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Home Equity and Refinancing
Home equity is the ownership value accumulated in a property. A refi involves restructuring a debt, usually to take advantage of lower interest rates.
5,740 Questions
What is the take home pay on 32000?
That depends on how many dependents you can claim and which state and city you live in. There's no one-size-fits-all answer. You need to fill out a W4E to estimate your required payroll withholding and then your can plug that in to various web sites to get your answer.
How do you get the martial home in your name after divorce and your not on the mortgage?
This would be handled in divorce court. Ask your lawyer. That's what they're for. Using a site such as this is not recommended. You're discussing thousands of dollars.
Can you do a quit claim when you have a mortgage?
Generally, you are not free to transfer your property if it is subject to a mortgage.
Most mortgage documents have a 'due on transfer' clause that the mortgagor agreed to at the time of the signing of the mortgage. The bank must be notified of any transfer in interest or the mortgagor will be in breach of the agreement and the bank will demand payment in full. A quitclaim deed will trigger the due on transfer clause.
If the property is transferred, the mortgagor is still responsible for paying the mortgage and the property is subject to the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure and the foreclosure will be reported on the mortgagor's credit record.
If a new owner has agreed to take possession of the real estate subject to the mortgage the seller must notify the bank of the transfer of interest. The bank may require that the mortgage be paid in full and refinanced by the new owner. On the other hand the bank may agree to allow the new owner to assume the mortgage. In that case, the original mortgagor will be free of the mortgage obligation and no longer responsible for repayment.
Saving and Loans Association.
Is it possible to be a co-signer on a mobile home loan if you already own a home of your own?
It's up to the lender whether the co-signer can be approved. If the co-signer can afford to pay for the mobile home in addition to paying for their own home they will likely be approved. The co-signed loan will appear as an outstanding debt on the co-signer's credit record since the co-signer on any loan is fully responsible for paying the loan balance if the primary borrower stops paying. If you are willing to guarantee repayment of the loan and have enough income then you can co-sign.
It's up to the lender whether the co-signer can be approved. If the co-signer can afford to pay for the mobile home in addition to paying for their own home they will likely be approved. The co-signed loan will appear as an outstanding debt on the co-signer's credit record since the co-signer on any loan is fully responsible for paying the loan balance if the primary borrower stops paying. If you are willing to guarantee repayment of the loan and have enough income then you can co-sign.
It's up to the lender whether the co-signer can be approved. If the co-signer can afford to pay for the mobile home in addition to paying for their own home they will likely be approved. The co-signed loan will appear as an outstanding debt on the co-signer's credit record since the co-signer on any loan is fully responsible for paying the loan balance if the primary borrower stops paying. If you are willing to guarantee repayment of the loan and have enough income then you can co-sign.
It's up to the lender whether the co-signer can be approved. If the co-signer can afford to pay for the mobile home in addition to paying for their own home they will likely be approved. The co-signed loan will appear as an outstanding debt on the co-signer's credit record since the co-signer on any loan is fully responsible for paying the loan balance if the primary borrower stops paying. If you are willing to guarantee repayment of the loan and have enough income then you can co-sign.
How Do you discharge a mortgage?
If you are the mortgagor, you pay the mortgage off and request a discharge from the record owner of the mortgage if the original mortgage was assigned. The discharge must be recorded in the land records.
If you are the mortgagee you can draft a release listing the names of the mortgagors, the date of the mortgage and the recording information and a statement that the mortgage has been satisfied in full. It should be signed by the mortgagees, acknowledged and recorded in the land records. You can also obtain a mortgage discharge at an office supply store, online or visit the land records office and get an example of a recorded mortgage discharge to use as a model.
If you are the mortgagor, you pay the mortgage off and request a discharge from the record owner of the mortgage if the original mortgage was assigned. The discharge must be recorded in the land records.
If you are the mortgagee you can draft a release listing the names of the mortgagors, the date of the mortgage and the recording information and a statement that the mortgage has been satisfied in full. It should be signed by the mortgagees, acknowledged and recorded in the land records. You can also obtain a mortgage discharge at an office supply store, online or visit the land records office and get an example of a recorded mortgage discharge to use as a model.
If you are the mortgagor, you pay the mortgage off and request a discharge from the record owner of the mortgage if the original mortgage was assigned. The discharge must be recorded in the land records.
If you are the mortgagee you can draft a release listing the names of the mortgagors, the date of the mortgage and the recording information and a statement that the mortgage has been satisfied in full. It should be signed by the mortgagees, acknowledged and recorded in the land records. You can also obtain a mortgage discharge at an office supply store, online or visit the land records office and get an example of a recorded mortgage discharge to use as a model.
If you are the mortgagor, you pay the mortgage off and request a discharge from the record owner of the mortgage if the original mortgage was assigned. The discharge must be recorded in the land records.
