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Search: "Equity loan"

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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 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 03/01/2009 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 02/20/2009 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 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 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 07/18/2008 05:33 pm CT (cadiz, KY)

If my and my husbands name is on a deed for a property with a mortgage on it, can we take out a second mortgage or an equity loan to build another home with just our names on the loan?

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Asked 07/05/2008 03:55 pm CT (paterson, NJ)

If you sell your home and pay off your mortage do you have to pay off your home equity loan at that time. Or can you continue to make payments as usual

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When you sell your home, all mortgage liens will need to be paid at closing. The second loan was of...

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Asked 06/22/2008 09:10 am CT (Harrisburg, OR)

Is there any lender/broker that will fund a 100% home equity loan for a low FICO score of 534? Need to consolidate debt and do some work on it. Please help.

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Asked 05/29/2008 12:27 pm CT (Monclova, OH)

I am in Chpt. 13 bankruptcy and have a home equity loan outside the plan. I ended up defaulting on it and it has been paid since there was PMI. Should I contact the company that paid it off and try to make arrangements to pay them?

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Consult an attorney before doing anything. Perhaps a move to pay back what has already been forgive...

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Asked 03/21/2008 09:32 am CT (reading, PA)

We currently have a 30 fixed at 6.5 (103K) and a 2nd mortgage at 7.0 (19K). We have done a lot of improvements to the home and are considering refi. Our estimated home value is @ 300K. We have 7K on a credit card and about 7K in the bank. I also have a personal loan with a balance of @3400. My questions are: we would like to refi to a 15 yr at the best rate and cash out to satisfy the home equity loan and the credit card balances, leaving us with a small bit of money to complete a final home project. We plan to stay in the home for the balance of the 15 yr. mortgage. Our credit is good. Are we in a postion to refi and does it make sense? We really want to reduce the mortgage term and satisfy the loan and credit balances. These seems to be the best way to get to that point. Your thoughts?

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shouldi.a debt consolidation loan will take care of your situation but there are some more informati...

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Asked 03/21/2008 07:48 am CT (Agoura Hills, CA)

I recently acquired a 50K home equity loan from my credit union for home improvements. At the same time our son is purchasing his first home and could use some help. Is there any problem in using our home equity money to help him increase with his down payment amount?

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Jeff, if it is a true home equity line of credit (heloc) there are probably not any restrictions on ...

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Asked 01/31/2008 10:41 am CT (Enola, PA)

Hi, my mother passed in 2002 and my husband and I moved in with my father and I am his power of attorney. I have 7 other siblings and they all agreed on the POA. His home is paid for. He is 86 years old and in pretty good health. As of right now he has a will and a living will. In his will he has it stated that when he passes all living siblings split everything. His house his worth about two hundred thousand. My husband is going to be 58 years old and I told my siblings that if we have to live with my father for another 5 years or so until he does pass that my husband and I will not be able to go out and by a house and get a mortgage anywhere and asked them what they thought about my dad's house being put in my name. They all agreed with this and I talked to my dad about it and he doesn't have a problem with leaving me the house so my husband and I have a place to live after my father passes. The house is starting to need some repairs and my father doesn't have the money for them so I thought if my name was on the deed or whatever then my husband and I could refinance the house and get a home equity loan and use that money to fix the house up and my husband and I would make the payments on the loan. What can we do in this situation, I told my siblings that if we don't start taking care of the house repairs it isnn't going to be worth much in 5 or 10 years down the road if I don't get on the deed and do something about it. Other wise I told them i am going to have to move out rather than put my own money into a house that isn't mine.

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You're absolutely right. Keeping up on home maintenance is one of the best ways to preserve the val...

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Asked 01/08/2008 10:10 am CT (Raleigh, NC)

I have a friend who has filed for bankruptcy due to loss of job and finding employment in another state at a 1/3 cut in pay. They were advised to surrender their house in the other state, with an equity loan, in the bankruptcy. They are currently renting a home here. Now, their parents, who are not physically well, want to sell their home and want my friends to use that money to buy a place that has two homes on it and then take care of them. Is there a mortgage company that would consider this. I don't believe the parents want anything to do with the paperwork, or having their name on the property. With the sale of the parents property, they would have about a 50% down payment on a new place. The friend has a good steady job now. Would a bank take the down payment and employment into consideration above the bankruptcy and surrendering the other property?

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Asked 12/17/2007 09:55 am CT (Boise, ID)

I have a credit score of 518, 498 and 480. I have approx. 80k in equity in my home, no bank rubcy and am self employed. but cant find a equity loan.

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Asked 12/12/2007 04:28 pm CT (Hoffman Estates, IL)

My husband (prior to us being married)bought a house 7 years ago and due to a job change, moved to another state in '05. He put up his house for sale at that time and wasn't able to sell it. In '06, he rented it out to a couple who were supposed to do a rent to own. Based on this, we signed on to build a house together in the state we are currently living in. 6 months into it, the renters stopped paying rent. He had to evict them. They trashed the house and we had to spend about $5,000 getting it back into selling shape. He put the house back on the market in Feb. of this year. The house wasn't selling still so he took it off the market and tried to rent it out again. No luck. Meanwhile, we moved into our new house in July and could no longer pay the other mortgage so he told the bank in October that he would no longer be able to make the payments. He also has a home equity loan on the first house. THe bank told him to put that house up for sale again and lo and behold, we got an offer. The offer is at a loss(due to the home equity loan, of which we would not be able to pay about $22,000 of with the offer we got). We figure we have to take the offer because this is the only offer in almost 3 years that we've gotten. My question is, is it better to short the home equity loan or pay off the home equity loan with credit cards? We are going to have to refinance our current home in about 5 years as one of the loans that we have is an ARM so we are wondering which is going to hurt us more, the shorted loan that much more credit card debt? Please help. Thank you.

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Nikki, There are several issues here to consider. First, generally speaking you would probably b...

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Asked 11/25/2007 10:24 am CT (lexington, MO)

We would like to sell, but have a Home Equity loan. How do we get around this? Do we continue to pay on the note or transfer it to a new property or are we required to pay this off if we sell?

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Asked 11/10/2007 12:22 pm CT (rialto, CA)

We just bought our home last Dec 2006.We have a 288 loan and a 80/20.We went in with a $30,000 equity loan.Now because of not being able to get parts back East,because of the weather condidions,we were forced top be laid off for 3 months.we got behind for three months on the first loan.Can we refinance and get our loan into one mortgage and get extra money to pay city taxes. The mortgage is a fixed loan and the first is 6.665 interest.We have tried but the lenders say no.We are senior citizens,but have a good income.What are our options?

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Asked 10/31/2007 12:05 pm CT (bladenboro, NC)

My parents are trying to refinance their home. They have run into a problem. Apparently they had originally financed their home with FHA. FHA sold out this loan to another company and this loan has changed hands to about 5 company\\\'s. My parents then got an equity loan with the local credit union to pay the mortgage off. However, now the lein from FHA is still on their Deed and no one will assist them with getting it removed. FHA has been quite rude about the situation as well as the other company\\\'s they have contacted. I asume all they need is a Satifaction statement from \\\"someone\\\" but who and can we require them to do it?

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THe local Credit Union who paid the FHA loan off should have it. If your parents paid it off with th...

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