home equity loan

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Will a bank give a home equity loan based on the value of the house after the improvements are done?0shakira.shakira2012-11-06 06:57:02
I got a great deal on a house which I think I bought below market value. I only put 5% down. Since then, I've put in central air and heating (the house did not have AC before and it had radiator heat). I also pulled out the ugly carpet revealing the hardwood floor. I re-did the plumbing, and generally cleaned up the house. It looks much better than it did when I bought it. Also, the neighborhood looks a lot nicer than it did when I bought. Anyway, that's not my point. My point is I plan to do several other projects, and I want to take out a home equity loan. Is there a way the bank will give the loan considering what the value of the house will be when the improvement projects are done? I live in a neighborhood in Washington, DC where prices are not decreasing and are actually going up still.[View Answers]
Is it true that once you are 30days late no lender will help you ?0ggirl2012-11-06 06:05:27
I am trying to pay off debt.using equity on my home. preferably not an equity loan.[View Answers]
I am planning to move, but don't want to sell my current home. Is it possible to get another loan w/o selling?0mjklolk2012-11-06 06:03:13
I am moving to another state and would like to purchase a home there. I have a loan for my current home and plan to rent it out until the market is better. My home is worth almost twice what I owe and I don't really want to have to rent in the new state until I sell my current home. Any advice?[View Answers]
What is the best way to set up an investment house for tax purposes?0Marcia2012-11-06 04:16:22
i have a house which we are living in at the moment valued at $250,000 with a loan of $150000. my wife has fallen pregnant with twins so we need a bigger house. now there a lot of people who give me different opinions, one is to use the equity in the first home borrow as much as possible on the first house rent it out for aprox $230 a week and buy the new house and reduce that loan as quick as possible, the new house will cost around $300,000. any info would be greatly appreciated[View Answers]
Why won't any politician point out that the blame for the economy falls on people borrowing money?0teshome2012-11-05 22:21:10
You know, those with the houses that were more than they could afford and home equity loans on things they don't need and cars that are more expensive than my house, etc.[View Answers]
How does housing Co-op work?0Maddie2012-11-05 20:31:35
My wife and I are thinking about moving but want to learn all of our options. I am going to school full time and she is supporting us working full time. Here in about 1 year we will be getting living expense loans through my students loans. Is Co-op based on income? If so, if she quits her job to stay home and raise out children, how much will rent be through Co-op? How much of the equity to you get back when you move? (If any) The Co-op place we are looking into is HUD. I have no idea what that means. Any help here would be very much appreciated! I'm trying to research as much as possible but I'm not sure even where to go. If you know of any sources for me to start with that would be of tremendous help! Thanks!!! :) P.S. if you have experience with Co-op please share it with us. Or if you have any other ideas you think could benefit us.[View Answers]
I receive $20,000/yr in disability. Last year I owed the IRS $28,000, which I've been steadily paying down..?0Don2012-11-05 19:02:50
This question is a little long and has about 2 or 3 parts, so bear with me. I now owe the IRS about $7,000 and will finish it off in another 15 months.I have no other debt, don't owe anything on my house and I want to apply for a home equity loan, which I know I can qualify for. Do I have to list that IRS amount on the loan application? And if I have to and if it will affect the loan, is it wise to cash out my $8,000 401k and pay off the IRS? Most financial advisers say don't cash out a 401k, but mine seems to lose about about $200 every statement. If I had cashed out a few months ago, even with the tax and penalty, I would still have been ahead. Thanks for your advice.[View Answers]
Equity Loan on Land same as Home Equity Loan?0Illie V.(:2012-11-05 18:17:12
Myself & 2 siblings own land. One wants to get out of the partnership, other 2 don't want to sell off anything because it will increase in value. We want to get a loan using the land as collatoral to buy out the 3rd person. Would this be the same as a home equity loan? We want to keep the land intact and not sell any off if we don't have to.[View Answers]
Hispanic with negative home equity and low-income - reason for loan approval?0suda2012-11-05 15:16:40
A home-equity loan was approved even though the home had negative-equity and the family was low-income(both can be proven). Lender did not consider the children as liabilities, even though the 1040 shows them. Husband is Hispanic and employed, wife is non-hispanic and she is unemployed. Wife was required to sign on mortgage and note as a condition of the loan, and she was listed as Hispanic even though she told the lender not to (lender then said he would have to do all paperwork over if he had to correct it). Lender overappraised the home and borrowers didn't realize this until much later. I think that maybe the lender had some kind of racial quota to make, and didn't care if the borrower could repay or not, since the Lender could take the property if the borrowers didn't pay. I am looking for reasons that a lender would have for doing this, and whether there is there are specific laws that prohibits it. It caused the borrower to default and lose the home, as they were not able to sell and repay the lender. Can someone cite any authority on this?[View Answers]
