but more than 8 of every 10 loan ... lack of home equity in existing houses and a shortage of money for a downpayment remain among the main impediments to home buying. An owner refinancing a $300,000 30-year mortgage ...

but more than 8 of every 10 loan ... lack of home equity in existing houses and a shortage of money for a downpayment remain among the main impediments to home buying. An owner refinancing a $300,000 30-year mortgage ...

but more than 8 of every 10 loan ... lack of home equity in existing houses and a shortage of money for a downpayment remain among the main impediments to home buying. An owner refinancing a $300,000 30-year mortgage ...

... loan ... year. Homeowners planning to buy a new home and rent out their current residence must provide a rental agreement, canceled rent checks and bank statements. They also must have at least 30 percent equity

Jude Medical will make a $60 million equity investment in CardioMEMS ... Patients can transmit these readings from their homes, and with this vital information, physicians can more effectively direct treatments to ...

... 20 million in second-round Broadband Initiatives Program (BIP) grants and loans will fund the fiber deployment to over 4,600 previously-unserved homes and ... Marquette-Adams started a six-year transition to an ...

... homes through straw buyers in order to keep the equity for himself and others ... statements and claims of renovations to the properties to obtain the inflated loans, the indictment says. Richardson is in his ...

... year ... loan and help widen his search of available homes for sale. "It's really unbelievable because it's going to help me a lot," he said. "It will help set me free of rent and allow me to keep my own equity." "

... new clients in the past year who were planning to walk away from their properties even though they could afford to pay the first mortgage - so-called "strategic defaulters." They all had home equity loans which ...

... foreclosure this year ... equity gap and the Federal Housing Administration back up new mortgages on the market values of those homes. Wisely, banks and investors are reluctant to write off debt on performing ...

I live in SW Florida where I owe $335,000 for a house surrounded by homes forecloure specialists are enjoying profits from selling at $125,000 (in much better condition than mine), and at least another thousand brand new unoccupied homes nearby. Flood insurance just became mandatory and rates went up. I bought in '06, it was the best I could get then, but in very poor shape compared to the quality of currently available homes. It would take another $20,000 just to make it marketable to sell for $125,000. In '06 I had to have two loans on teacher pay, did not have enough reserves for a down payment, assumed value would continue escalating and would refinance/consolidate both loans, with increased equity in a few years, and live here another ten years, retire and go home and live in Texas in a modest, low cost home, for the rest of my life. Disaster struck. I modified loan 1 (SAXON) under HAMP - that one payment is 31% of my gross income - one of my 2 "take home" paychecks a month. I modified Loan 2 ($65,000 balance) directly with OCWEN, who only gave me a reduced rate (14% TO 2%) for 5 years. My entire 2nd paycheck is that payment, utilities, food, clothes, car, gas, credit cards, student loans, and other living expenses. I live hand to mouth and see now that I will never be able to retire/sell this house/move home, etc. I didn't want to get rich, but I didn't expect to pay every dime I make for the rest of my life for basic living because of what I perceive as a national financial disaster - obviously not just a "natural real estate cycle" - evolving from poor economic planning and oversight on the part of the politicians who have been paid by my taxes from my hard work for the last 35 years to assure my (at least basic) quality of life - for life. Ethics? It is hard to specify ethical boundaries under such extreme, outlying conditions. I do know one thing about this crisis: Ethcial boundaries were crossed at every stage, by many people, over many years. The argument for the end consumer to suffer - in such an exaggerated way - in order to affirm their ethics - seems profoundly hypocritical. On the other hand, I am still here, paying my mortgage, even though every other homeowner who purchased a home in this HOA between '05 and '08 has walked away, so I AM demonstrating ethics. My question is, "What would you do?" I wish I could put up a poll and ask every expert what they would do. Walk away entirely? What then... ? Rent for life...? Stop paying 2nd lien? What then...? Credit ruined...for how long...? What else....? Swallow and pay every dime they earn to live a restricted (since '06: never go out, no travel, no vacations, no gift giving at holidays, drive old cars, buy used clothes, etc.) life for the next ten or fifteen years, fearing job loss or pay cut daily, only to find out at retirement that I have to walk away from it then, can't sell it, perhaps have to file bankruptcy, then, and live in government housing for my retirement...? That seems awfully bleak. I make too much, they say, to file bankruptcy. hmmm...what would you do? Thanks for any wisdom you could share. Synthia

