Equity Loan Information

Can I deduct HELOC interest if it is a first lien used for acquiring primary residency property? I am purchasing a house using a HELOC instead of a mortgage. Can I deduct the interest expense for tax purposes? There will be no other indebtedness on the house.

is it possible to refinance a heloc without refinancing your first mortgage? I have a good rate with my first mortage at 4.25 fixed for 15 years. I also have a heloc that is adjustible and is at about 8.5 percent right. I would like to refinance the heloc without loosing the rates on the 1st. Is there such a thing?

Can I use my HELOC to pay credit cards and deduct interest? I have a first mortgage debt of 168k. My home is worth 280k. I have an unused HELOC of 100k. There are no liens or any other debt associated to my home. This is my primary residence. Can I used some of the HELOC to pay credit card debt and deduct the interest in tax return?

What is the difference between a HELOC and a Home Equity Loan? I know a HELOC is a "Home equity line of credit" but what is the difference between that and a "Home Equity Loan"?

We took a HELOC when we bought the house. How do I find out if it is a recourse loan? Our "starter loan" is now considered a "sub-prime loan". We've been attempting a loan modification with Countrywide for over ten months and making no progress. But, our HELOC with HSBC is even worse.

How to convert HELOC to fixed rate mortgage and pay not tax penalty when house is sold? Hi, To buy new house I took HELOC against my old house which I planned to sell shortly to pay off HELOC. I could not sell my old house so I am using it as rental property now. I want to convert HELOC into fixed rate secondary mortgage. If I convert HELOC into fixed rate mortgage, when I sell my rental property will the money from sale be transferred to my primary mortgage company without lump sum distribution to avoid tax penalty? Thank you

What could happen if the bank I have a HELOC with finds out that I used the property as a rental? A HELOC is a home equity line of credit. The collateral for the HELOC is the house. The agreement between me and the bank says " I cannot use property as rental".

What happens if you foreclose on a property in California and have a HELOC on the property? My sister has a first mortgage and a HELOC (home equity line of credit). Most of the heloc amount was used to pay for refinancing costs because she also had a prepayment penalty. She got the Mortgage in December 2004 and refinanced in January 2005. She got the Heloc when she refinanced. Will she have to pay the Heloc? Thanks

What happens to you if you foreclose on a property in Nevada, and have a HELOC on the property? What happens if you foreclose on a property and have a HELOC on the property? Property is in Nevada. Will I have to pay the HELOC balance if I foreclose?

Is HELOC a recourse or nonrecourse loan? Hello, when i bought my house, my second loan was a HELOC. I have never refinanced nor borrowed anything from the equity. Is HELOC considered a recourse or non recourse loan?

should I put my heloc in a fixed rate with current economy? I have a heloc of 145000 on an adjustable rate with WAMU.I have the option to get it on a fixed rate. A month ago my payment was 282.00 this months is 636.00 is this because of the economy should i lock my rate before it gets worst.Im tight on bills this is the last thing I need my heloc to skyrocket.

Does it affect your credit score if the available credit in your HELOC is reduced? I just received a notice from my bank that the amount of credit in my HELOC has been reduced. This is because home values in our area have gone down--we have never been late on a payment. Does this affect my credit score in any way?

can you pay your heloc off with a credit card? I am thinking of paying off a heloc with a 0% balance transfer card. Can this be done?

Should I use a HELOC to buy investment property? With the real estate market in a rut, I want to buy one or more investment properties. I can take out a HELOC for about $50K for prime minus one. I would use this to put money down and then borrow the rest in an investment loan. However, I don't want to open too big of a HELOC and restrict my ability to get an investment loan. What is the best strategy and were are some good guides to turn to in this area?

