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Yes but your parents being on the deed will have to also sign.

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โˆ™ 2005-12-11 00:53:59
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Q: Can you take out a home equity loan on a house if you are not on the first mortgage but are on the deed with your parents?
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Related questions

Can a second secured mortgage loan be discharged?

Yes, if there is no equity in the house to secure that second mortgage, or the equity is less than the exemption.


Can you get equity release when you have a mortgage?

Equity release is re-mortgage plan that makes it possible to release equity on a mortgaged property. But, as soon as the equity amount is paid, you have to clear all the outstanding mortgages on your house. There are some equity release providers who deduct the outstanding mortgages from the value of your house to repay the loan.


Can I refinance my mortgage if I have low equity in my house?

Yes it is possible to refinance your house if you have low equity. But you must have at least 20 percent equity before your refinance will be apporoved.


What would happen if you lives with your mother who dies with an unpaid mortgage and your name not on the loan or deed?

Children will normally inherit their parents' property, which will include the equity in a house, even if the mortgage is not fully paid.


I pay the mortgage but my husband paid for the house is it my house?

If you are paying the mortgage, your husband didn't pay for the house. The bank owns the house and you and your husband have an equal share in the equity.


What does the term equity release mortgage actually mean?

Equity release, in mortgage language, refers to the ability of an individual to obtain a sum of money relative to the value of one's house while retaining the house.


Can you file chapter 13 bankruptcy keep your house but get rid of a second mortgage?

It depends on whether the second mortgage attaches to any equity in the property. If the house is worth as much or more than the first mortgage balance, you may well be able to.


How can a homeowner determine if their home has equity?

Deduct your mortgage balance(s) from the appraised value of the house. The remainder will be your equity.


What if the estates debt is a mortgage?

The executor of the estate has the option of continuing to pay the mortgage and thereby continuing to own the property (which is presumably a house) or selling it. When you sell a house that has a mortgage, some of the purchase price will go to you, based on your equity in the house, and some will go to pay off the mortgage. If there is little equity in the house, or if the housing market is very depressed, you may realize little or no profit on the sale of the house, but you won't have to continue paying the mortgage.


How much equity does Lisa have in her house if Lisa's house was appraised at 115000 and she still owes 42000 on her mortgage loan?

$73,000


Lisa's house was appraised at $115000. She still owes $42000 on her mortgage loan. How much equity does Lisa have in her house?

73000


How does a home equity loan work?

It's like a second mortgage on your home. They would evaluate the worth of your house minus the amount owed on the first mortgage and loan you a percentage of the difference. You would have to pay two mortgage payments.


Can you describe to me what a reverse mortgage is?

A reverse mortgage is an instrument that uses the equity in a senior citizen's house to provide him or her with income. Once the homeowner dies, the lender gets the house.


What is an equity release loan?

An equity release loan is a means of borrowing money which will allow a person to release equity that has been storing up in their home, meaning that if a person buys a mortgage and the house earns/becomes worth more than what is said in the mortgage, the loan shall release this amount thus deducting from the mortgage.


How does home equity loan mortgage help consumers?

A home equity loan mortgage may help by getting a great rate on borrowing. If you need a great rate, and you are willing to put part of the value of your house as collateral, this is for you.


House was quit claimed to you but you are not on the loan can you get a second mortgage just being on a quit claim deed?

Keep in mind that if there was an outstanding mortgage on the property when it was quitclaimed to you then the property is subject to that mortgage. The lender will find the first mortgage when the title is examined and then will decide if there is enough equity in the property to loan more money to you.


How can you use your equity for a down payment on a new house?

Absolutely. Contact a mortgage or lending professional for details.


Second mortgages but im finding it hard to pay and plus the equity in the house is a lot less on what they gave us what can you do?

i have a second mortgage and find it hard to pay the equity in the house is far to low to what they gave what can i do


Your name is on the deed to a house but not on the loan are you entitled to half of equity?

Yes. If you are a joint fee owner and you didn't sign the mortgage then your half interest is free of the mortgage.


How can you save your house if it was used as collatera o a business that is in default and you are filling bankruptcy?

Talk to a local experienced bankruptcy lawyer. If there is equity in the house after deducting the payoff on the first mortgage and any priority liens, you should not have a problem. If there is equity, it gets more complicated, but you may be able to keep the house with a Chapter 13.


Why is accounting differenciating between assets and equity?

Equity is the proportion of those assets you own, compared to the debt on those assets. An example would be a house. A house is an asset. The equity is the amount of the mortgage that is paid off plus any appreciation the value of the house. Same with a company. Its the difference between what you own and the debt or liabilities. Assets minus liabilities equals equity. You have equity in assets.


What is reversed mortgage?

Reverse Mortgage is a type of mortgage here in Canada where an institution can loan you the money on your paid off house upto a certain amount (usually 50%)of the price of your house and pay you a set amount per month or lump sum depending on what you choose. This type is usually available to people who are seniors. The main advantage of this is that you do not have to qualify for this mortgage as long as you have equity in the house. The disadvantage is that you pay high interest cost and it is eating up the equity in your home.


How do you buy a second house and get a 2nd residential mortgage when you already have a mortgage on your first house?

Sexytime with banker.


What if the bank sells the house for more than you owe on the foreclosure?

If the bank sells the house for more than you owe. First, if you owe any other mortgages they will get paid first. after all of the liens of your property have been paid, the borrower(you) receives the rest. example you owe 100,000 on mortgage 20,000 on equity line the house sells for 150,000 mortgage and equity line get paid off. and you receive the difference of 30,000 dollars


You sold your house in a short sale The first mortgage was forgiven but the second was an equity line The bank said you had a mortgage dificiency Can you file bankruptcy now for the deficiency?

Yes, you can file a Chapter 7 to have the debt liquidated or a 13 to go into repayment.