mobgirl asked:


Here is my situation: We would like to put around $20,000 into our house. Should I refinance at a much lower interest rate for an extra 20 grand? Or should I keep our current mortgage as is and take out a home equity loan for $20,000. Currently we owe 70,000 on our home, have no other significant debt and our current interest rate is 7.150% with 25 years left to pay it. We have the option to refinance at 90,000 at an interest rate of 5.89% for a term of 20 years. Which makes the best sense?

Danny

Pam S asked:


My home is 13 yrs old and I need more space. I want to add 2 bedrooms and 2 baths. I’m hearing it is cheaper to go out into the back yard with the addition rather than going up. I am pre-approved for a home equity loan but wondered if the 203K would allow for more money for the renovation.

Tanya

anonymous asked:


One of my house is going to be entering foreclosure. I have another house in my name with an outstanding home equity loan. If i let my house go full into foreclosure will be loan rate be raised?

Nathaniel

ALAN H asked:


the loan is for 44,000

Juanita

Jamie P asked:


I’ve been making payments to her and I want to pay off the rest of the loan. I don’t know what kind of loan I should take out to pay her the rest of the money. Do I need to take out a mortgage or a 2nd mortgage, a home equity loan or a personal loan to pay my friend back?

Christine

crisislooming asked:


If I can not pay a home equity line of credit with one bank but I continue to pay the 1st mortgage what action does the home equity line of credit holder take? Both loans are up to date, but I will be unable to pay the HELOC much longer. I do not live in the property in question. It is vacant and with a realtor but it is in Florida and the value is dropping almost daily due to the crisis in the real estate market in florida. Should I let the banks forclose?

Arthur

mert w asked:


In this land contract, buyer wants to tear down existing house and sell property…The seller has an equity loan against this property and wants toknow if the buyer has the right to do this.. Thecontract is for 5 years. they have only paid on the property for 1 year.. Seller stillholds deed and title to the property…Help!

Kurt

ss asked:


The owners in my condo building paid a $10K special assessment that was due. Then the workers were paid and bailed before finishing the work and us owners were charged another 10K to have the work completed and we refused. The association tried to put a lien on everyones condo and we sued to stop it and a judge stopped the liens from happening and both sides are now in negotiation.

Now i’m having a problem because I am getting a home equity loan. The title is clear but the mortgage company called the association and they said I owed them the 10K assessment and the mortgage company said I have to get this worked out. Can they reject my loan even though the title is currently clear? Will they reject my loan because this is part of a lawsuit? Even if our side loses the lawsuit, we will still not have liens on our units as part of settlement, but as of now, it doesn’t look like we are going to lose.

Alma

grrngirl asked:


which I guess is considered a first mortgage for my home back in 2004. We have since divorced but the agreement was that I would continue paying payments as I live in the house and own the home. I have made payments on time never being late and never missing a payment. The title to the house is in my name. He has not and does not make any payments on the house. Our divorce was friendly and we just verbally agreed that the house is mine and I would make all payments. My question is this. The loan is in his name with me as a co borrower. Can I claim the interest at tax time? We are divorced, he has remarried. I file single with no dependents and being able to claim the interest would be an added bonus at tax time.

Thanks a bunch
I wanted to add that he has yet in the time of the loan to claim the interest on the loan as a tax right off and doesn’t intend to.
His name is not on any of the paperwork for the house. We were divorced 2 months after the equity loan was taken out. And I have had sole ownership of the home from the day I built it. His name has not be associated with this house in any other way other than the home equity loan.

Thanks for all the answers so far. The only reason neither one of us claimed the interest up until this point was we weren’t quite sure who could. He has a could care less attitude and I just never claimed it because I wasn’t sure I could since I’m just the co borrower. But every check that has been paid to the mortgage company has been from my checking account. He has never even lived in this house.

Patrick

crashnburstn2flames asked:


I’ve only owned my current home for about 9 months now, but have to relocate immediately and I want to buy a house in the place im moving. I have a lease set for my current house for when I leave that covers my payments on it and don’t have any plans of selling it. Do I have to wait until I’ve had the house in possession for 1 full year before I can take out a home equity loan? What are my options if not? I’m trying to buy my 2nd home with no cash on hand or down payment and a marginal credit score. I am employed at a job I’ve worked 10+ years at and the 2nd house I intend to purchase will be equal to or less than the value of my current home.

Kelly