That depends on how low your income is and what your debt ratio is. It is still possible to save yourself from foreclosure if you can afford a normal mortgage payment. There is always the option to sell the home as well... but if you want to keep the home, you should probably try to qualify for a refinance loan.
You basically get kicked out onto the streets...
No. Even though a home equity loan is backed by the value of one's principal residence, the individual's income must be substantial enough (after other payments) to cover the principal and interest payments associated with the home equity loan. If income cannot/will not be documented, no lender will approve a home equity loan.
I'm not sure this question was complete, but the answer is that any excess equity after a property is foreclosed will go to the prior homeowner. In other words, if a home is foreclosed and the home sells at auction for more than was owed to the bank, the excess will go to the homeowner who was foreclosed upon. Keep in mind many fees and charges may be attached to a foreclosure, so the equity may be limited.
pop goes the weasle
The advantages of a stated income home equity loan are: stated income loan applications require less paperwork and speed the lending process. Using these applications also means no written verifications are needed for income and no tax returns.
You basically get kicked out onto the streets...
No. Even though a home equity loan is backed by the value of one's principal residence, the individual's income must be substantial enough (after other payments) to cover the principal and interest payments associated with the home equity loan. If income cannot/will not be documented, no lender will approve a home equity loan.
This idea sounds like fraud, since you would be signing for a loan that you do not intend to pay. The total of the mortgage and the equity loan together may not exceed the appraised value of the home. In addition, if your house is foreclosed upon and the bank forgives any portion of the amount that is owed, there will be income taxes.
I'm not sure this question was complete, but the answer is that any excess equity after a property is foreclosed will go to the prior homeowner. In other words, if a home is foreclosed and the home sells at auction for more than was owed to the bank, the excess will go to the homeowner who was foreclosed upon. Keep in mind many fees and charges may be attached to a foreclosure, so the equity may be limited.
pop goes the weasle
The advantages of a stated income home equity loan are: stated income loan applications require less paperwork and speed the lending process. Using these applications also means no written verifications are needed for income and no tax returns.
It depends--if the 2d home is included in the deed of trust then it, too is foreclosed. If it is not included, then the 2d home is free and clear.
Maurice Weinrobe has written: 'Home equity conversion for the elderly' -- subject(s): Home equity conversion, Retirement income
There are a few benefits of buying a foreclosed home. Foreclosed homes are generally cheaper than non-foreclosed homes. One can also negotiated for a better deal with a foreclosed home because banks want to sell the home quickly.
The line of credit is no longer usable and the bank that gave you the line of equity will be asking you to pay the balance. The mortgage holder will also be asking for the deficiency after the foreclosure auction. Alternatively, the banks may send you a 1099 early next year so you will owe taxes on the "forgiven" balance. Get a good bankruptcy lawyer. The law may change in this area when Congress comes back into session.
It goes into the deceased's estate.
child support is for the child .