Mortgage Professionals ! Can You Use a HELOC to Make a Downpayment on Another Home? I asked a similar question earlier today and a couple people said it would be fraud. Looking around the web it is suggested on several websites as an option for home buying , but I can't post the links. We own our house valued at 70k. We have a small home improvement loan out now 15k. We want to buy a 125k house so we need 25k down. Our mortgage broker suggested a line of credit, we can buy the house we want.Move.Fix up the old house a little bit. Sell it.Then pay off the HELOC. What is fraudulant ? I want the HELOC specifically to buy another house. My broker said it would be cheaper interest than a 80/20 or 100% financing or even a bridge loan.(I should mention that he is a friend of the family and not likely to steer me into something illegal knowingly.) Any advice would be greatly appreciated. Thank you in advance.

How do we deal with HELOC in case of house mortgage foreclosure? The price of our house has dropped $40,000 lower than its original purchase price. Unfortunately, we owe $52,000 in HELOC.

Can I avoid a Short sale of my home by turning my Heloc into a unsecured loan? My 1st mortgage is $169,000 my 2nd(heloc) is $82,000 total of 251K, current market in Fl. I may could get 220K for my home. To avoid short selling will the bank consider an unsecured loan for either the entire 2nd or the short amount 31k in this case? So i guess my question is do banks give unsecured credit up to 30k, my wife and i both have 700+ credit also

Get a heloc right after I buy a house? I plan to buy a house 25% under the appraised value. I would like to get a Heloc asap to make improvements. Do you know how long you have to wait for most banks after closing before they will give you a heloc?

Should I transfer my HELOC to a credit card? The variable interest rate of the HELOC is currently at 10%. I have a credit card offer of 3.9% on balance transfers until it is paid in full.

Why would a lender holding a 3rd on a HELOC charge off the loan instead of foreclosing? I currerntly have a 3rd as a HELOC and the lender on the HELOC was foreclosing this month then cancelled the sale. When I called to find out the reason they told me that they had charged off the account. I would still be responsible for the debt and it would be sent to collections but as long as I continued paying on my 1st I would not be at risk of losing my home.

Can I take a mortgage on the same house to pay off HELOC? Sorry I'm not very familiar with home lending. I own a home (paid in full) but I took out a $100k HELOC last year, with $90k currently outstanding. Right now I'm paying $750 in interest each month on the HELOC. I just found out the payments from a $90k 15 year mortgage is also $750/month. Is it possible to get a mortgage on my home to pay off the HELOC?

Should I get a personal loan or HELOC to pay off my debts? I have about 7k in credit card debt. I also need some extra money for the property tax coming up by the end of the year. Would a personal loan be better than a HELOC?

Please advice of a HELOC lender that allows stated income documentation for an investment property? I am trying to make a deal work. It is a HELOC (or we can do a fixed second) but he is self employed and needs to go stated doc. Also it is an investment property. Any idea of lenders? 692FICO - 80% CLTV - Investment Property - Stated.

Where can I get a no-seasoning HELOC in NJ with good terms? Bought our 1st home 2 weeks ago. Purchased from a friend for $254k, appraised at $325k. I'd like to get a HELOC to do some repairs, one with credit card/check access & low minimum draw amounts. Looking to not get raked over the coals either. Suggestions?

Is a HELOC secured against my personal credit? I am about to foreclose on an investment property on which I also have a HELOC. Will they be able to go after me personally for the HELOC also? Thank you.

Should I use my Heloc to pay down my mortages faster? I was told that I could use my Heloc like a checking account. Charging everything, incluing my monthly mortage pament onto my Heloc, then paying it off and starting over again every month. How dose this work ? It cost about $3500. to use their program. Is it worth the risk?

Where can I find the best HELOC rates to refinance my second mortgage? My current rate is near 10%, and I'd like to find a HELOC rate of prime minus 1%, no fees, and accepting a LTV of 90%

I purchased a home through auction, how long do I have to wait to take out a HELOC? I recently purchased a home and i own it free and clear. There are some updates that I want to do with the house. I was told by one lender that banks now required that you own a home for 6 months before you can pull out equity. I have had a HELOC before and I had only owned the home for 4 months. Is this a new requirement?

