I took out a 70k HELOC 1.5 years ago, adding my 1st i owe 205,000. My intrest rate on my 1st is "ARM’ 10% and 2nd 12%. These are killing my payments. I went to try to refinance my credit is 670, but they are telling me my property is valued at 185. if i would come up with 20k they tell me i could save a huge chunk of money. My home was actually appraised at 220 when i took out the HELOC 1.5 years ago. They used a computer to figure it out not a actual appraiser. After doing some reasearch homes sold for 184,000 at that time. I live in a townhome communtiy. I need some help tired of explain this to banks.
Posts Tagged ‘townhome’
Refinance, mortgage question very confused?
Tuesday, November 10th, 2009I want to buy a house, should I sell or rent my townhouse?
Thursday, October 1st, 2009My husband and I would like to buy a single family home in the next 5 years or so for our future children.
We live in the San Diego suburbs, and the house prices are finally dropping here.
We will have our 3 bd/3 bath townhouse paid off in a few months and have no equity loans, car loans or any other debt.
We have great credit and ,000 in savings for a downpaymnet on a new home.
Should we sell our townhouse and use the money towards a new house?
Or should we rent out our townhome and use the rental income towards a new loan?
Would it be best to keep the townhome for retirement income?
What is most beneficial for my family’s future?
Any advice?
Is it better to roll-in your closing costs or get a 2nd mortgage to cover them?
Friday, September 25th, 2009We just closed on our townhome this past Friday. We ended up with less money than we had hoped for because the closing costs were so high. We’re due to close on our new single family home August 10th and those closing costs are going to be higher than we planned for too! Anyway, we’re going to be about ,000 short on closing costs for the new house. Is it better to roll it in to the mortgage or get a 2nd mortgage on top of the first? Not sure how this works. Thanks.
short sale and 2 loans (1st and the home equity)?
Friday, August 14th, 2009i got 2 homes and each got 2 loans (1st and the home line of equity).
the townhome needs repair yet i can’t really afford replacing the carpet. the other home is 1bed condo (luxury style with a gate) yet who wants a place like that nowadays…
i’m to pass my grace period to ask 4 banks about ’short sale’. will home line of equity loan let me go with short sale?
will they put my mortg. on ‘hold’ so i don’t have to pay for how long?
what if i can’t have the property sold after how many months allowed?
will i still owe the months i was on ‘hold’ to not pay awhile? any risk i should be aware…?
real estate market is putting me in agony…..
Is over appraising a home by 30k against the law?
Saturday, July 18th, 2009Ok i live in MN and we refinanced our home about 2 years ago, we were approached by a company with this deal telling us that we have 50k in equity in our townhome, we decided to refinance to pay off medical bills, and our car loan. into a 1 mortgage. Well my company gave me a offer to move to denver next year so we are looking at selling or home talked to a realitor and now find that we are 40k. We told him about our refinance and what they found the appraisal is at, he researched that and found that to be false, looking more into this mess they charged a bunch of bogus fees that made that closing fees around 12k. Any one have head of this .
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