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Asked 11/04/2009 02:00 pm CT (Miami, FL)

Hi, can smbd please tell me whether the interest rates are lower on a home mortgage or a home equity loan? I’m purchasing a condo and considering two options: financing it the first time around or purchasing all-cash and then taking a home equity loan. Can smbd tell me pros and cons? What about qualifications? Which one is easier yo get? Thanks a million times!!!

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Asked 09/16/2009 07:26 pm CT (Northglenn, CO)

Hi - I have lived in my house for 3 years - I have a second mortgage. I had lost all my equity to pay bills when we got here - my house payment is killing me. We don't utilize all our space. How realistic is it that I can get another house when I'm upside down by about 20K.

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Hi, If you are upside down by 20k, and you want to buy another home, you probably need to sell y...

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Asked 06/03/2009 05:10 pm CT (New Bedford, MA)

my wife purchased a home through a nonconventional loan prior to our marrige in 2007 basically the hight of the market, mortgage and deed both in her name only. Due to the economy we have gotten behind a bit on the mortgage which has caused her some credit issues, my credit is still good. We wanted to refiance but were told my name had to be listed on the deed before they could do this for us. We filed the paper work to list me 45 days ago and have just found out today they will not refinance with us because we have lost so much equity in the house, upside down almost 50,000. Being this far behind we are almost ready to just let it go or possibly try a short sale and start over again with something much smaller and more affordable. will i no longer qualify for an FHA loan in my name now because of the deed status, and also if this is the case is there a way to reverse it, kinda like a nullification period where it has only been 45 days since the addition of my name? any answer or advice is greatly appreciated, thank you

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Now that you are on title, you could potentially refinance under new programs that just came out whi...

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Asked 04/20/2009 03:30 pm CT (Colorado Springs, CO)

Three years ago I purchased a home with an 80/20 loan. I automatically went to a bank soon thereafter to set the terms of the 20 into a 15 year mortgage at over 8 percent. The 80 is still interest only due to set at as an ARM in two years. The house was purchased at 335, 000 but on current mean estimates like Zillow is currently at 311. I obviously have little equity in the house. I am wondering if I can refinance the 80 into a payment that will not be too much higher than what I currently have. I am not having trouble making payments and could afford higher. My credit is excellent, but I am beginning to consider options at this point. Thank you.

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Hi: In order to refinance your first mortgage, the second mortgage holder must agree to subordinate,...

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Asked 04/14/2009 06:27 pm CT (Cincinnati, OH)

I was seperated the past 5 yrs from my ex husband after 27 yrs of marriage we own a home which I stayed in after he left 5 yrs ago we finally divorced aug 08 i didnt think I could afford to keep it and he didnt want it then he gets a g/f 20 yrs his jr decides he wants the house during the divorce for her (of course). In the decree it states he was to refinance the home he has not thus far, I let him and her move in nov 08 i moved into an apartment. he borrowed 3000.00 towards paying me my half of the equity, he still owes me money and both our names remain on the mortgage and deed.he really doesnt want the house but i do and to boot I recently found out the g/f who is living in our home has a violent criminal record and has even been in prison she is very unstable I did not know about this or I would have never agreed for her to move into the house. he doesnt want to know and shes hounding him for her name to go on the deed which cant happen because there is no way my name comes off the deed while I am still on the mortgage. I am very concerned she may go "off the deep end" yet again and do something to the house as I said her criminal record shows she is clearly unstable she has thrown our daughter out of the home and moved her 13 yr old son in. Since he failed to refinance and the house remains in both our names he cant refinance as he waited too long and now is paying spousal support to me while Im in college. my 2 questions are what rights do i have to the house? and is it possible to evict this woman before she does irrevocable damage? he wont face this wont listen doesnt want to know if he chooses to live with a convicted violent felon thats his perogitive but I do not choose to have that living in a home I still own and am responsible for.I would much rather give him the 3000.00 back he has paid me and not take anymore payments from him and take back my house ..any advce?

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Asked 03/12/2009 10:46 am CT (Mishawaka, IN)

We currently have a 1st mortgage with a balance of 150,000 and a home equity loan with a 39000 balance. Our home value is $190,000. We also have unsecured debt totaling $86,000. We are current on our bills but wanted to know if we could get a loan or 2nd mortgage that would consolidate our current home equity loan and unsecured debt into one loan of $125,000 and set up a payment plan to pay back $750.00 the 1st and last week of each month?

