Due to family health issues my husband and I have missed a bit of work over the past 9 months. Because of this a few of our credit card payments were missed and we have fallen quite behind. We are now both back to work full time and are making arrangements with our creditors to try to lower our monthly payments. I have not contacted our mortgage company yet to see what they offer because I am not savvy enought to know the difference. In this situation, which would be better?
Posts Tagged ‘Equity’
Personal Loans / Home Equity Loans?
02
Sep
I got 4 credit cards from 4 different banks. Can I use the personal loan or home equity loan to pay all my balances from these 4 credit cards?
For example, I got a total of $4000 debt, each credit card got $1000 balance, can I pay them all using my Personal loan from Chase?
Because I was thinking like, I can only use the Loan “from Chase” to pay for my debts on Chase.
Is there a difference between Personal and Home Equity Loans?
How easy is it to get a home equity loan? I would like to use that to pay off cc debt.?
02
Sep
Im not quite sure if I should be going to a mortgage broker to apply for one, or just go to each bank individually? Also, are there any out there that do not have a repayment penalty? I am also assuming that once the property sells the loan needs to be automatically repaid.
I would also like to know how this will affect my credit score. Is it better to have an X amount on credit cards, or have that same amount on an equity loan.
Thanks
I already know the whole “you shouldint have gotten yourself into debt” speech. My husband and I paid for our own wedding, therefore the debt.
Should I pay off my Home Equity Line of Credit, or…?
01
Sep
I have saved $20k over the last two years. I don’t know if I should pay off my HELOC with that money or keep it in high yield savings account and pay my HELOC off slowly. What it the best financial move in 2007? I plan on selling my home within 3 to 5 years, or when the housing market gets better.
home equity loan vs. equity line of credit?
31
Aug
Why pay closing costs on a home equity loan if a home equity line can be obtained at a comparable fixed rate and tax deductable?
Am I missing something here?
Can someone add names to a home title without it causing an existing home equity loan to be called due?
31
Aug
My sister has a house with her name only on the title and a home
equity loan with a line of credit. Now, she wants to add myself
and my brother to the title only and it will be a Joint Tenancy
Title. My brother feels that if I am listed on the title that it
will cause the loan to be called due because I am unemployed? Is
that right? M.G.
How can we calculate sweat equity for fixing our own home?
30
Aug
My parents are buying a house for my husband (who is a contractor) and I to fix up as an investment and double as a home for us – They want to have a calculated dollar amount for all the labor we put into the house – they will pay for supplies – my husband will do the work – what would be the best way to come up with number?
How do I get equity out of my home when credit is bad?
30
Aug
I am in middle of divorce house is worth 500,000.00 we owe 290,000.00
but my credit is horrible like 580 I only have around 13000.00 in debt but I cant pay off anything I work at same job for 7 yrs I live in CA. I just want me to take equity of around 50-60K then I will leave she can have house whatever anyone know what I can do home is in both our names only have 1 mortgage its in her name help???
Do I need to have owned my home for a year or more before being able to take out a home equity loan?
30
Aug
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.
How can i get rid of my home equity line of credit?
28
Aug
I have done loan modification with my first mortgage.
what happens to us if we want to sell a house with 2 mortgages and an home equity?
27
Aug
We have 2 mortgages (1st & 2nd), my friend withdrew an other line of equity. What happens to the equity line loan if we sell this house short? Can we ask the bank to convert equity loan to personal loan and we continue to pay for it?
Sorry that I was not clear in the question. Basically, on this house, we have 3 loans: 1st mortgage with mortgage company A, 2nd mortgage with mortgage company B (we used 100% financing when bought this house), and the equity loan with a bank (3rd loan that my friend’ sister took out to do something else.)
Now we have problem with the first loan since it is ARM (we didn’t know when signing paper). The rate is reset, we start having problem to pay for it. We want to short sell the house, but not sure what to do with the 3rd loan: the equity loan. For the 1st / 2nd, we may have to pay the tax if the banks agree to let us short-sell the house and issue the 1099-C, but because the third loan (equity loan) is from another bank we are not sure if this bank agrees to release for us to sell the house or willing to renegotiate the loan for us to pay as personal loan.
Can someone co-signing for a home equity loan write off interest in taxes?
27
Aug
A friend needs a home equity loan and needs a co-signer. Can the co-signer write off the interest paid in his/her taxes?
Can a bank foreclose on your residence for getting behind on a home equity loan ?
26
Aug
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?