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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?
Wiki User
∙ 2005-12-11 00:53:59
Yes but your parents being on the deed will have to also sign.
Wiki User
∙ 2005-12-11 00:53:59
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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 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.
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.
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.
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.
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.
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 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.
Lisa and house was appraised at 115000. She still owes 42000 on her mortgage loan. How much equity does Lisa have in her house?
$73,000