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Unfortunately, now most lenders will only lend up to 85% of the value of your home. The total of you...

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Asked 03/05/2009 11:37 am CT (San Francisco, CA)

My husband and I both owned homes prior to marriage, intended to sell his but cannot. We bought a home together, I am the sole person on the mortgage loan of our joint home but he is on the title. Our circumstances have dramatically changed and can no longer afford his home. I am not on the mortgage or title as he bought this two years before we were married in Jan. His home was never refinanced and is the original loan. We paid 15% down on the current home but likely have very little equity. If he forecloses on his home, will it affect my credit? Also, can they put a lien on the current home for which he is on the title but not on the loan? Thank you so much.

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Consult an attorney. However, your credit cannot be affected by a default on a mortgage you never q...

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Asked 03/01/2009 10:28 am CT (Buffalo, NY)

We own two houses in New York (His & Mine prior to marriage) One is paid for with a home equity loan 45K, the other has a small mortgage 43K and a Atruim Villa in Florida four years ago for 190K - we owe 155K its on the market for only what we owe & not selling. With out my income we can't afford all our mortages, taxes and association fee's - If we walk away from Florida would the bank come after our homes in Florida that we listed as assets on the mortgage? Are we better off to stop borrowing money and allow it to fall into foreclouse or try to give deed back?

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Asked 02/25/2009 10:08 pm CT (Los Angeles, CA)

I am paying on a Townhouse that I owe only $117,230.87 and the interest rate is only 5.50%. I am current on my mortgage. I have a loan for $45,000.00 and Equity Credit Line for $20,000.00. My credit score is 780 and I wanted to refinance everything under one payment but the value of the property has dropped from $262,000.00 to $130,000.00. What other possible options do I have or should I just leave everything alone and concentrate on paying the equity line off first and then the loan? Thanks for your input.

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You have no real refinance options that will help with consolidating your debts. Your best bet is to...

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Asked 02/20/2009 04:53 pm CT (Spokane, WA)

I live in Pullman, WA. I am married and we have a joint mortgage loan. I would like to take out either a home equity loan (preferably) or a personal loan individually because the credit card debt we have is mine, not my husband's. Since Washington is a community peoperty state, would he have to be on the home equity loan or can I take it out alone?

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You can take out the Home Equity loan yourself, based exclusinvely on your credit and income. Howev...

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Asked 02/04/2009 01:18 pm CT (Scottsdale, AZ)

I am in process of refinancing my 10-yr adj @ 6% (6yrs left) because my equity has dropped significantly but I still have more than 20% equity. My new rate will be 5.75% although I'm trying to get 5.5% (it's a twin). I have credit score average of 800. I'm wondering if I should wait to see if I can get 4.5% on refinancing that they are talking about with the stimulous money. I am not someone who would be defaulting -- just trying to ge into a 30-yr fixed. I'm concerned that if I refinance in 2009, I would not be able to apply for this if i becomes available to me. Any ideas? Thanks, Kip

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I'm not sure what your loan amt is but if it's below $417k, market rate should already be below 5% a...

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Asked 01/20/2009 04:18 pm CT (Bartlett, TN)

SHOULD I COMBINE MY CURRENT LOANS 30YR (6.75% OWE 25YRS) EQUITY (8.875% OWE ABOUT 7 MORE YRS). THE NEW RATE IS 4.8 AT 15YRS. GOOD IDEA OR NOT?

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Asked 01/18/2009 04:24 pm CT (Plano, TX)

Feel free to email me back. My question is: I have accumulated a total debt of approximately $60k with a net worth of roughly -$16k. The debts are with numerous companies for numerous reasons including credit cards, auto loans, student loans, etc. What I want to know is, with the current foreclosure market being like it is and so many homes being "dumped" so cheaply and under value, is it possible to find a home with a built-in equity to purchase that I can turn around and finance my other debts into the equity on the mortgage loan? I would consider it the opportunity to buy a home, while also "consolidating" my debts into the remaining equity of the home and reducing my number of payments and overall payment amount. Does this sound like a realistic and possible scenario that can be pursued?

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Becker, Hi. Regarding your question about taking equity out to consolidate your bills you must h...

