Home Equity Loans – second mortgage

rainfingers asked:


A relative with poor credit wants to give me a portion of her home equity, so that I can use my good credit to get a loan in my name against that equity. Is that possible? How do you do it?

BUFORD

Pepibom asked:


HI I have about $20000 in credit card debt that I have been conscientiously willowing down for a bit now. I plan to have it down to 0 in about 1 year and a half. Presently it is spread amongst 3 credit cards..two have 3.99% and one of them is at 1.99%…all until about August or so..then I imagine I can transfer them around again. My question is ..I have enough equity in my coop to be qualify for up to a $60,000 equity line of credit…at prime plus “0″ —I’m not sure if it is to my advantage to use this equity line of credit to pay off my credit card debts…provided I apply for it. I’ve heard that the interest is deductible..would this make the decision a slam dunk obvious one??or are there other factors to consider.. I think prime is at 7%? now? Thanks for your help.

George

CHARLES