What are all of the consequences on defaulting on home mortgage, HELOC, and HOA Fee (all same property)? - How likely is it for them to come after you with legal action and take other assets? - Would it mean someone who does the above will have to also declare bankrupcy? - What happens with the balance owed (especially with HELOC) if he/she does not ever repay it? Do they keep trying to collect it from you for rest of your life? - If any of them go into collection agency, what could/would they do? - All relate to same property - Both short term and long term consequenses. - In Arizona.

Is it a good idea to pull out cash from HELOC and keep it available for future investment opportunities? I'm thinking of increasing home equity line and then pulling it out and puttting it in cash. My thought is the housing prices can continue to decline and I may not have the available equity later. I will keep the funds in cash until in the future I may start my own business. If I change my mind I just pay the line back down. I just want to lock up the availability in case the market continues a decline. I know that is additional interest to be paid but partially offest is more interest deductible on tax return and interest income from the saving deposit.

is it possible to get a HELOC on an investment property that you only own 35% of the equity? I have 35 percent equity in on on property and i have invested 50,000. I want to get some type of home equity line of credit on that particular investment property so i can reuse to funds if some other deal were to come up.. Does anyone know if it is possible and if it is what banks do this? Any advice would be greatly appreciated.

What are my chances of getting a heloc? Own a house appraised @ 56k, want to take 30k out at the most. Fico is about 631 but I've switched jobs 3 times within the past year.

Does a HELOC (Home Equity Line of Credit) need to be in the applied for by both owners? My wife and I are both own our house are are listed on the title, but she has bad credit. Can I apply for a HELOC myself so that we get approved and/or get a better rate?

I am my moms legal guardian, Can I get a HELOC on my moms home to pay for her future living expenses? We need to fix and sell her house and pay for an AL facility while we have her house on the market.

Is it avisable to use a HELOC at around 8% to buy dozens of tax liens at interest rates between 12-24%? different states have redemption periods of 6 months - 2 years but almost guarantee that return. any insight on this? Are there any formulas i can use to calculate my actual gain in that interest rate spread. Thanks

How can I calculate a HELOC payment? I am having a hard time understanding how to calculate a HELOC online. Here is the situation. 205K HELOC line of credit with 150K just used. I am trying to figure out the payment. Lets say it is 10years at 5 %. What will the monthly payment be to have it paid off in 10years. You can assume that no additional money will be used on the line. What is the monthly payment and how do you come to this calculation? Thank You for your help Thank you all for the answers!!!!

Is using a HELOC on our existing home to finance a downpayment on a newer home a good idea? My mortgage broker has suggested using a HELOC on our existing home to pay the down payment on a new house. We own our existing home assesed at 70k with a small 15k home renovation loan. We are looking at houses costing around 125000 so we would need about 25000 down. We are assuming we can sell our existing home for at least 55000k on a fast track if needed. We have good incomes so the 2 payments would not be a major problem short term. Any advice on this matter? Any pro's and cons to look out for? Thank you in advance for your time. OK? So which is it? FRAUD? Or people Do it all the time? I do not understand. Why is spending the money on a car or vacation ok...but usuing it for something REAL is not?

we took out a 80K heloc on our home to consolidate credit card debt. Can we change to a 15 or 30 year mortgage Our home is worth about $110,000. Can we refinance with another bank or how is the best way to go with this. We currently pay prime lending rate and are not locked in. We have a flex rate. What should we do?

If I go into foreclosure, and I have an outstanding HELOC loan with a balance? Would my HELOC loan go away once the house is in foreclosure? Or, would it be like a credit card balance, I have to pay back? What are the chance of me able to apply for a credit card after this foreclosure or buy a another house after 7 years? I'm in California. My other option is bankruptcy. Would that take care of the HELOC? I have 2 houses, and planning to live in one. Bankruptcy take away any house(s) I own and cars? If foreclosure doesn't take care of the HELOC; if I stop payment on it for 7 years, would it be written off?