I'm 20 years old so I only have a little over 2 years of a credit history, but my credit score was 712 as of a couple months ago. I've been with my current employer about a year and 4 months, but I have been consistently employed since I was turned 18. I am paying off a home through a private contract and will own it 100% in a few months. The house was appraied at ~$45k. I'm looking to get an equity loan of at least $15k for repairing the roof and a few other miscellaneous things. The house is a two family and I live in one apartment and take in $6,900 in rental income from the other apartment, and I gross $38-39k per year with my current employer. My only other debt is less than a couple hundred dollars on one credit card and a few thousand in student loans, which are currently in deferment. What are my chances of getting approved for this loan without using a cosigner? Thanks, MatthewThanks for the replies. For the couple of you that said I need to get the house paid off first, I stated above that it will be paid off and in my name 100% in a few months. Thanks for the tips to go to a credit union instead of a bank, I will do that. So will my young age and short work history have a big effect on whether I get approved? Should I go for a personal loan with the house as collateral instead of an equity loan?

A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to 70% of their equity. They purchased their home 13 years ago for $79,527. The home was financed by paying 20% down and signing a 15-year mortgage at 9% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 15 year period. The net market value of the house is now $100,000. After making their 156th payment, they applied to the loan company for the maximum loan. How much (to the nearest dollar) will they receive? Answer is $60,113. Please show me how you worked this out!

I am currently under short sale proceedings in CA. My first has agreed to the terms but my second, which is a non-purchase money loan, is requiring me to sign a promissory note at a reduced balance. The second has agreed to reduce my balance by 65% and payable interest free over 20 years. Should I sign? I believe the alternative to not signing is a foreclosure initiated by the first. Need help fast. Thanks for reading.

Here is the scenario of a family I am assisting in planning: Wife is a teacher, husband is a Airline employee and his job is not secure and he wants a change. Both are in their mid-30's with a 2 year old child. They just came into $10,000. They have a combined annual income of $80,000 They owe 2 months worth of mortgage on a rental income apt that they are upside down in where they have a $300 monthly gap. Husband has high 500's credit score. Some charge offs, collections, late payments. Their collections total about $8,000 without any settlement negotiations. Wife has 720 credit. No bankruptcies They owe $14,000 in home equity loan. Their current mortgage is on time, no issues. Only with rental prop do they owe 2 months. They have little life insurance only through employers, about $100,000 each. The husband is planning on using some of the funds to improve his schooling and earning or take a new career. Perhaps computer networking, web design or a short training in health field such as ultrasound or mri tech. They have $900 in savings. They have one child, no pre-pay college yet, child is 2 years. Their monthly expenses are: $4,500-$5,000 What advice would you give them? They came to me about what to do with their $10,000 windfall, however looking at their situation its more complicated. I think they need 3 months in savings, pay down some cards get life insurance and yes, pay for husbands schooling to increase earnings, and sell or get up to date on income property....any other suggestions? Thanks. 5 days ago (Tiebreaker) Additional Details They owe 130,000 on their home mortgage with a 6% fixed 30 yr Their rental/income prop is worth 115,000 and they owe 120,000 with a 6% fixed 30 yr All their credit cards and unpaid debt ranges from 14%-20% interest...not certain on balance breakdown for each card/account. Total about $8,000

