I have a heloc already, but iI would like to increase the amount. My heloc is for 30% I would like to increase it to 50%. But there is a lien form a bad credit card debt from the past. Will the bank increase my limit with that lien on it??

The HELOC is paid from the sales proceed before the seller receives the difference. So if you sold for 400,000 and the mortgage is 250,000 you balance is 150,000 less any secured loan like a HELOC is placed on the property . The lawyer would closed that debit and only then you will receive the difference.

do i need to close my home equity line before i sell my house

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What are the chances of getting approved for a mortgage with a low credit score (560) when the house was recently appraised for $33,000 more than what we will be paying for it. we will probably apply in my boyfriends name only (that's his score) the only thing on his credit is a current auto loan, that had a few lates, and a previous auto loan, that was never late, but is now closed. i know most places require a score of 620, but with the instant equity in the house, does that at all improve our chances of finding someone to approve us?

Not a chance. Equity or not he is going to default and they know it.

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I live in the state of nevada and bought a house with a same sex partner, we have not been a couple for over 3 yrs.we both want to buy each other off. she is the primary on the loan.i been making all payments on it ever since we purchased the house and she has giving me her (1/2) of the payment in cash up until 2007,she is behind about 6 to 7 mo. we agreed to buy each other off and give half of the equity, she tried getting approved for a loan first and her credit score was too low, i got approved after she got denied and signed my loan and she refused to sign the quit claim and told me she wanted to re-apply with a co- signer to buy me off and for me to keep the money. i told her i would get a lawyer if she would not sign.she let me know she is willing to sell without a lawyer.in the past she has told me that i am unable to do anything without her signiture in order for us to sell. today she proved i am unable to buy her off. we both have our names on the deed.

You can force a sale, but it will end up costing you money to get it done. A good real estate lawyer will be able to sue her to force a sale of the property.

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I have a home in md and want to move to fl and turn the md house into a rental and purchase a foreclosure in fl. i have an agent in fl and an agent in md to manage my rental. the problems i am running into are: 1. i have no savings. 2. i make less than $40k annually. 3. i need to borrow money to prepare my rental, pay downpayment/closing costs and moving expenses. i've spoken to lenders but have not allowed my credit to be pulled since i am still doing research. i've been told that i can get a loan for the foreclosure and repairs to it once i have a job in fl and a tenant agreement in md (not a problem). will i jeopardize my new home loan by applying for a $10k loan to cover the expenses? i have no equity in my house since i refinanced my car and debt last december so there is not much equity hence why i won't sell. unless there's equity loans for $10k (closely maxes my equity). investment programs, tricks of the trade, advice and tips are all greatly appreciated. renting's an option but foreclosures under $75k is cheaper monthly and i have options of equity funds of $25k+ or 80% after repair value. this money is for repairs and can be used to pay off the $10k loan and expenses on both homes like taxes and home owners insurance. friends in fl who own pay $700 for hoi (my md is $500). i've seen the taxes on fl homes and yes they're scary. my car is paid and i have no other debt just the md mortgage. i can break even on rent since i am paying hoa fees and property management fee (no profit) and it's a small sacrifice to keep my house until i can sell for a profit or worse case scenario i need to move back. my income is not a lot and will probably remain the same in fl but after everything is said and done, i will own two homes, one for about the cost of renting or cheaper and another that i is being paid off for me by the renter. if i'm still in fl a year from moving and i equity in my md home i may sell but it's circumstantial. i have heard horror stories about tenants and i am willing to take the risk. if it became that bad i would put the house on the market and pay the repairs from the proceeds. i can't buy the second house without a tenant agreement so the house wouldn't sit vacant. i am not accepting short term leases and worse case scenario is i will have to sell the md house. as far as not being in the position, the only reason i'm not is because i don't have my own funds to use for the transaction. the $10k loan was for 5%downpayment and also closing costs so no 100% financing. in addition, i have a job and i am not in a hole so i can afford most of my moving expenses but pods from md to fl are expensive which is what i will need while doing repairs in the new home. i appreciate all of the advice, but i haven't gotten from the lenders or agents that i'm not prepared to do this and they all know my whole situation at this point. however, the lenders don't know about the $10k loan i need.