Instead of doing a home refinace, with todays declining economy should I do a HELOC? I would have to pay a prepayment penalty equal to about $17,000 plus the cost of the refinance about $25,000 I am tring to save money on my mortgage.

If i cannot pay my property taxes on time, will a lien issued by the county affect my chance of a HELOC ? I am having a problem paying my 4000 property tax bill for 2006. If the county puts a lien on my property(which the letter said they will do by august 31st) will this be a problem if i want to someday try to get a HELOC, or to refinance my mortgage.?

Just want to find out if it make any economic sense to refinace before applying for HELOC, bought 2 yrs ago? People i am planing to apply for Home Equity Line of Credit, on my property, bought over 2 years ago, never refinance. Does it make any economic sense to refinance first before taking HELOC, or it does not really matter. How about applying for fresh loan. I have very good Credit and high FICO score.........if this will be of any benefit!

How will HELOC with low balance affect my score? I am buying a 3 million dollar home and buying as an investment at 65% of ltv. I am then taking out a 20% Home Equity Line of Credit. Since the line of credit will be 600,000 and my highest balance should only be 50,000 and paid off every month how much do you think this will raise my credit score. If you don't know what a HELOC is or what LTV means then please don't answer. I already know whatever information you have.

Can qualify for a HELOC if currently behind on mortgage payments? out of work for 8 months. have job now and can afford normal payments just not to catch up. trying to get loan to catch up and maybe pay of a couple other things as well

Is it possible to do a deed-in-lieu of foreclosure on a HELOC? My primary mortgage is with Chase; my home equity loan is with Countrywide. I am in default and trying to sell the house before the foreclosure happens but I don't know if it will happen. Today Countrywide told me that you can't do a deed-in-lieu on a HELOC but I am skeptical. I don't want to call Chase Home Finance and ask because they have been abusive and rude to me every time I've spoken with them.

I just received a letter for collections on the heloc for a home i am default on. what should i do? this is due to the upside down housing market in california. my first and second mortgages are more than what the house is worth. they want me to reply, what should i do, and what should i expect.

should i get PMI or get a HELOC if both are tax deductible? 1st time homebuyer!

What should be easier to qualify for, HELOC or 1st Mortgage? I own a house outright (no mortgages) and would like to pull money out. I would like to utilize a HELOC so that I don't spend interest on money unless I am using it. My mortgage broker told me that the bank will only approve a 1st Mortgage in the specific amount, not a HELOC. So why would it make a difference whether I am pulling all the money out at once or gradually, when needed? Risk/rate wise, wouldn't the bank want me to only use money slowly? Are they just wanting me to have to pay more interest when I really don't have to? thanks everyone for your answers. again, I understand what the difference between the two are, I'm just wondering why he said I would get approved for a straight mortgage and NOT a HELOC. the broker making nothing on the closing costs for the HELOC makes sense. thanks again

What is the difference between HEL and HELOC in a Home Equity loan?

Get a HELOC to buy a bigger house? I'm thinking of getting a HELOC on my current condo and renting it out. I want to use the money from the HELOC as a down payment on a much needed bigger house. Am I taking on too much risk and will I get approved for the new home loan?

my heloc (home equity line of credit) supposedly has several locks that i can lock my balance at a certain? interest rate. it is with chase bank. if the fed cuts rates this wednesday should i look into locking the balance? they probably are done cutting. does anyone have a good knowledge of the mechanics of these kinds of locks on whether this would be a good idea or not?

Since HELOC rates have dropped below 30 yr fixed rates, does it make sense to use that to reduce the principal Will we save in tax? Will we save money over the long run.? Use 25K for your calculation. Heloc rate 5% 30yr fixed @ 6.0%

Recently sold my house and My HELOC was not paid off at closing, what should I do? Mortgage was paid, HELOC did not show up in title search. I no longer own the home.