If you are the mortgagee you can draft a release listing the names of the mortgagors, the date of the mortgage and the recording information and a statement that the mortgage has been satisfied in full. It should be signed by the mortgagees, acknowledged and recorded in the land records. You can also obtain a mortgage discharge at an office supply store, online or visit the land records office and get an example of a recorded mortgage discharge to use as a model.
When your house for sale was already off from the market can you refinance?
Whether your house is still on the market or not, the real question to ask is 'Do you qualify for refinancing?
What is the disadvantage of equity financing?
Selling stock gives the shareholders some controll over the company
Why do most home buyers prefer a fixed rate mortgage?
Most home buyers prefer a fixed rate mortgage because they do want to risk their rates going up. On fixed rates, you are guaranteed that your rate will not increase.
How is the co signer affected if the primary borrower defaults on a home equity loan?
The bank providing the loan will go after both the primary borrower and the co-signer to get the loan paid back. If the co-signer has more assets/is more liquid than the primary borrower, the bank may just focus on the co-signer as both parties (the co-signer and primary borrower) have full responsibility for the debt regardless of who benefited from the cash.
How many days to deliver a loan cheque from sss to company using SSS on-line loan application?
Max is a month, but there are a lot of instances that it will be delivered 2 weeks after your employer certify your loan application
How many days to deliver a loan cheque from sss to company using SS on line loan application?
2 weeks
What is the telephone number for Bank of America's mortgage payoff department?
As of Feb 6, 2013, 1-800-669-5833
Housing loan is actually different from mortgage loan. It is a loan that is taken to purchase or construct a house. It may appear the same, but mortgage loan includes loan that is granted again security of a property.
It is money borrowed from a licensed money lender or a financial institution primarily a bank. This consist an adjustable or fixed interest rate and payment terms.
Is mortgage better than a loan?
A mortgage is a loan secured by your real estate. If you own real property you can borrow more with a mortgage.
A mortgage is a loan secured by your real estate. If you own real property you can borrow more with a mortgage.
A mortgage is a loan secured by your real estate. If you own real property you can borrow more with a mortgage.
A mortgage is a loan secured by your real estate. If you own real property you can borrow more with a mortgage.
Why does VA need to source earnest money and closing costs?
Just to clarify, I currently have a home under contract and have given my agent $1000 money order for earnest money. My current bank account balance is around $5k, and I am told that I will need about $400 (in addition to money the lender already has) for closing. Closing date is 5 days from now, and the lender calls to tell me that the VA needs to be able to verify the source of all money in my bank account that I paid the earnest money from and that the closing costs will be paid from.
Not that I am hiding anything, but the closing date is quickly approaching, and I have sent them a declaration to explain, including where money was transferred into my PayPal account. Now they want to see the statement of people who transferred the money to me (!?)
First question, why in the world do they need to know this? I did not use these deposits as "income" to get the loan approval, and the lender is saying that the loan was not granted based on this money. Second question: is this weird or normal?
Does a HELOC loan have to be paid off if selling the house?
Generally speaking, yes.
It gets a little complicated in certain cases, because certain debts have a higher priority than others, but all debts, including the HELOC, must be paid off before the seller receives any money at all from the sale, and except in the case of a bankruptcy, the lenders are entitled to attempt to recover their losses if the house sells for less than the total amount of secured debt.
Do you own the house if your name is on the deed but not the loan?
Well i don't know much about loans but i can say that the one who pays the EMI's of the complete loan of the house naturally the house will belong to him.Let us take an example of joint loan:Suppose a joint loan is taken by a mother and a son but the mother is unable to pay it's one of the EMI so his son pays the all the loan then it is quite natural that the house will belong to son only.
I am a Realtor in Northern Virginia but I am not an accountant nor a lawyer, but I must say if this actually has happened to you, I would recommend seeking legal counsel ASAP! It is the original lenders obligation to notify you of the change in servicer and thus the money you paid them must be returned since the loan was sold. I must ask though, did you receive a letter from another servicer/bank stating that your loan has changed hands? If you paid on time and have proof of all payments you made to the original you may have a big case on your hands. Who is it that is trying to foreclose on you, the new bank? If this is the case you need to spend some time on the phone with both banks and threaten to sue if they do not return the money you paid them. The issue now is that you have probably incurred penalties which you may not be able to pay back on your own. I do not know what your financial situation is, but again this is why I would consult with both banks but with a lawyer first. There are a lot of variable at play here and you could be accused of not opening your mail or returning phone calls. Gather all the possible proof you have regarding payments and any other documentation you may have. My professional opinion is that you should be ok and be able to keep your home if you take the correct steps to rectify this unfortunate situation. I would also contact your local government regarding fraudulent activity, but know that you have a fight ahead of you. When most people pay their mortgage they receive a statement in paper or they pay online each month and if that is the case then you have proof that the original bank was trying to scam you into paying them for a mortgage they already sold to another bank. Call a Real Estate Attorney!
