Answers
I own a condominium that I rent out and owe nothing on the mortgage. I've applied for several HELOCs online, but all have denied me because it is considered an investment property. Does anyone know of any bank that offers this type of loan?
Why not try your ;local credit union allot of them are loaning money right now at a pretty good rate
loans" "unsecured personal loan" "line of credit" "unsecured business loan" "personal line of credit" ...
the condo in question was purchased with cash several years ago. no insurance was ever obtained on this property. about 4 years later I borrowed 40k against the condo to use to pay off other debt. I have been making the payments on a regular basis for the past several years. I never obtained homeowners insurance on this property. Wouldn't the lender who lent the money require insurance in case of fire or other loss? Am i to assume that the insurance is built into the equity line? help if you can. I rented the property and now there was a fire and the renter had no insurance and neither do I. How can a bank lend that amount of money and not require some kind of insurance? Is that possible?
Well, apparently the lender DIDN'T require it. But you can read your loan papers to be sure.
In any case, even if the loan papers require it, that doesn't mean your LENDER is going to take care of it.
No, you cannot assume that "the insurance" is built into it. Even if they DID have "forced placement" coverage, it will never pay YOU, and won't ever pay to fix your damage. That's not how that type of insurance works.
You are uninsured. Yes, it's possible that the bank loaned the money, based on your credit score and other assets. Sorry.
My nephew was out of the country at the time his wife applied for a HELOC. Both of their names are on the title. She pocketed the entire $10K and sent the $20k to pay for a condominium she bought in her country, and my nephew had no knowledge of the transaction until he came back home from his trip. Shouldn't the title company require the non-borrowing spouse sign a WARRANTY DEED for the husband to sign at closing to show his consent? Can any spouse do this without the knowledge of the other to draw funds from the home they both own?
Thanks!
i am not totally positive but I am pretty sure that since your husbands name is on the house, anything that has to do with that property he has to sign as well. if he quick claims the house over to you, then you can sign on your own, provided you earn enough money to pay it.good luck
My nephew was out of the country at the time his wife applied for a HELOC. Both of their names are on the title. She pocketed the entire $10K and sent the $20k to pay for a condominium she bought in her country, and my nephew had no knowledge of the transaction until he came back home from his trip. Shouldn't the title company require the non-borrowing spouse sign a WARRANTY DEED for the husband to sign at closing to show his consent? Can any spouse do this without the knowledge of the other to draw funds from the home they both own?
Thanks!
sounds like your nephew was ripped off, the HELOC is registered on title so if both are on title then both would have to sign for the loan. This souns like fraud.
October Case-Shiller: Up For SF MSA Houses, Down For Condos at ...
"The turn-around in home prices seen in the Spring and Summer has faded with only seven of the 20 cities seeing month-to-month gains, although all 20 continue to show improvements on a year-over-year basis. All in all, this report should be described as flat." says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. "Coming after a series of solid gains, these data are likely to spark worries that home prices are about to take a second dip. Before jumping to conclusions, recognize that the one time that happened at the beginning of the 1980s, Fed policy saw dramatic reversals, which is very different from the stable and consistent Fed policy we have today. Further, sales of existing homes – those included in the S&P/Case-Shiller Home Price Indices – have been very strong in recent months, working off the inventories of houses for sale. At the same time, housing starts remain weak, fears that the market will be swamped by a wave of foreclosures are heard and government programs aimed at the housing market will expire in the first half of 2010." The S&P/Case-Shiller home price indices include San Francisco, San Mateo, Marin, Contra Costa, and Alameda in the "San Francisco" index (i.e., greater MSA) and are imperfect in factoring out changes in property values due to improvements versus appreciation (although they try their best).
...News
Reader wants to get credit line to buy third homeOCRegister (blog) - Dec 26, 2009
Q. I currently have a home equity line of credit (HELOC) on my main residence that I used to buy a condo. Can I now get a HELOC on that condo to buy another and more »Boston Globe - Dec 28, 2009
The credit line, first disclosed by the Globe last year, was secured by a third mortgage on DiMasi's North End condo. Although DiMasi had already allegedly and more »
Examiner.com - Dec 29, 2009
For those of you with a Home Equity Line of Credit (HELOC) this is an opportune moment to create a strategy about how to handle it.Tampa Bay Business Journal - Dec 23, 2009
Washington PostThat is in-line with an almost 111 percent increase in existing condo sales statewide, possibly fueled by yet another considerable drop in median sales Existing Home Sales Surge in November. MND Lists a Few Caveatsall 1,076 news articles »
Riverside Brookfield Landmark - Dec 30, 2009
In February, officials sounded the first warning bells, saying that revenues were lower than expected, forcing them to extend a line of credit that couldn't and more »Wall Street Journal - Dec 30, 2009
Townhouses and single-detached houses account for 75% of the company's revenue, while condominiums make up the rest. Preuksa is expected to enjoy around and more »KERA - Dec 28, 2009
So again, it's underwriting the project, not just the individual, on a condo purchase. Sam: Will or should the first-time homebuyer's credit continue?