What I've heard done in situations like this is that when you purchase the foreclosure in FL, take out a larger home loan from the bank than just the cost of the house (you can usually claim things like repair costs on the house you're purchasing, moving fees etc) and use that toward whatever finances you need to. It's a pretty common practice and it helps out with a lot of things -- some people also take out larger loans to pay off cars or other bills so that their only payments are home related. Granted, this all depends on what kind of loan you get, which bank you go through, your credit score and etc. If you aren't interested in that avenue, or it simply won't work for you, you may have to take out a personal loan but making less than $40K annually and already owning one house (which I assume you're still paying on) and a car (also paying on?) you'll be hard pressed to find a good loan at a decent interest rate... Good luck, in any case!

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I was reading in www.hopenowmortgages.com details about the new program that will help us to avoid foreclosures and i found very interesting things ( i will list just a couple but you can visit them to read more) * the bank will have to forgive you the late payments, penalties and second mortgages you may have * the bank have to give you a new loan for the actual appraised value * if you refinance with the hope for homeowner program you have to share the equity with the fha when you sell your home. * you cannot get a home equity line of credit or any other aditional loan using your house * you need to have 10% equity to apply for the loan it sounds very interesting... go tho hope now mortgages dot com

Wait a minute? How is this a spam. He's actually giving away the information here on yahoo. Hey... I think it's great! Thank you from all the people that are having trouble with the mortgage thanks to bush and his cronies.

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I am currently being transfered to another part of the country. i currently am purchasing my house and should have about $30,000 equity when my house is sold. i went to my lender to start on the process of applying for a new mortage and was denied because my credit score was 502. i know why it is that way and i working with my creditors. my plan is to take a large portion of the equity to pay off about 80% of my unsecured credit card debt (about $25,000). after this debt is paid off, ho wlong will it take for my score to rebound and possibly make it to 600.

creditreport.fateback.com - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

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A relative has left me their home as part of the proceeds of their estate. i have been cleaning out the house over the past month and now that it is almost empty it is quite evident that it needs some tlc before it can sell. the probate has not come back yet, but has been applied for and paid. i wonder if there is any way i could go to the bank that currently holds the mortgage and borrow against the equity in order to do the minor renovations that are required before listing the property? i think the most i will need is in the $20,000 range. the house is almost free and clear except for a secured line of credit. thanks for the answers guys. i actually dropped into the bank and asked a csr who advised exactly as you stated, i can't do anything until the deed is transferred into my name. my husband is the executor and the probate has been applied for - just a waiting game. i just wanted to get it to market for spring. i think we'll use equity in our house to borrow against short term. thanks again.

I would think not. You don't own the property yet - the estate does. It may be possible for the estate executor to use other estate assets to repair the house.

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I can not afford where i are currently living. i originally bought this house 3 years ago. my wife died in 2006, we had no insurance on her. the payments are to much for me alone. i have been approved for another loan. i know all about it ruining my credit but can i keep a new house if i do buy another and let the one i am currently in go thru foreclosure? i can not sell it due to the current market and location of this doublewide. there is no equity in this doublewide. the payments are current at this time, and that is why i applied for another loan and was approved. would i be able to keep the new house without fear of it being took etc? i have tried over the past year to sell this, etc. and it will not sell. i have spoken with the bank, and tried to get a refinance to lower payments, with no results. i have found a house i can afford, and at the same time try to save my emotional self by no longer living in this house where she died. can i do this or not?

I am sorry for your loss. Keep the payments current until you can close on the new home. No they can't take it away, but they can put a lien on the new one for the balance of the other loan . Or they could send the IRS a 1099 form and gross up your income for the year for the balance of the other loan, or they could put a personal judgment lien against you. All of these will show up on your credit report as you already know. You have some options; 1 - rent it out for the mortgage amount until the market turns. 2- sell at the break even point or less which could mean bringing some money to the table to get rid of it. 3 - give the lender the deed in lieu of foreclosure. The latter will impact your credit.

