California Home Equity Line Of Credit

Read the loan documents. Generally non-recourse instruments must expressly state they are non-recourse.

2007-12-10 12:36:05 by eyezman1

DontMakeACostlyMistake.com Don't make a costly home equity line of credit mistake get your FREE Gifts Books and Reports Palm Springs ...

I currently live in a house in California that has my grandfather, my father, and me on the deed. We are each 1/3 owners of the property. It is completely paid off -- there is no mortgage. I was wondering if there would be any way I would be able to get a HELOC on the house WITHOUT the signatures or permission from my father or grandfather. They are both skeptical people and swear that banks are out to screw people over. They also do not know anything about real estate and they swear real estate is nothing but risky investments. I cannot get them to just deed the house over to me because they have no education on real estate and they swear they have to be involved for some reason. My father and grandfather don't make any of my decisions and haven't since I've been an adult for the last 10 years. This would help greatly if someone could offer some advice! This house has so much equity and it's time I start expanding my real estate portfolio! Thank you so much.

All vested owners have to sign an acknowledgement giving you permission to take out a lien on the property. They would not have to be on the hook as borrowers, but they do have to grant the permission for the lien.
I am a lender at a large bank and can understand their reluctance. In the wrong hands, a heloc can lose the home. In the right hands it can be a good investment tool or emergency source of cash. They must think yours are the wrong hands?

2006-05-31 18:15:39 by anynewideas

So, in a nutshell, i bought a new home 2 months ago (it closed 2 months ago). The loan is structured as an 80/10/5 loan. The home was purchased for 460K. $368,000 is on the 1st (at 5.625), $69,000 is on the 2nd (at 8.25%). The balance came from my down payment. The house appraised at 555K at the time of purchase and that's what the lender went with for our home valuation. SO, with that said... i have seen home equity line of credit offers at the 5-6% range and would like that on the 69K instead of what i have now. Is that generally a possibility to get one to pay off a 2nd just 2 months after we bought the house? I ask because not only do i want an interest rate reduction but I also want to remodel our kitchen a bit so would like to cash out 15 grand worth.

So, any experts out there that know the ins and outs of this?

BTW, i bought a Bank-owned REO property in California if that matters.
Whoops, i messed up, i said 80/10/5. I *should* have said 80/15/5. My apologies =). Thanks for catching that

There is no rule about not refiancing an REO for 3 months. I think the poster is confused with the flipping rule.

Your current 2nd is probably fixed so even thought the rate seems high, in the long run I doubt a HELOC would be better because it is probably adjustable..

$555,000 may be what the lender went with for your appraisal, but your sale price was $460,000 & that is what your figures add up to. It is always lowest of sale price or appraised value that is used. If the house did appraise for that much your best bet may be to do a cash out refinance, paying off the 1st & 2nd & getting a new 1st only. The regs are changing daily it seems, so do it quickly & good luck with this.

2008-04-11 16:39:18 by HelpMeEscrowStuff

here's the stats:

611 credit score

$3,400 a month income (but it's under the table and goes up or down sometimes)

my banking deposits are not the same every month, but it always shows that some kind of deposits are made

never paid a bill late

score is lower due to high debt

own my home "free and clear," and it appraised for $570,000 in california about... 3 to 4 months ago...


i want to take out, like less than $160,000.. i need at least $100,000 to pay off all my student loans, car, credit cards, etc. but would like more to get one of my cars fixed and do home improvements (and have a little amount of "back-up" money)..

will i qualify for anything?? and what's better in my situation, a line of credit or an equity loan?? the bank can cut the checks to my creditors and i will close my accounts too (on all of my credit cards, except maybe one or two) so they know i won't be getting back into debt.. what do you guys think??

and what's a good company to
what's a good company to go with??

home equity loan has a fixed rate...and you can only draw once.

heloc...is like a credit card...you can draw the money...pay it back..draw again etc....the rate is variable usually with the PRIME RATE

2007-09-27 12:58:30 by idgaf

My sister has a first mortgage and a HELOC (home equity line of credit). Most of the heloc amount was used to pay for refinancing costs because she also had a prepayment penalty. She got the Mortgage in December 2004 and refinanced in January 2005. She got the Heloc when she refinanced. Will she have to pay the Heloc?

Thanks

Yes, most lenders will try and come after you for the balance of the HELOC even if it forecloses. What she should do is call the lender and try to negotiate a payment arrangement for the balance.

2007-11-26 12:15:23 by kris3172005