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I have a first and second loan. The property value doesn't even cover the first loan. I also have a separate equity line with the same lender. Can they take equity from one account to pay off the oth?
Wiki User
∙ 15y ago
Wow. I have no idea why you would want to do this unless you're trying to avoid foreclosure. However, if the value of the property isn't worth what you owe on your first and you also have a second why would you not want to just get out of this property. If you are asking can you borrow money from your Equity Line (which it sounds like there is no way you should have been given in the first place given that you have NO equity in the property...hence secondary mortgage market collapse) then sure you can strike a check from that account and pay it towards your first or second, but you're still just transferring your own debt from one place to another...
Wiki User
∙ 15y ago
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Which of the following accounts is an owner's equity account?
When purchasing a home with a home loan part of your mortgage payment will go to the equity account. The following would be used with an owner's equity account: paying property taxes and paying homeowners insurance.
What is the difference between refinance and home equity loans?
Both refinancing and home equity loans release finance from the equity a person holds in their property. The difference that a loan is taken out based on the amount of debt owed on the property against the value if it was sold, but is separate form your mortgage. Refinancing will replace your current mortgage with a new one. Equity Loans generally carry a higher rate of interest that a mortgage.
How does a person qualify for a second mortgage?
If they have enough equity in the property and have enough income to take on more debt.If they have enough equity in the property and have enough income to take on more debt.If they have enough equity in the property and have enough income to take on more debt.If they have enough equity in the property and have enough income to take on more debt.
How do you calculate equity in the property?
Equity is calculated by subtracting the amount still owed on the mortgage loans from the fair market value of the property.
Can you get a home equity line of credit to buy a home?
No. You must apply for a purchase money mortgage if you do not already own any home. If you already own a property and have enough equity in that property, you can take a home equity loan on that property and use those proceeds to purchase another property.No. You must apply for a purchase money mortgage if you do not already own any home. If you already own a property and have enough equity in that property, you can take a home equity loan on that property and use those proceeds to purchase another property.No. You must apply for a purchase money mortgage if you do not already own any home. If you already own a property and have enough equity in that property, you can take a home equity loan on that property and use those proceeds to purchase another property.No. You must apply for a purchase money mortgage if you do not already own any home. If you already own a property and have enough equity in that property, you can take a home equity loan on that property and use those proceeds to purchase another property.
Which of the following accounts is an owner's equity account?
When purchasing a home with a home loan part of your mortgage payment will go to the equity account. The following would be used with an owner's equity account: paying property taxes and paying homeowners insurance.
Is a husband entitled to equity in a house he is not on the deed to in ma?
No. Massachusetts is a separate property state. In a divorce the separate property may be considered in a division of property but the court would consider many factors before rendering a decision if the property ownership was a contested issue.
How do you decrease an equity account?
By withdrawing from business we can reduce equity account or debit balance reduce the equity account.
Is drawings an asset equity or liability account?
equity
Dividends is what type of account?
Dividends are classified as stockholders' equity. They reduce stockholders' equity so they can also be called a contra equity account.
What is the difference between refinance and home equity loans?
Both refinancing and home equity loans release finance from the equity a person holds in their property. The difference that a loan is taken out based on the amount of debt owed on the property against the value if it was sold, but is separate form your mortgage. Refinancing will replace your current mortgage with a new one. Equity Loans generally carry a higher rate of interest that a mortgage.
Is a withdrawal an equity accounting?
Withdrawal or drawing account is contra account to owner equity account which is used for owner withdrawals from business.
How drawings account is contra equity account?
Drawing account is used to reduce the capital by the owners of the business from business that's why it is called the contra account for equity account.
Is stockholders equity an asset account?
Stockholder equity is a liability account as it is refundable by business at time of liquidation.
What type of account is capital stock?
Capital Stock is an equity account. You may think of equity as ownership.
What section of the statement of cash flows are equity accounts in?
Equity account or increase or decrease in equity account is shown in cash flow from financing activities.
How does a person qualify for a second mortgage?
If they have enough equity in the property and have enough income to take on more debt.If they have enough equity in the property and have enough income to take on more debt.If they have enough equity in the property and have enough income to take on more debt.If they have enough equity in the property and have enough income to take on more debt.
