A representative at my lender mentioned if you have over 30% equity in your house, the modification can be denied based on that. But a counselor at the Making Home Affordable Hope Hot line told me that the equity should not be considered for approval.
Posts Tagged ‘Considered’
Am I no longer considered a first time home buyer? Can I ever be considered a first time home buyer?
09
Apr
My father lost his job and my mother’s income wasn’t enough to get the house re-financed so I was added to the house (for income purposes) to try and lower the onthly payment. They have since then sold the house however of course all good credit info about the house was reported on my credit report. So now that I wanna purchase my own home… I can’t be considered a first time home buyer, can I? I don’t qualify for a 1st time home buyer loans anymore do I?
Does one have to pay PMI on sub prime mortages? Are no money down home loans considered sub prime?
19
Mar
Why is home mortgage loan considered a tax benefit ?
27
Feb
I am planning to buy a home and wanted to know why everyone thinks that home mortgage loan is tax beneficial.
Example:-
If we are paying around $15,000 a year in interest+property taxes and in tax refund( 15% tax bracket) we get back around $2K-3K and we are happy.
Its like paying government $100 and getting back $15 and we are happy with that.
Correct me if I am wrong
Do you need good credit to take out a home equity loan? Will bad credit affect chances of being considered?
22
Feb
My credit is poor but I have probably $80k in equity in my home. Will a bank refuse to approve a home equity loan because of bad credit?
Money Management & Personal Finance : What Is Considered As Good Credit?
15
Dec
A good credit score is considered to be any score given by the three reporting agencies that is above 640 on a scale of 800. Get good credit by paying bills on time and not maxing all lines of cred…
Money Management & Personal Finance : What Is Considered As Good Credit?
28
Nov
A good credit score is considered to be any score given by the three reporting agencies that is above 640 on a scale of 800. Get good credit by paying bills on time and not maxing all lines of cred…
Money Management & Personal Finance : What Is Considered As Good Credit?
27
Nov
A good credit score is considered to be any score given by the three reporting agencies that is above 640 on a scale of 800. Get good credit by paying bills on time and not maxing all lines of cred…
Where On A Mortgage Note Does It Specify Whether Or Not A Loan Is Considered Recourse Or Non-recourse?
03
Nov
I bought a home 4 years ago and am now having trouble paying my mortgage. I have a first and second TD, the first was refinanced once as a rate/term refi, and the second, an equity loan with wells fargo, was partially used to cash-out. I have to consider foreclosure as an option, if the lender is not willing to modify the terms, but I’m unsure if either the 1st or 2nd lienholder can pursue any of my other assets, including a property my wife owns free and clear that was gifted from her grandmother, a pretty decent size 401K (over 100,000), or possibly even garnishment of my wages. Credit and Tax issues aside, is there any way the lender will seek repayment through the court system, or will foreclosure pretty much protect me? BTW this house is considered my primary residence. I am also trying to find where on the note/deed of trust that I signed, it states whether or not the liens are considered recourse or non-recourse, but cannot seem to find the pertaining verbiage
Are Architect Or Permit Fees Considered Part Of “construction Costs” For Home Equity Loans?
13
Sep
We plan to use a home equity loan to rebuild our studio, putting the loan money in a separate bank account and using that account solely for “construction costs” to ensure the interest remains tax-deductible.
Question 1: We’re paying an architect to design the building and we have to pay the city a permit fee to review and approve the design. Are these two fees considered part of the “construction costs” of a building so we can use the loan to pay these without worrying about the IRS coming after us?
Question 2: Given this scenario, would it be wiser to use a Home Equity Line of Credit so we only borrow what we need when we need it? My concern (as always) is variable interest rates on the lines of credit, so I’d get a lower interest rate today, but it might be higher next year.
Thanks!
Joe