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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

How can you sell bare escentuals at home?

You can't because BE is a licensed and protected brand that is sold exclusively within its own boutiques and select high-end retailers including Sephora, QVC, and Neiman Marcus. You can sell Avon from home. But if you are adamant about being involved with the BE brand, look for a boutique near you.

Should 94 year old in Home with no assets file bankruptcy on credit card debt?

Assuming you mean a nursing home, probably not. The main concern is that the lenders will sue as the statute of limitations on collection actions approaches, and the debtor will eventually have to go to court to explain why s/he cannot pay. Warrants may issue for his/her arrest if s/he fails to appear.

If the debtor is competent s/he should at least notify the creditors of the situation, which may prevent these problems. If the debtor is not competent, someone, preferably with a power of attorney or guardianship, should notify the creditors, certified mail, return receipt, of the debtor's situation, with a contact person/number to verify the information.

That may prompt the lenders to forgive the debt and issue a 1099 form showing the forgiven amount as income for that year. There is a form available on the IRS website to counter that with proof of indigency that can be filed with the 1099.

What are the 12 escrow states versus non-escrow states?

The non- escrow states are Colorado, Alabama, and the District of Columbia. In an escrow state, all funds are put into escrow after a sale until all paperwork has passed.

Is it a good idea to refinance your 1st mortgage to include you home equity loan if there are only 4 years left on the home equity loan?

It depends. You may not be able to refinance at all if you don't roll both loans in, as the second mortgage holder has to allow you to keep the second loan subordinate to the first.

The math you want to do, or have done for you, is to see which option allows you to spend the least amount on interest. The lower interest rate on the new, larger, mortgage should save you more interest than you will spend on the current mortgages, even after you consider closing costs.

Tom T.

www.startwiththehouse.com

I am divorced and my name is on the mortgage. My ex wife is on the deed. Who is responsible for taking care of home insurance. The ex wife resides in house?

This matter should have been addressed during your divorce proceedings when you had benefit of legal counsel.

You need to review all the documents you signed when you executed your mortgage. There is probably a document that requires you to maintain insurance. If there should be a fire and the premises are not insured, the bank could sue you for breach of your mortgage contract. You may be vulnerable to unforeseen legal problems if the insurance has lapsed.

Perhaps you should speak with the attorney who represented you in the divorce for a review of this situation.

How much does it cost to live in a big mansion?

probably millions of dollars or billions. it depends if it's really really big!!!!!!

Can you lose your home if you don't pay the equity loan?

Yes. The documents you signed gave the bank the right to foreclose if you don't pay the underlying debt.

What is a revolving credit agreement?

A revolving credit agreement is a legal contract between a lender and a borrower whereby the lender agrees to lend up to a certain amount to the borrower for some period of time. The borrower agrees to make minimum periodic payments during the time that the revolving credit agreement is in force and pay off any balance due at the end of the contract period.

Many revolving credit agreements automatically renew after the agreed period (unless the credit circumstances for the borrower have radically changed).

An example of a revolving credit agreement is the credit card. A credit card has a credit limit ("up to a certain amount" or "maximum"), an expiration date ("some period of time") and minimum payment requirements ("minimum periodic payments"). Most credit card agreements are renewed before the original agreement (the card) expires.

If a husband and wifes home is in both names and one passes away do you have to get the title changed in ones name before selling?

You shouldn't have to. In Wisconsin, my Mom passed away and I needed to sell her house, and I was her personal representative as determined by the county probate attorney's.

The Personal Representative of the estate must get NOTARIZED copies from the court stating that they are the personal representative for the estate, and thereby authorized to control assets of the deceased. I called my county courthouse, explained my situation, and was able to get several copies stating that I was able to handle affairs of the deceased.

In an unrelated matter: Also, every time a bill came in the deceased's name, I popped one of those letters in the return envelope, and 90 days after death, I was no longer obligated to pay her bills.

Is it possible to refiance a 80 20 ARM even after I took out an home equity loan to pay off the 20 The home is currently worth less then the combined loans?

You probably won't be able to consolidate the two but you may be able to refinance just the first mortgage. To do this, you'd need the consent of your current 2nd mortgage company to stay in 2nd position behind the new first mortgage (also known as subordinating to the new first mortgage). Depending on how upside down you are on the home, you might have to choose FHA as the loan type. Lastly, most FHA lenders won't allow you to owe more than 125% of the value of your home cumulatively.

How do you get a mortgage loan modification?

Submit a COMPLETE Loan Modification Package to your Mortgage Servicer.

Documentation Checklist...

- Brief cover letter, along with a complete list of what's included in your application

- Hardship letter

- Current financial statement

- Projected financial statement

- Home valuation (estimate of property value from an appraiser

or other real estate professional in accordance with the laws of your state)

- Proof of hardship (birth certificate, death certificate, medical bills,

divorce papers, or bankruptcy papers, for example)

- Federal tax returns (for the last two years)

- W-2s (for the last two years)

- Pay stubs (for the last four pay periods)

- Bank statements (for the last four periods)

- Get your personal "REST Report" (This is an important report that portrays how a bank or servicer will evaluate the Net Present Value (NPV) of potential loan modification and compare it to a short sale or foreclosure option.)

A REST Report will COMPLETE your package.

Can you pay your Bank of America mortgage online?

Try www.myeasypayment.com. Its a Bank of America site where you can pay 24/7. Choose the loan option.

What are the two components of owners equity?

The two components of owner's equity is Contributed capital and Retained earnings

I found that info from here:

http://www.solutionmatrix.com/owners-equity.html

Phone number of BAC home loans servicing lp in dallas Texas?

hello good morning you have a house in the 4542 nw 185 st miami florida 33055 buy them lse $ 40,000 IS YOUR BID thanks my email is humberto817@hotmail.com

Calvins current monthly mortgage payment is 1580 Thirty percent of the payment is put into an escrow account to pay taxes and insurance The rest of the money is used to pay his adjustable rate mortgag?

30 %of his payment that goes towards taxes and insurance is 474.00

so that leaves 1106.00

so 1106.00 x 6.5% = 71.89 dollars

add 71.89 to 1106.00 = 1177.89

his new payment is 1177.89

Your debt to income ratio is too high will having a co-signer improve this ratio for a mortgage?

It can as long as the cosigner doesn't have a lot of debt.
The lender will add the income and debts of all parties on the loan application to calculate the total debt to income ratio.

What is tax equity financing?

Tax equity financing has been a reliable source of funding renewable energy projects for the past decade. Tax equity financing is renewable energy financing structure that permits investors to efficiently and economically utilize federal tax benefits generated by the investment available in renewable energy projects. See: w_wTaxEquityFinancing_com for more complete answer.

Why do most people take a mortgage loan when they purchase a house?

They take the loan to purchace the house.
Not many people have $400,000 + in their bank..
Thus they borrow it from the bank.

Which term is defined as a legal process in which mortgaged property is sold to pay the loan of the defaulting borrower?

Armadillos are eaten by coyotes, bobcats, cougars, wolves, raccoonsand bears. Birds of prey such as eagles and hawks also eatarmadillos. Even people eat armadillos. In Central and SouthAmerica, their meat is sometimes used as a substitute for pork.