Credit Document Equity Home Line No

I'm thinking about applying for a home equity loan or line of credit for my home but am discouraged by my below average credit score. To refinance, any and all applicants must also be on the title document, so would the same rules apply on a home equity loan or line of credit?

Anyone cosigning for something such as that would have to be on the deed to qualify. Otherwise is is not a home equity loan but a personal loan.

2007-10-08 19:02:26 by pingkitoe

In this option, you have to take the time because this is more and more difficult these days. As the lenders that are offering the bad credit ...

I'm a 1/3rd owner and I wanted to take out a loan with the property as collateral. I want to know if there are any banks that will take a legal document saying that the house is for collateral on the loan, instead of trying to convince the other owners on the property to sign over the title.

I don't think so

2008-05-29 22:46:14 by crimson

Will be ex-, took home equity line of credit under his name but again the house we bought together(still has little mortgage) without me knowing and signing(i have just read the document, no my name, no signature, no fault signature, too). He lost the $ and lost job. what should I do? Can I sue the second lender? How can I protect my kids and I from the lender take the house or after my assets?

Sue the title company and escrow. Title should been checked and cleared before funding... You and your soon to be ex maybe in luck since title company screwed up. If no title co involve, than the Escrow and Lender is screwed...

2008-08-14 15:43:50 by realchineseprincess

My husband and I took out a mortgage through GMAC in 2005. We are both listed in the document as "borrowers" and both of our signatures are on it. We both initialed each page of the mortgage document as well. There is a second, much shorter document titled "Open-end Mortage" which appears to establish a home equity line of credit. Only my husband's signature is on this document. The documents bear the sig. of the Notary Public, but there are no other witness signatures.

Whenever I contact the mortgage lender to find out any information about the mortgage, I am told they cannot give me any information - they can only give it to my husband. How is this possible if both of our names are on the mortgage? This is in the state of Ohio.
Just to clarify: the second document, which carries only his signature (which was done without my knowledge) was for an HELOC Piggyback loan account (although it is called an 'open-ended mortgage').The main document - the Mortgage itself - carries both his and my signatures.

"Only my husband's signature is on this document"

And he will be the only one they can legally release information on this mortgage to for whatever stupidity caused it to happen that way.

2009-10-05 12:23:53 by BronzeOceans

About 2 months ago i went to my bank to look into a refinance. I have a high FICO score and was quoted a rate of about 5%. My current rate is 6%. My loan is not moving very fast although i know it is finally in underwriting because they called needed clarification on a document i gave them.

I currently have a HELOC (Home equity line of credit ) of $14k and need to tap into it for some home repairs. I currently have a $0 balance on it. I don't know if I can use it during the refinancing process and I can't get the bank to call or email me back. I get the standard response "due to high call volume and refinances, we can not guarantee a call back until your loan is ready." I have paid no fees up front and i have not even locked in a rate. Should I

a) go ahead and use my HELOC

b) scratch the entire refinance idea

c) stalk the bank until they call back?

Any suggestions? Can you refinance with a balance on your HELOC? What if that balance is incurred in the middle of the refinance?

Best bet is to hound the refinance company for an answer before committing to withdrawal of the equity line, read the documents signed for the refinance process,

In general if you have a first and second lien, meaning taking out the equity line, the first legally can not change the terms i.e. refinance without approval of the second lien holder, well they can but must change lines in the right to property i.e. equity becomes senior and first is now junior, in the old days with housing prices increasing it was common for second to waive right, in these times who knows but tapping equity line could crush your refinance, or it may not

Call the lender

2009-05-26 19:12:05 by baseballmom