upcoming. I want to use the money for variable things, like addition of a second bathroom, new walkway, new roof for my 100 year old shed, some medical bills, and some to get me by in-case of possible layoff or closing off store since I am in retail. As of right now I have no outstanding dept. but that could change quickly if I lose my job. I am 61, and can not find anything to fall back on. Is a loan better or a line of credit?
Related ‘recession’ sites :
| Recession - Wikipedia, the free encyclopedia In economics, a recession is a business cycle contraction, a general ... A recession has many attributes that can occur simultaneously and includes declines in ... en.wikipedia.org/wiki/ | |
| RECESSION.ORG | United States Economy & Global Economic Recession What is recession? What causes economic recession? History of United States Recessions, Global Recession News & Forum Discussion. recession.org | |
| recession: Definition, Synonyms from Answers.com recession n. The act of withdrawing or going back. An extended decline in general business activity, typically two consecutive quarters of falling www.answers.com/topic/ | |
| Recession | Define Recession at Dictionary.com Recession definition, the act of receding or withdrawing. See more. dictionary.reference.com/ | |
| Recession Definition Recession Definition - Definition of Recession Definition on Investopedia - A significant decline in activity across the economy, lasting longer than a few months. ... www.investopedia.com/terms/r/ | |
| Recession An economic recession is defined as two quarters' worth of negative economic growth concerning the gross domestic product (GDP) of a country.Money ... www.mahalo.com/recession | |
| recession Definition A recession is generally considered less severe than a depression, and if a recession continues long enough it is often then classified as a depression. ... www.investorwords.com/4086/ | |
| Recession - News - Times Topics - The New York Times News about recession and depression. Commentary and archival information about recession and depression from The New York Times. topics.nytimes.com/... | |
| recession - definition of recession by the Free Online ... Translations of recession. recession synonyms, recession antonyms. Information about recession in the free online English dictionary and ... www.thefreedictionary.com/ | |
| Recession? Depression? What's the difference between a ... What is the definition of a recession? Of a depression? How can we tell when we're in a recession oe when we're going to get out of one? ... economics.about.com/cs/ | |