Home Equity Loans – second mortgage

costumes.us.com asked:


I am searching for the best mortgage calculators. Interest Only calculators and simple home mortgage calculators and loan calculators. I used the ones at http://www.1mortgagecalculator.net/index2.php and they seem pretty good. Just looking for comparisons.

Victoria

xblaine asked:


I have been purchasing, fixing up, and renting homes in the past year. Since the market is so slow, I am able to quickly build up equity. What I do is take out Home equity loans on the houses and then roll them stright back into the purchase of the next house. I’m worried though that I may hit some limit to the number of loans I have outstanding. It would seem that my credit rating would increase since I’m also paying off credit card loans but am not sure about the bank balking at so much debt. What do you guys think?

Floyd

Filipinoy asked:


I have a friend who is very desperate because of all the debts, shortsale/foreclosure of his house, mounting credit card bills, etc, want to just leave the country for good to start anew. What would be the possible consequences of this? Will it clear all his debts, if he comes back to the US after 3 years would he be in trouble?

Beverly

NONAME asked:


One that comes to mind is quicken loans. Any information would be appriciated, thanks.
The thing is, my home is included in my land that I use for cattle grazing.

Esther

Epreneur asked:


I was reading in www.hopenowmortgages.com details about the new program that will help us to avoid Foreclosures and I found very interesting things ( I will list just a couple but you can visit them to read more)
* The bank will have to forgive you the late payments, penalties and second mortgages you may have
* The bank have to give you a new loan for the ACTUAL appraised value
* If you refinance with the Hope for Homeowner Program you have to share the equity with the FHA when you sell your home.
* You cannot get a Home Equity Line of Credit or any other aditional loan using your house
* You need to have 10% equity to apply for the loan
It sounds very interesting… go tho Hope Now Mortgages dot com

ANDERSON

JUICER asked:


I have 2 properties in florida. one is investment and the other is second home. I have not defaulted on any of my loans and both me and my wife have credit scores of 760 and above. I am spending more than i earn right now to maintain these mortgages and fear that if the one with a payoption arm recasts i will go into foreclosure. can i modify even though i am not in default as of right now? there is no equity in the home the mortgage is now more than the home is worth. what are my options? what are the repercussions for homowners who just stop paying their mortgages? can they foreclose on my primary if i stop paying my investment home? please advise.

COREY

patricia b asked:


I would like to purchase a mix-use commercial space from the owner. I own all of my inventory. I need help locating a bank or mortgage company willing to work with a self employed entrepreneur. I have a equity line of credit already with a small credit union, however, they do not offer mix-use commercial loans. Can someone out there please help to steer me in the right direction? I need a second chance. Patricia

LINWOOD

amanda p asked:


Our home is in foreclosure and to help us save it, my parents want to take out a home equity loan. The thing is the bank gave us a payoff amount of $205,000 for both loans ($165,000 for the 1st and $40,000 for the 2nd). My parents want to pay the 1st mortgage with the loan and we will leave the second mortgage with our mortgage company. I was wondering how that would work as far as the Deed goes? Is it even a possibility? We just want to keep this home and if they were able to do that, it would make our payment very manageable, since we are caught up in the whole sub prime mortgage problem. Any guidance would help. Thanks so much!

MELVIN

vishrit asked:


Hi there, a friend of mine owned two homes with mortgages on both. He lived in one home (Primary Residence) and his wife (Works for a non-profit company) goes and works out of city for two days a week and she lives in that second home while she is out of town. Recently, the friend died and his wife wants to sell one house and use the equity to pay-off the mortgage on the other house. Will she have to pay taxes or is there some kind of survivorship/death laws that help a widow out? They live in Ventura County, CA

Thanks!

QUENTIN

HouseHelp911 asked:


I was not informed of the possibility of a sale until 12/5/07 and then only by email, which gave me only three-business days notice I did not know what to do, To make it worse she left the office early that Friday at 1:30 and they could not be reached over the weekend per their email. Every phone call I made from 12/5/07 on was delayed by the office telling me to hold on as they “must contact the lender and get back to me” they even stopped returning my calls on the day of the sale. While on the phone waiting to hear from the lender; he is auctioning off my home. Currently 150k in equity I was only behind 9k. I believe they did this to lead me on until the sale was over.
I was told there were no other bidders and my lender bought my house for himself. Now my lender wants to rent my house
help.I was delinquent on my second mortgage and I do not dispute any fault on my part for being in this position I was lied to by the lender. Help
as I stated I was current on the first. they didnt send proper notice. Every phone call I made from 12/5/07 on was delayed by the office telling me to hold on as they “must contact the lender and get back to me” they even stopped returning my calls on the day of the sale. I believe that they did this to lead me on until the sale was over. On the day of the sale I had a friend contact the lender as she was ignoring my calls and she claimed to my friend that she had never made any offers to me and had informed me of the pending sale when I gave her the $1000.00 on 11/14/07, that lying (^&%$#@!). I also asked for 2 extra days and payment would have been in full.
Im not asking for pitty just understanding.
The bank told me as long kept my first mortgage current we would be able to do a forbearance agreement without notice they sold.

LOUIE