Am looking at a home equity, need a new car,should i get money for it in my loan?0cynamon2012-11-05 15:08:33
[View Answers]
Home equity loan vs. home equity ling of credit?0chantelle2012-11-05 13:26:06
I own my home and its approximateey worth is $275,000 or more. I just want to prepare for the recession upcoming. I want to use the money for variable things, like addition of a second bathroom, new walkway, new roof for my 100 year old shed, some medical bills, and some to get me by in-case of possible layoff or closing off store since I am in retail. As of right now I have no outstanding dept. but that could change quickly if I lose my job. I am 61, and can not find anything to fall back on. Is a loan better or a line of credit?[View Answers]
If i have alot of equity in my current home and my credit score is low, can i sell my home and buy a cheaper 1?0vidula2012-11-05 11:15:44
i bought a big home and now i have built up some equity, i tried to get some home improvement loans and my credit score took a bad hit. I currently am stretched out too far and would like to get a cheaper home so i can breathe. If i sell my home can i buy a cheaper one. What are the chances a bank would agree.[View Answers]
Tax question on mortage interest deduction??0Mijo2012-11-05 10:57:06
Is the $100,000 limit for home equity loan deduction new this year? I have a home equity loan for $150k, and last year I deducted the full interest paid. This year, I noticed there is a limit so that one may only deduct interest paid on loans up to $100k, i.e. I will need to back out 1/3 of the interest on this loan. Also, if I decide to deduct the full amount, are they likely to catch it? I just put in the interest from the form provided by the bank....Plead ignorance???[View Answers]
Could George Bush take out a home equity loan out on the White House?0Niara2012-11-05 10:27:20
What do you think?[View Answers]
What is the liability for a homeowner on a equity line loan when the tax deed has been sold?0lesego2012-11-05 10:04:56
Our home has a equity line loan. If the tax deed is sold, do we still have to pay the loan or is it included in the bidding price of the tax deed?[View Answers]
Get answers from millions of real people.?0aniekia2012-11-05 07:54:59
My husband and I bought a fixer upper (all we could afford...even gave up my diamond, in order to purchase it ) It became our dream home. Throughout the years we began building equity and did use it mainly to pay off debt and loosen up some monies to do some minor improvements. We were doing fine until the last two times we took out an equity loan. The institution that gave us the loan appraised our home very high and we believed in their expertise at the time...they even told us we could even take more than we asked for...but luckily we didn,t. Not long after, my husbands salary was cut 15% and now he,s been killing himself trying to get all the overtime he can ! We have three children with special needs, so basically for the time we,ve been here I was a stay at home mom...now I,m out looking for work to no avail and my children are worried, I won,t be available if they need me.We have a mortgage of 370,000. and our home we recently found out is worth only 300,000. not 500,000.! We are desparately trying to stay afloat and so far have good credit, but its tearing our family apart We probably have only one month left before we run out of monies. We don,t have any brand new cars or anything expensive ...its not like we were frivolous, we weren,t What is hurting me most...is all I could give my kids was the time i spent with them, not guitar lessons or dance lessons...and we,ve allways talked about all of them going to college. In less than 2 years my oldest son wants to go to college in New York and we saw a home near the college thats at an awesome price , but if we destroy our credit and wind up bancrupt or foreclosed...everything will be lost, and I just can,t bear to tell him, he can,t go to this school. He has Aspbergers and was diagnosed with PDD when he was 5 yrs. old, so the school chosen must be specific and living in state will make it less expensive. What is everyone doing in this type of upside down mortgage crisis? Is there any way to get through this?[View Answers]
If I take out a home equity loan to pay off a HELOC (100% of which was used to buy the same home), can I ..?0gabriel santiago2012-11-05 02:03:54
get interest deduction beyond the first 100k.[View Answers]
My form 1098 mortgage statement has two lines; mortgage inter and points paid; same amou. Is this deductibl?0annmay2012-11-05 01:38:13
I have a 1098 for my home equity line of credit loan. The amount own its more than 100k. Box 1 states (line one) mortgage interest amount; on 2nd line it states "total interest /Points paid with the same amount as line 1. Is this deductible? or does this fall into the home equity interest paid category where the duductible is limited based on the amount owned? sorry, i'm confused..[View Answers]
What happens with home equity loans or lines of credit if you file for bankruptcy?0alpaca2012-11-05 00:44:10
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Does mortgage seasoning affect terms or just size of loan?0Rainie2012-11-04 23:54:29
I just bought a new home with a good down payment, and because it came from a relative, under market value. Together, it leaves me with a + difference of about $150K between the appraisal value and the balance on the mortgage. Now I'm considering getting an equity line for about 40-50K to do some renovations and pay high interest debt, but I wonder how mortage seasoning rules would apply in this sort of situations. Does seasoning affect strictly the percentage of the value you can borrow, or does it also affect the terms? In this case, I'm only interested in getting a line for partial value...does that make any difference?? Thanks![View Answers]

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