Line Of Credit
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Answers
I have a house thats going to go into forclosure that I cannot afford, but I've been making the paymetns on the line of credit. Because the loc is attached to the house, whats happens when it goes into forclosure?
You will have to ask your lender, but I'm pretty sure that your HELOC will be attached to the house and you will lose it too. You can't have a HELOC with not property to attach it to.
A home equity line of credit (HELOC) can provide a flexible alternative to a traditional fixed or variable mortgage. A HELOC gives you access to ...
My house has a 80k loan and a 50k equity line of credit (diff bank)
Built 1849 I do not have the money to fix. Now a 3rd child is coming and my house has serious mold problem. Family is sick. I want to walk away. Help... deed in lieu of foreclosure?
What kind of options are available. I want to get a mold check for proof. Get quote to clean. Which I cannot afford. Then hand over to bank. House is unsafe to live in.
What is house worth? It had be worth more than 130K? If you have 50K on L-O-C, you should able to close escrow account unless you are with FHA, the first 5 years...Stop paying property tax if it is not livable...close escrow acct if possible, it will save you payment for a short while...sale it as quick as possible...
Hello everyone, I need to move to another location. Can I take a home equity line of credit on my existing house to pay for the down payment of a new home, and then sell the first house that I used for the line of credit? Are there any restrictions to do that? Can I avoid the fee that I will get if I sell the first house early? Thanks.
I agree with the first answer. You will have to disclose the source of the funds on the purchase of the new home so that they can calculate the debt ratio correctly.
I would add that it will be difficult to get a home equity loan if the home is listed for sale. Get the home equity loan first if at all possible.
Otherwise what you are looking for is a bridge loan. Some lenders offer them only if they have the purchase loan on your new home so take care to make all of the arrangements in advance so that you don't end up in a jam.
You also need to consider whether or not you will be able to get the home sold quickly for what you owe on it or be able to carry both houses while your current home is on the market. Without having your current home sold, you will have to qualify with all the payments in your debt ratio and you have no idea how many people have bought a home thinking there current home would sell only to go broke trying to carry two payments and then let the one on the market go to foreclosure.
Good luck with the move and be careful. There are worse things than renting for a while where you are going.
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I still make a mortgage payments but can not pay my equity line of credit anymore. Can I keep my house?
Eventually the HELOC lender will foreclose.
I sold my house in July 2006 for $188K. I had a $47K line of credit on the house, which was paid off when the house sold. The house loan balance was $120K. And, I paid, of course, realtor fees, etc. Is the LOC $47K considered part of my sales profit? Do I have to pay taxes on it? I also bought a house in Oct 2006 for $129K.
A single taxpayer has shelter from $250,000 of profit on the sale of their home, a married couple has $500,000 shelter. It looks like your profit is under the Capital Gains minimum. Therefore, you don't have to say anything about it on your taxes; just as long as you meet the requirement of living in the house for "2 out of the last 5 years"
If you were there less than 2 years, your gain is computed by adding what you paid for the house and the cost of all your improvements, then subtracting that from your sales price. Your loans have nothing to do with it.
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will the bank modify my loan or will they reposses my house ...
I have a loan of 200k with 5.75% fixed rate and a line of credit of 250k with 5% from the same bank total 450k and the house value is gone down to 350k. My income is now 2000/month ( $1000 my salary and $1000 from rental income ) I am not late for my payments yet. If I approach them for modificaiton then will they modify my loan to a very low rate ? or i am scared that will they reposses or forclose my house demanding to take away my rental property for difference of mortgage amount and low p...
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