Here is the scenario of a family I am assisting in planning: Wife is a teacher, husband is a Airline employee and his job is not secure and he wants a change. Both are in their mid-30's with a 2 year old child. They just came into $10,000. They have a combined annual income of $80,000 They owe 2 months worth of mortgage on a rental income apt that they are upside down in where they have a $300 monthly gap. Husband has high 500's credit score. Some charge offs, collections, late payments. Their collections total about $8,000 without any settlement negotiations. Wife has 720 credit. No bankruptcies They owe $14,000 in home equity loan. Their current mortgage is on time, no issues. Only with rental prop do they owe 2 months. They have little life insurance only through employers, about $100,000 each. The husband is planning on using some of the funds to improve his schooling and earning or take a new career. Perhaps computer networking, web design or a short training in health field such as ultrasound or mri tech. They have $900 in savings. They have one child, no pre-pay college yet, child is 2 years. Their monthly expenses are: $4,500-$5,000 What advice would you give them? They came to me about what to do with their $10,000 windfall, however looking at their situation its more complicated. I think they need 3 months in savings, pay down some cards get life insurance and yes, pay for husbands schooling to increase earnings, and sell or get up to date on income property....any other suggestions? They owe 130,000 on their home mortgage with a 6% fixed 30 yr Their rental/income prop is worth 115,000 and they owe 120,000 with a 6% fixed 30 yr All their creit cards and unpaid debt ranges from 14%-20% interest...not certain on balance breakdown for each card/account. Total about $8,000

The Poages purchased a vacation home 12 years ago. At the time of the purchase, they were able to make a down payment of 20% of the purchase price:$131,250 and secured a loan to finance the remaining amount. The loan was to be amortized with monthly payments over 30 years at an interest rate of 6.75%/year compounded monthly. (a) What is the current outstanding principle on the loan? (b) How much equity do the Poages have in their vacation home? (c) Over the 30-year period, how much interest will the Poages pay? (d)If they decide to pay an extra $100/month, starting now, how many more years will it take to pay off the house?

The Poages purchased a vacation home 15 years ago. At the time of the purchase, they were able to make a down payment of 20% of the purchase price and then secured a loan of $105,000 to finance the remaining amount. The loan was to be amortized with monthly payments over 30 years at an interest rate of 6.75%/year compounded monthly. (a) What is the current outstanding principle on the loan? (b) How much equity do the Poages have in their vacation home? (c) Over the 30-year period, how much interest will the Poages pay? 2 hours ago - 4 days left to answer.

My husband and I have purchased a home, a year this June. Now we are not in any way in debt over our head but we would like to pay the existing debt of 8,500 (its high interest debt, like 22 percent so this is why we wanna pay it off) off plus have extra to go back to university since we can not qualify for a student loan. I am just lost as to know how much equity we could potentially have? Does it matter that in the last year we have sank 20,000 in upgrades? We bought the home for 212,000, our mortgage is at 210,000 as of now. With a combined incomes of about 85,000.00 We don't have the best credit but its not horrible. My brother in law told us as of today he would put our house on the market for 269900.00. So can anyone give me a clear answer? I am just so lost. Thanks again

A little more than a year ago, I purchased my first home with a VA loan. I live with my wife, step-son, and 3 month old baby daughter. Our house has QUICKLY grown to small. There is a nice fixer-up that I found for $30,000 and needs $20,000 for repairs. I have very little equity in my current house and little for a down payment. I have fallen in love with this house but just don't see much options available for a second home rehab loan. Any suggestions?

In 2006 I purchased a home for $109,000, I took out a mortgage for $87,200 at 6.75% (30 years fixed) and a home equity for $10,700 at 8.74% (20 years fixed) and put down $10,000. I did this so I could avoid PMI which I did. But now I want to refinance since my rate is ridiculously high. Can I combine these two loans now, currently at $83,000 and $8100 = $91,100 combined? At my local credit union the rate they show is 5.185 % (at HSBC now). Gonna live here for at least 6 more years maybe more until my parents sell their home. Gonna talk to them but just wanted some insight before I went. To throw something else in I just won $12,000 and was thinking of just paying off the Equity loan but wasn't sure if I should invest it instead? Was gonna open a roth IRA for a retirement fund maybe with $3000 of it since I'm in my low 30's..

OK so my friend bought her first home a few years back with a first & second at the same time (80/20 loan), then had to have some work done on her basement - the basement contractors put a 3rd/mechanics lien on the property. Now, she is trying to modify her 1st lien position mortgage (they actually contacted her to do this - they own both her first and second) but now they are saying they won't do this with having a 3rd lien on the property. Now, I actually am Home Equity underwriter, which is why my friend came to me for advice, however being in the *origination* department, unfortunately do not know much about these HAMP modifications. I do however know what subordinations are, and am not understanding why if the 3rd lien is willing to subordinate, why her lender is saying they won't do that anyways (she has yet to contact the contractor who put the lien on the property) does anyone know if, there is a 3rd lien on the property, is that something banks won't even touch for modification, even if the 3rd lien is willing to subordinate.?

