I am currently in a bad financial situation. I have terrible credit and can’t even get approved for a new credit card. My monthly payments on my car and credit cards are too much for me to handle. Recently, I have even been having trouble making my mortgage payment. The sad thing is that my mortgage payment is currently only $ 900. I currently owe $ 12,000 on my mortgage and my house is worth anywhere between $ 600,000 and $ 800,000.
I want an equity loan of $ 100,000. I will use this money to pay off all other debt and help fund my son’s college education. I do have steady income and will have no problem making the payment on this loan.
Are there any good company’s that will finance my loan? I am afraid that if I apply to too many places I will ruin my chances of getting the loan because I know that each failed application has a adverse affect on my credit score. Any help is appreciated.
I am considering using a fiancial advisor to re-assess our finances, in order to possibly consolidate our loans and maybe get some advise on re-financing our mortgage/getting an additional loan/home equity loan.
We bought a house about a year ago and we need some things fixed/improved around the house.
1) Would a financial advisor be able to steer us in the right direction (especially in regards to re-financing the mortgage and consolidating loans)
2) What do financial advisors usually charge? fee or commission?
3) Which charge is better fee or commission?
4) Would I be better off simply contactuing a bank or a mortgage company
I finally get all fact straight and I visited lawyers. Bank of America signed a Home Equity Loan of Credit to husband a year ago. House is in NH, loan was signed in Ca, because we separated 8 + years and divorcing. Three months after Bank release the fund, Bank found out there are two people(husband and I) on the title. So Bank sent me the paper work to sign. no Signature of me, of course. Lawyer said I can save half of the equity by foreclosure but I don’t want to move. Husband has got into 100k credit cards debt tried to keep up all bills. So my house value, at current market, is 350k to 390k, first mortgage 100k, HELOC is 250k,He doesn’t want to have bad credit on his record. So he works hard to paying it. Lawyer asked 10k retainer fee and no one tells me how much it will cost till the whole thing straight out. Is it worth it for me to fight? I’m homemaker for 20 years. This matter bothers me so much and my health is going down and I’m so worried everything will collapse. my older kid goes to college,40k/year,She may not able continue because we can no long afford it. Advice on what the best I can do to save my kids and me out of this situation?
The roof of my home was damaged in a storm. I paid a repair man to fix it. I filed a claim with my insurance company, and they sent me a check. The check was made out to me, my mortgage company, and a bank that holds my home equity loan. That seems weird to me. I understand that the mortgage companies have an interest in ensuring I take care of the house, but they don’t have any right to the money, which is meant to reimburse me, right?
Isn’t the money mine? I’m the one who paid for the repair out of my pocket. I can’t deposit the check without an authorized signature from each of the mortgage companies, right? I got an inspection from a home inspector/architect, who certified that the roof was repaired in a workmanlike manner, was properly shingled, etc. Isn’t that enough to demand the insurance company make a check out to just me?
I’m buying a $ 96,000 house according to tax records for $ 69,000, but want to get $ 96,000 because it needs repairs. It shouldn’t really matter to the mortgage company how much I paid for it, because in the (extremely unlikely) event that my house was repossessed, they’d have a $ 96,000 house to sell. Especially since I’m investing the extra money into it and doing the work myself. It would definately be worth well over $ 120,000 when I’m finished. I don’t want a home equity loan because I want just one payment with just one interest rate. My credit score is 702. I should be able to get a loan.
I can prove this with the documents I have and if needed I will get an expert to verify. She works for the bank the loan was obtained and the woman that notorized the document was a close friend. The bank president told me today that the bank believes it is my signiture. Its a small bank and I believe he is trying to protect her.
I am 100% sure I did not sign this. I also found out she has been having an affair for the last 7 months. She took out 14k out of our savings account without me knowing about. She has always took care of the bills and I always trusted her. She racked up more than 40k on a home equity account that I did not know about. Then she got a 2nd mortgage to pay the home equity loan off along with 10k extra. This is the loan she forged my signiture on.
