Assets Content Index - Page 1

Assets are everything that you own that can be used for the payment of debt. Assets could include cars, a house, land, bank accounts, stocks and bonds, even items like furniture, clothing, jewelry and collectibles. To calculate net worth, subtract everything you owe from the sum total of your assets. Learn more about your assets and what they mean in different transactions on this page.

**Qualifying For a Mortgage Loan Stricter For Home Equity Lines Of Credit** Today, bank requirements for a loan are stricter for new home equity lines of credit than they were just a few years ago. Banks and lenders are tightening the requirements for home equity lines of credit and other personal lines of credit to make sure their funds are safe. Now, banks might require higher credit scores, more equity in your home, and other strict requirements before they will give you a line of credit. However, if you shop around, you may be able to find a bank willing to give you a home equity line of credit.

**HUD Revised Streamline Refinance Transactions** Streamline mortgage refinance applications will be undergoing some changes. Under the HUD revised streamline refinance, there are changes to the mortgage seasoning, payment history requirements, and verification of assets, employment and income. For a streamline refinance without an appraisal there will be a new maximum mortgage amount, and under the HUD revisions, there is is maximum combined loan-to-value amount for the streamline refinance. Read the full letter below for more details on the changes to HUD streamline refinance applications.

**Fannie Mae Deed For Lease Program Rules.** Fannie Mae announced an innovative program designed to help homeowners avoid foreclosure. Called Deed for Lease, the program allows struggling homeowners who are unable to qualify for a loan modification under the current Obama Loan Modification Plan to hand their keys over to Fannie Mae, but then rent back their house at current market rental rates. Here are the Deed for Lease program rules.

**Mortgage Refinancing: If You Can't Refinance, Should You File for Bankruptcy Or Let The Home Go Into Foreclosure** Before a divorce, spouses frequently spend hours negotiating the details of each item they own, but they frequently neglect the single biggest asset they own together: their home. The best course of action at the time of a divorce is to require the spouse that is going to retain the home to refinance the home prior to the divorce becoming final. If you allow your ex-spouse to retain the home and the mortgage is still in your name, you are still on the hook for the mortgage payments and your credit is subject to take a hit if the mortgage isn't paid on time or your ex-spouse files for bankruptcy or lets the home go into foreclosure.

**Second Home Loan Modification Is Denied By Lender** More and more people are finding that they have fallen into a trap. They bought a second home or moved to get a job and left their primary home, now when they call their lender to request a loan modification, the lender refuses to give them a loan modification because the home is no longer a primary residence. With that logic, the home will be lost to foreclosure and the lender may end up taking a bath on the loan. Wouldn't it be better for lenders to agree to a loan modification with a borrower looking to keep current with their payments than deny the loan modification on the second home and let the home go into foreclosure?

Can you still contribute to a Roth IRA if your company makes an ESOP contribution to your retirement account? A reader wants to know if there are any limitations on contributing to a Roth IRA even though she gets stock from an ESOP account and has a 401(k).

**Mortgage Problems Can Lead To HELOC Foreclosure** Many borrowers have two loans on their property: one loan is with a first lender and the second loan is with a home equity line of credit lender (HELOC). In some cases the loan may not be a HELOC, but rather a second loan. In any case, if you are having mortgage problems or mortgage troubles and stop paying either the first lender or the HELOC lender, you might be in big trouble and going down the road to foreclosure. Foreclosure is one option lenders have, but you might be able to negotiate a solution before foreclosure.

Senior's Home Equity may be at risk from reverse mortgage lending abusers, according to a report from the National Consumer Law Center. Reverse mortgages are being used by abusers of the subprime mortgage market as “tools” to profit from seniors. The National Consumer Law Center thinks that if protections aren’t put in place soon, not only will the life savings of senior citizens become depleted, but so will our tax dollars and economy. Read the full story on reverse mortgage abuse below from the National Consumer Law Center.

Ilyce Glink Show Notes - October 4, 2009; Atlanta Flood update; September job cuts and unemployment rate rises; Moving to Montana; Section 8 real estate investing; how to find an estate attorney; HUD-certified housing counselors and Net Present Value (NPV) calculations and why people can't get loan modifications; FREE BOOKS and EBOOK DISCOUNT DEAL; Taylor Bean Whitaker

**Transferring Home To Children When There Is Mortgage Trouble: What To Do With The Family Farm** A son works the family farm. Now his father is in mortgage trouble on another property. The son wants to know about transferring the home to himself now to avoid the loss of the family farm. He has worked the family farm for some time and his father's will intends on transferring the home to him upon his death.