We couldn't sell our first home (bought it when the market was high) and so we refinanced under Obama's plan that enabled you to do so even if you didn't have the equity in your house. this enabled us to lower how much rent we needed to charge. we'll only be making about $50 off our renters a month. We want to buy a second home because our family is getting larger, but now we are running into all kinds of issues we didn't know about. first, our current mortgage holder says we need to make our first house our secondary residence (he said we need to refi again) and then we'll need to wait at least a year and put down 20%. We didn't know any of this. We knew we'd have to prove we had renters, and that they were paying us. (we were told to get copies of the deposit, first months rent and deposit slips) Can anyone tell us what we should do? does this differ from place to place? We don't have an FHA for our first loan, so we were going to try and get one for our second house and save up the 3.5% down for the house. We just don't have the time to save up 20%, no matter how cheap the house is!let me clarify a few things....we re-fi'd our house so that we could rent it out at a comparable rate to houses surrounding us. when we did the re-fi, we were asked if we were going to sell our house, which we weren't. no one ever prohibited us from renting it out. if we have to lower our rent in order to show we are basically breaking even, then we will. Bottom line is that we just want to know how, with having rented our first house, that we can buy a second one.

Maybe we should now start paying these people's alimony, credit cards, and car loans too, what do you think? excerpt... The number of homeowners who defaulted on their mortgages even after securing cheaper terms through the government’s modification program nearly doubled in March, continuing a trend that could undermine the entire program. Sixty percent of modifications undertaken by banks in late 2008 were in default a year later, according to the latest Mortgage Metrics Report compiled by the Office of Thrift Supervision and the comptroller of the currency. Loans for which the payments were decreased by at least 20 percent failed at a slower but still significant rate of about 40 percent. The government program takes a more aggressive approach, lowering the interest rates for all loans. On many loans, terms are also extended or principal payments put off for years. Treasury data shows that the median savings for borrowers receiving permanent modifications is $512 a month. Many borrowers remain deeply indebted, however. They owe not only on the house, but on homeowner association fees, home equity loans, car loans, alimony and credit card interest. http://www.nytimes.com/2010/04/15/business/15mortgages.html

Hi and firstly thanks for taking the time to read this. Basically my parents have a (now) successfully property rental business and have had it for over 20 years. Basically 3 years ago it emerged that my father had got into a lot of debt without my mum even knowing - all business related. This equates to about £250,000. Anyway, my parents sold their last house, downsized paid about £100,000 of this off and then the recession hit....things did slow down business wise but they have kept their heads above the water but its been a real struggle. 3 years on they have met their commitments but still have this £150,000 over their heads. They are now contemplating selling their home, drawing the majority of the equity out to pay these committments off (there are basically 4 or 5 loans and from what ive seen, the interest rate is what is crippling them at 20-25%) and renting a house. This would relieve them of around £6000 a month in loans, and in theory this money each month would slowly help them recover their money and buy again. I am in my early 20's and have recently started my own business and am earning around £100,000 a year after a lot of hard work over the past 12 months. I also own my own house, with approx £40,000 equity in it which iisn'ta great deal, but im wondering if theres a solution that I can help them with to avoid them having to sell their house? their in their mid-late 50's and theyve never rented in their lives and ultimately, im still young so if it means say sacrificing my house/business I would definitely look at it. Any suggestions would be really appreciated ThanksThe problem is, most of the debt (60-70%) is on credit cards as far as I can see. My dad blames 'hard times' for it and who am I to judge? but its a huge amount of cards. They are meeting the 'minimum' payment, but this means it wont be cleared until their in their late 60's by my calculations. By selling their house they can pay these off in full I guess, and then with the £5000-6000 could probably afford to buy again in around 2 years. I can see the theory...but it does worry me! the bank has been unhelpful despite them trying to clearly restructure their debt and its all just a mess to be honest.

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