Homeowners ask about getting a second mortgage or a HELOC since they will own two homes if they cannot sell their current home right away. A HELOC is a home equity line of credit. The homeowners say they can repay the HELOC as soon as the first home sells. Getting a HELOC instead of a second mortgage is a good idea.
When you inherit a home from a family member, should you keep it or sell it? What can you do with a home inheritance if selling isn't an option? Does a deed in lieu of foreclosure or a foreclosure make sense? To keep the home, you'd need to keep paying the mortgage, taxes and insurance.
Mortgage requirements have become stricter for first time home buyers. Lenders have tightened credit requirements for first time home buyers, making it more difficult to qualify for a mortgage loan. To qualify for a mortgage loan, first time home buyers need a credit score of at least 660 unless they try for an FHA loan.
When you give someone a share of your property's ownership using a quit claim deed it is irreversible. Even if you change your mind later, the quit claim deed remains in effect. To sort out a situation like this about a quit claim deed you should contact a real estate attorney.
Can a lender foreclose on a home before a deed in lieu of foreclosure can be finalized? A title search can delay a deed in lieu of foreclosure process. In addition, whatever the title company finds during the title search can affect the deed in lieu of foreclosure. How does having a name on a title but not a mortgage loan affect a title search? Another reason a deed in lieu of foreclosure may be delayed is that lenders are swamped with similar situations.
Today on the Ilyce Glink Show, Ilyce talks about money lessons her mother taught her and the gift she and her sister bought her mom. Ilyce answers questions about cashing in savings bonds and how younger buyers want smaller homes than Baby Boomers. Another caller talks about growing up in a large family. Don't forget to sign up for her new newsletter at www.thinkglink.com. The Forum is still down, so look for the show notes at her blog: www.thinkglink.com/blog and check out the videos at www.expertrealestatetips.net. And be sure to subscribe to her YouTube channel.
I'm at the National Association of Real Estate Editors meeting in downtown Dallas. We're at a lovely hotel/condo called The Magnolia, which is a build...
Is bankruptcy or debt collections worse for a credit score? Both debt collections and bankruptcy impact a credit score, although a bankruptcy will stay on a credit report longer than debt collections will. The type of debt also affects how it is reported to credit reporting bureaus and how important its creditors deem it.
When you get divorced, the person whose name is on the mortgage loan is responsible for that debt, even if both people's names appear on the title to the home. To change the names on a mortgage loan, the loan must be refinanced. Depending on how this asset, the home, is divided between the two spouses during a divorce, it could affect their credit histories and credit scores.
