Loans

No, unfortunately you can not get a home equity to pay off your bankruptcy but there are other alternatives to pull yourself out off that situation and give yourself some financial room to breathe. Check with a certified credit counseling agency to get the best advice. In general if you can, reduce all expenses for clothing, food, cell phone, internet, and any other utilities as much as you can to pay this off faster. Take the bus and save on car expenses.

You can refi a day out discharging of bankruptcy depending on the situation.

Typically, you need a pretty good credit score to get a HELOC (home equity line of credit). And if you are just coming out of a BK then your score is probably not going to be real high. However, if you have a lot of equity in your home there are lenders who may have a look but be prepared for a high rate.

It depends on what type of bankruptcy you filed. If it was a chapter 7 then i'd say it's highly unlikely. If it was a chapter 13 then you are in a payment plan for either 3-5 years and most people after a couple years into their chp 13 payment plan start to see their credit scores improve. You still may not qualify for a equity line of credit but it is more beneficial to do a cash out refinance and take out the money you need, plus payoff your remaining chapter 13 payment and in some cases lower your interest rate.

Take a breath and leave the equity in your home alone. Take the time to pay off your other debts with current income so that you truly get caught up without getting trapped again. If you have the house, then you have the time to clean up your credit without trying to qualify for another loan. Keep home repairs just to the ones needed.

I am a mortgage broker and the answer to this question lies in the section of the mortgage document entitled: Joint and Several Liability. No you are not responsible for the note. The promissary note is the promise to pay. The mortgage clause will say that any Any borrower who co-signs the mortgage (security instrument) but does not execute the Note is co-signing only to mortgage, grant adn convey his/her interest in the property and is not personally obligated to pay the sums secured by the mortgage... this goes for the signer of the note extending or modifying the mortgage by perhaps getting a home equity line. You are not obligated financially. Are you on the title? That is the question. If you are on the title you own the home without any financial responsibility for the home and both of you on the Title must agree to sell the home, and one without the other cannot convey their interest in the property.

No. You are not required to reside at the home that you draw your equity from but you must own it, which means you must be on the title.

It depends on the product that you selected in your prior refinance. If you selected an ARM, usually the fixed period matches the prepayment penalty period. If you are in this situation I would recommend that you wait until that period has expired, due to the fact that you will be faced with hefty prepayment penalty fees. If you chose a fixed product and have sufficent equity in your property you can refincance at any time, but usually one year is recommended. If any of this seems fuzzy to you contact me I can try to explain better or attempt to evaluate your situation. eloy@platinumfinancialonline.com

I deal with many investors that will do a refinance literally a day after you had already refinanced. Some states have no pre-payment penalties like new york.

For others who may be reading this you should also know that in refinances even after closing you have a 3 days of recission. You can actually pull out of your refinance up to 3 business days after closing if you were a victim of a bait and switch (where you were promised a low rate and then were hit with a higher rate at the closing table) or if you just didn't feel comfortable and were pressured into closing simply because you were at the closing table.

This is a technical question that only a lawyer would be able to help you with. Anything, though, is better than bankruptcy, so if you think you have enough equity in your home, then it would probably be the wisest decision.

It depends on what your priorites are. If you believe that you are liable for all your past debts and want to pay them, then you should consider the home equity loan. Keep in mind that you will put all that debt load goes onto your home. If you feel that you are overwhelmed with debt and you are frustrated with your situation a BK is probably the way to go. If your planning on filing BK, I would recommmend Ch. 7 ,that way you get a clean slate and can start over fresh almost immediately. If your considering Ch. 13 Bk, you might as well go with the home equity loan and at least take advantage of the tax savings and credits, not to metion the fact that your payments on a loan would probably not be as high as with a BK.

Since you are both on the loan you are both on the title. You can refinance without them on the loan but would need them to sign the title over or transfer at close.

A refinance will help your credit profile, since it will show a paid or transferred mortgage. It is difficult to predict how much of an increase, due to the complexity of the credit bureau's scoring systems. When I refinanced, my credit score went up around 15-20 points. I am not sure if it is a standard amount or if they go by current credit or what.