Hi
Year 2006 I purchased house ($ 625K). I hired mortgage broker and he applied loan for me. BB&T was my lender and loan was approved in 20 days. I put $ 125K for deposit and got $ 500K loan. Last year one of my friend told me that BB&T is not a wholesale lender. There must be a loan officer. I was wondering because from the begging to the end I was contacted by my mortgage broker. He was acting like BB&T was a wholesale lender.
I requested full documents from the lender and I reviewed it. When I saw Loan Application I was confused because it was not 1003 Loan Application. It was Bank’s Retail Loan application. I am not sure but I think that retail loan application is for personnel loan, student loan, or home equity loan etc NOT FOR RESIDENTIAL PURCHASE LOAN… * I said I am not sure.
And my loan is-5 years Installment loan- That means I pay $ 3400 for 59 months and 60th I have to pay about $ 400K. On settlement day I was out of town and mortgage broker told me that my father could sign the settlement documents if I give him on authorization (Power of attorney). So we did. I believe my father didn’t know what he was signing.
Q.1 They (Lender) don’t have to use 1003 when we apply for residential home loan?
2. Is there any violation that I was not contacted by Bank’s Loan Officer or others from the Bank?
3. What do you think about my loan program?
4. Refinancing is my best solution?
P.S. When I applied loan, mortgage broker got all my information on blank paper. He said “I will fill loan application out for you”.
I called mortgage broker….NO ANSWER
Heard rumor that he went to jail.
Thanks.
My grandma is 79, can’t work due to congestive heart failure, has roughly $ 800/month in retirement income. She owns her house with no mortgage or refinancing. She managed to get herself into over $ 10k in cc debt, most of it due to higher interest fees than minimum payments. Each month adds around $ 200 in interest on each card, which she can’t afford to pay. She has tried to get a home equity loan to pay things off a few times, but: Her credit score is too low, and/or she doesn’t have enough income. What is she to do being pushed further into debt. We live in Michigan, if bankruptcy is an option that would help, I’m pretty sure laws are different for each state. Is there anything she can do? Even if she wanted to sell her house, the real estate market here is so bad, I heard a few months ago over 80% of the city is for sale.
Her house is worth approximately $ 27k SEV or $ 59400 Market Value, if this would help in determining bankruptcy status.
We will be listed as “entering foreclosure” until September, but have already made 5 consecutive payments into the forebearance plan, including a large down payment. However, in order to get our finances in order and pay education costs, we need to take out a home equity loan. Will lenders approve the loan (if we have one great credit score, one bad, and a good income) in our current state? Or would it be rejected outright?
I am a 67 yr old widow wants to sell my home & buy new condo. How do I go about it the best way?
Scenario:
Sell Ranch Home – very desirable location one acre lot
Home has no mortgage
Market & selling price are down (that’s ok, it is still do-able)
My disposable cash is about ½ of the condo cost
Condo is new & builder will take contingency (is this a good idea for me or does it increase the cost I might have gotten?)
I’ve never sold or bought a home (we built it) and I’m lost here with what direction is best for me. I want to go ahead & market my home & buy the condo.
My goal is sell the house – buy the condo and to have NO mortgage when the dust settles. Here are the options I see open to me to obtain less than half the money needed to buy the condo.
1. Withdraw some 401k money (I have not tapped any yet)
2. Get a Home Equity loan & pay it up when I sell my house
3. Take a mortgage (is there a fee to pay it back right away?)
4. Check into a bridge loan? (can I pay it right back?)
5. Forget the condo and just move to an apartment.
If it matters, I live in Wisconsin
I sure wish there was a class to take for seniors downsizing. The biggest problem for me in todays market is simply the fear of doing this alone and wrong. Yes, I will get a lawyer and yes I will hire a RE broker but I have done neither one yet.
Thank you in advance for any help.