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Asked 01/08/2009 07:06 pm CT (New York, NY)

Three-four years ago my mother deeded to my father and then my father to me through an irrevocable trust with my mother as the lifetime beneficiary. My mother has Alzheimer's and was in need of homecare services. The house now needs repairs and I am attempting to get a home equity loan for the trust. I understand that it is not sound to have a new deed as we would lose the benefits of the trust. I live in the home with my mom. The property is mortgage free. My credit score is 647. I had 4 judgments and a tax lien - all of which have paid over the past 4 years. I need about $30,000 but understand that many banks would not offer such a small amount. Any ideas, please.

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Asked 01/08/2009 06:50 pm CT (Edina, MN)

I have a second home (investment purposes only) in Florida and have a five year interest only loan (comes due in a few months). Since values have plunged, the bank holding the Florida mortgage will not refinance since we owe more than the home is worth. Our primary home in MN is paid for. How do I know what the best route to go is with the home in Florida? I don't really want to take an equity loan out on main residence and put the liability back on that house.

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You could sell the Florida property, or refinance your current home and paf off the Florida propertr...

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Asked 09/19/2008 12:50 pm CT (Whitefish, MT)

I have a house in washington but live in Montana I don't have any equity to speak of yet and if i sell I may actually owe at the end of the sale I want to trade my house for something where I live. Is this even possible

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Katheryn, your option would be to short sale your property. Which means you will have to negotiate ...

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Asked 09/19/2008 12:08 pm CT (Sacramento, CA)

This one is bad ... at least for me. We have several mortgages on the house we're living in. The house was purchased on a 80/20 with zero down at the peak of the market for $670K. The first is $540K, the second is $130K. Shortly after that we got an equity line from Bank of America for $210K to start landscaping at what not. At that time the house appraised for nearly $900K. Being adjustable the payment went OUT OF SIGHT last November. I stupidly figured as a stop gap I could borrow against the HELOC to make the payment. Well the rest is history ... although the payment which adjusted first in November (OUT OF SIGHT) came back to more normality in May (the next adjust is November 08). Now the HELOC has been shut off by Bank of America (at about $180K) and we are $3K short per month. I think I'm out of options as I've been pulling a rabbit out the hat for months. What should I do?? I'm considering not paying Bank of America and second for a period to keep us a float. Calling them (various lenders) to see if they'll work some type of solution. Praying for salvation ... etc. In this mix I actually have another home which is not upside down. Which we are renting out (with a payment we can afford). I'm guessing the various lenders can't touch that home ... so we're considering evicting the tenants, stopping paying the others and moving back there. Any pointers or insights you could provide would be helpfull. I can't pull money from anywhere and am down to the point where we'd be Bankrupt if I made the next months payments (read broke). I also owe $11K in tax on the problem home. I didn't pay that to enable myself to meet the mortgage for a 3 extra months. Thanks in advance.

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Jim, tough situation. It's obvious you can't service the debt you have. It will be a stretch to...

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Asked 09/08/2008 01:21 pm CT (Vancouver, British Columbia)

My wife's parents owe us a large sum of money from a shared property here in B.C. My wife's mother has inherited her mothers home in Alabama. The home has a clear title, and we're told it is on the market. We have asked that she talk to a morgage broker about paying us back from the equity in the home, she has informed us that she can't do anything because she is a Canadian, living in Canada. And that the laws won't permit her to access the equity. We are sinking in debt, any information on this would be greatly appreciated. Thank You, Basil.

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Asked 07/31/2008 09:49 am CT (MINT HILL, NC)

I PURCHASED MY HOME 3 YEARS AGO FOR $235,000.00 CASH.IT IS NOW APPRAISED AT $280,000.00.WHEN I BOUGHT MY HOME I GOT A HOME EQUITY LOAN FOR $50,000.00.EARLY LAST YEAR I GOT ANOTHER EQUITY LOAN FOR $50,000.0O.I NOW HAVE A TOTAL LOAN OUT ON THE HOUSE FOR $100,000.00.I STILL HAVE OVER $175,000.00 IN EQUITY IN MY HOME.I NEED SOME CASH NOW BUT MT CRIDET SCORE IS 535 AND MY LENDER WILL NOT HELP ME DO TO MY SCORE BEING SO LOW.IS THERE ANY WERE I CAN GO FOR HELP?

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Asked 07/24/2008 06:08 pm CT (montgomery, PA)

My father cosigned for my brothers girl friend on a mortgage. His name appears on the deed, note and mortgage. What issues can arise at the time of my fathers death in regards to his estate? I am concerned about both the debt and equity. What is his estate responsible for?

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