Absolutely. Contact a mortgage or lending professional for details.

Yes, the loan can be in one sole persons name, but the title can remain in two peoples names or be transfered into one. If you need some help with this I handle situations like this all the time give me a call 214)607-1445.

Some of the advantages are lower rates & lower payments. This allows a potential buyer to acquire more home since they would be paying a lower payment than someone with a traditional mortgage. The primary disadvantages of an interest only mortgage are that you are on an ARM (Adjustable rate Mortgage) and that you are not paying principal, which basically means that you are renting your home. You are not building equity with your payments. You would also at some point in time see your payments increase to its full amount(principal & interest). If you need help with this or any other information feel free to contact my office (214) 607-1445.

They can charge a commitment fee or a lock fee, most certainly. Not everyone does it but it depends on the lender, it is not uncommon though.

When a person or family buys a home with a mortgage, it is registered with the county or city registry as the first mortgage. The first mortgage is paid off first in whatever case.

A second mortgage on the other hand is a secured home equity loan against the same property. If you default on your mortgage payments the lender has to wait after the till the first mortgage is paid. For this reason the second mortgage rates may be higher. Second mortgages are usually smaller loans.

First try to work out a repayment or forbearance plan with the existing lender. If that doesn’t work, find a good mortgage broker who can shop lenders for you. There are various lenders that have loan programs for people in foreclosure. However, a lot will depend on how much is in arrears, the equity in the home, credit rating, ability to continue paying, etc. But oftentimes, it can be done.

First you would have to determine if you have a prepayment penalty on your current home. In case you dont know, you can find that out if you call your mortgage holder. If there is a prepayment penaly it would be best to wait the period out in order to avoid the hefty fee. If you do not have a PPP, or would like to pursue despite the fee, you can do so at any time. If you need help with your transcation feel free to contact me @ 214)607-1445.

The bank is a good place to start. Whereas, they have documentation and reports of present income. Individual reports can control and filter the information provided. They also can issue a home equity line or loan of credit.

Yes. Once a home equity loan, always a home equity loan; but there are certain programs that give breaks in rate to previous home equity acquisitioners.

Escrow is a a deposit of money and instruments by two or more persons with a third person, which are held by him until certain conditions are met. The process by which a complex sale exchange or loan transaction involving real property is brought to completion.

How was the property used to secure the loan? Also how the title of the house is worded could make a big difference in what action can be taken. Sorry but there's not enough specifics to make an evaluation. If the title is in your name only and he made the loan on his own, the house could not have been used for collateral. If you both made the loan or you cosigned you are both responsible, and so on. Perhaps you can post more specific info. or email me if you feel I can help. Consult your lawyer amediately.

This is not a good idea. You need your own insurance policy. There are coverages you do not have by being on your parents policy. You want to be a "named insured". This means that you control the policy and not your parents. If you want to loan your car to anyone you can, if you are on your parents policy you cannot do this. Also if you need to rent a car, you are not covered under your parents policy to do this. You would be under your own policy. Contact your insurance agent for a better explanation.

List your wife and daughter as primary drivers of the cars they regularly drive and occasional drivers of others. If the company finds that you have been lying to them when you have a claim, you may discover that YOU HAVE NO COVERAGE and all the premiums you have paid were just a gift to the company.

If your lender requires you to have insurance during the loan period, then yes. Also. If you are driving , then yes. If the vehicle is not on the road being driven, then no. But, know that if you just drive the vehicle to your next door neighbor's house and you have an accident (collision), then you better have insurance or you could wind up having to pay a huge fine and/or have your lincese suspended and/or have your prospects for a future car insurance company require you to pay alot more for car insurance.

No standard company will write a separate policy for a 16 yr old driver. Youthfuls need to be experienced with their own credit and stability to obtain their own policy. It is not cost effective either. The rule is that until the age of 25, most drivers will not get a prefered rate.

So in short, the answer is "no".