toohotnky asked:


My husband wants to buy a semi. If we took out a home equity line of credit, our payment would be small. Alot smaller than financing the truck. I am not 100% comfortable with using my home for anything. Does anyone know which would be better?

MOHAMMED

billsnickr asked:


I want to pay off my car loans but I don’t know if the interest rate decline helped or hurt me in my attempt. I can handle the payments but I wanted to save more and put more into investments. With the equity loan I can do that, but I don’t want to do it if it is a bad time. Please tell me your thoughts.
Jeff, good point, but you’re forgetting that refi-s and equity loans are tax deductable.

RANDOLPH

almost poor asked:


Does anyone know the actual laws about this? If you lose your home to foreclosure, and you have a home equity loan, I mean obviously you should still continue to pay. But I’ve gotten mixed opinions on this and just wondering… are you completely and legally still obligated to pay that off or since they have lost their security can you safely/legally just let it go? This is not in my nature but well we’re about to lose our home, and money is insanely tight (that loan was to do work on the house we’re losing) so as HORRIBLE as it sounds I’m wondering if we have an option to let that go with the home so we can start to build up an emergency savings account (as we have 0 in savings right now.)
no we have no options, we are way too far behind, and we do not have the means to pay for a mortgage and rent in another place (we’re Military) our only luck would be it selling, but well clearly that isn’t happening. we accepted a long time ago that this could happen I just want to know about that other loan.
yep but we can’t pay back money we don’t have. we do have it listed for sale, it has been for almost a year! We’ve lowered the asking price drastically. All I want to know is what happens leagally if we decide to let the second loan go with the foreclosure? I haven’t decided 100% if we’d do that but I just w
yep but we can’t pay back money we don’t have. we do have it listed for sale, it has been for almost a year! We’ve lowered the asking price drastically. All I want to know is what happens leagally if we decide to let the second loan go with the foreclosure? I haven’t decided 100% if we’d do that but I just want to know what our options are and what our obligations would be legally. re: taxes, laws, anything.

ADOLPH

subshopowner asked:


I have a bout 100,000K in home equity that I used and make payments monthly, I am trying to get a modification on my home Mortgage, so at the same time do home equity loans get modification as well, if I call the bank of America (my equity loan provider) can I ask for modification on the Equity Loan?

DINO

Castello asked:


Can I get a home equity loan if I have bad credit. Please help. I need to know what trusted companies I can contact for this type of loan. Thanks.

KAREEM

ANDY777 asked:


I am applying for a home “EQUITY LOAN” how does that differ from a regular mortgage? & does experian look at it the same when calculating there “credit scores” ? ( I know they look at “EQUITY LINES OF CREDIT” negatively if used to the max.

EFREN

lieinourpig asked:


I own my home and don’t have a mortgage payment. Can I get a home equity loan, and then invest that money into a safe investment (such as a bond mutual fund) and pocket the difference each month, assuming that the fund’s monthly distribution is higher than the mortgage payment? Or, is there some other “scheme” I can set up that would be similar? I don’t want to use the home equity loan money to start a business or buy real estate or anything like that - too risky. I’d prefer to stick with things like mutual funds. I just got to thinking that my home is just sitting here, not really going up in value (in my area, anyway), and that money isn’t doing anything for me. Surely there has to be a safe way to let it make me a little money, right?

WILBERT