cjt asked:


We currently have a home equity loan and a mortgage, but want to pay off credit card debt. Can we take out a new home equity loan, paying off the current home equity loan and credit card debt which would result in the home equity loan balance being larger than the mortgage balance? There is ample equity in the home to support both. We do not want to refinance to a new mortgage because we are thinking of selling in the next few years and don’t want the expense of closing costs on a new mortgage.

CASEY

marcecore asked:


I am looking to pull $$ out from my house via a Home Equity loan or a Re-finance. Which bank should I go with?
I had a recent BK probably 2 yrs ago. With my BK I had a foreclosure as well included in my BK. My credit scores are between 620 and 640. I have about 100K equity in my Condo. I am looking to pull out anywhere from 30K - 50K. Any thoughts or ideas? Thank you.

Roberto

megan_stow asked:


If you get an equity loan at an owner occupied rate and then find out you need to move 2 weeks later can you buy another home and move without having legal repercussions?
It is under the “intention” of living in the property for 12 months though. And if you do intend to live there but something changes that you can’t, why can’t you move? It doesn’t state that you have to live there….

Linda

Fordie_ounces asked:


Im looking to buy a house that needs a good amount of work. I dont have extra money to pay for the remodeling. But I have read that i can possibly get some sort of home improvement mortgage that will give me extra money to fix up the house. Rather than buying the house and then having to get a reappraisal and then a home equity loan.

Deborah

myohmysjb63 asked:


I was recently divorced, my daughter is in college. I fell behind on some payments on my credit cards in an effort to support my daughters educational needs. I have two homes with approx. $70,000.00 worth of equity. I requested from a local bank where i already have a note to borrow approx. $30,000.00 to pay off all cards and other debts. The banking institution refused my request, stating that i have some delinquent payment issues, on cards, etc. He stated since i have a note with them the only thing he can do, is re-adjust my payments on that particular note i have with them. I am new at this type thing, could someone please give me some advice? I am just trying to bail myself out of the hold that i am in, to make a life better for my daughter. Both homes have a lien on them with the bank.

CASEY

eddie a asked:


I thought a home equity or a heloc as sometimes referred to can only take action if the first mortgage institution forecloses on the property. Can a second position initiate foreclosure?

KENT

froalskiner asked:


I want to take out a $10,000 loan and I want to see if the credit card deal is better for overall savings. It’s a lower rate than the home equity loan, but will the higher APR of the Home Equity loan paired with the tax breaks be better than a lower credit card(i.e. non-deductible interest) loan?
The rate is for the life time of the balance until paid off. It is primarily for balance transfers but the money can be used in any way I’d like.

LONNIE

Steve S asked:


I will be buying a condo in Panama as a second residence with the money from the home equity loan on my primary residence in the US. I’m concerned about the interest on a loan over 100,000 dollars A home equity loan 100,000 and below I know would be tax deductible

REED