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We currently have a joint mortgage on the house we live in, and are selling this property. however, the house we are buying is a repossessed property and we have 28 days to exchange contracts. as i stopped working to look after children i have no income other than my tax credits which would finance my loan until i sell my house which would give me £40k equity. i hope somebody understands what i mean and can help me as i have been to my local bank and they say i dont qualify. i know i dont yet but i have a buyer for my house and eventully i would be able to pay loan off. this is first time im applying for loan, can any one help please!!!! i would secure it on my current property but is this ok to do, as i havent sold it yet!!!!!

This is exactly what you employ a solicitor for .. any other A from the Yahoo community without a proper examination of the circumstances could lead you into financial disaster

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Here is my situation: i divorced 3 1/2 years ago. she left us, moved out of state and i have custody of the two boys who live with me. at the time of our divorce, she just wanted out and although i paid her her equity in the home, she did not care about her name on the mortgage. about a year later, however, she wanted to purchase her own home and wanted her name off of our second home that we had and our primary home that i currently live with with our children. last year i attempted to due so and was approved on the second home and not approved on the main residence. here is the problem: according to our agreement i have to attempt to refi or take her name off the mortgage. they charge 900 to remove her name and if you are not approved, you are just out the money. i can attempt to refi and pay about half of that, but the bottom line is that i am not going to qualify to either one because my debt and credit will not qualify given the current credit market. she wants me to just sell the house if i cant do either which i guess is fine but i dont think it will sell given the current market anyway. what are my options? if she pushed this thing to court can a judge order a mortgage company to remove her name? can they fine me in some way? i am trying to do what i can do but i can not change the fact that the economy is what it is. what my plan is to try to refi with the company with the least cost to apply and then send her the denial letter. then if that is not good enough, just put the house on the market and then i have done all i can do. if there are any professionals out there please let me know if that is a good plan. i really dont want to uproot my new wife (who is an absolute angel!!!) and kids, but i will do what is needed..

You and your ex are in a very familiar problem that many divorce couples face in this current housing market where homes have lost up to 30% off their all time FMV, and the credit crunch has limited the ability to refinance ; The judge does not have the authority/ jurisdiction to force the lender to remove your ex from the loan if you can not refinance by yourself That said you should try in good faith to refinance this will demonstrate you have tried to perform as stated under the PSA agreement the (property settlement agreement) agreed to in the divorce, the fact you can not based upon factors not in your control i.e. the home value the restrictions on obtaining a loan can not be held against you I would not offer to sell, you have acted in good faith to refinance but its not an option under the current fact pattern; if she wants to force a sell let her go back into court to force the issue, she may very well have to return monies allocated in the divorce if she seeks to modify the original property settlement agreement

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My ex husband resides at the property we jointly own and has done for the past 18 months. i chose not to live in the home as i wanted to remain close to my family and had more support than he did at the time. we have a 18 month old child together. we had an arrangement that he would pay me out a share of the equity. as he resides there he pays the mortgage. he decided to quit his job and study instead. it has become apparent that he had no intention of paying me out and has had his new girlfriend move in to the property without letting me know. he also refuses to sell the property and keeps it in a run down messy state. i have since been advised that he is now pulling out the kitchen, pulling panels off walls etc. even though i have asked him to consult me prior to altering the property. i am concerned he is devaluing the property. each time i pursue the property he sends me letters about what a bad mother i am and how he will apply for primary care of our son (when he has spent an hour with him in 12 months). as a result, i have attempted on numerous occasions to organise to access the property to take note of its condition and any alterations that have been made. he will not provide me with any keys (as he changed the locks) and simply states it is inconvenient. it is obvious he does not want me to see the house. does anyone know or had experience with this situation? im no sure of my rights in accessing the property. as i will be taking the matter to court i need to sight the condition of the house. i need the matter resolved as i am having to pay all the rates and insurance (as he doesn't pay his share and i don't want my credit rating to suffer), cannot get my own loan or refinance my car as my name is on the property and just simply want to get on with things. i don't want to have to turn up with the police but i have been asking for at least 3 months with no co-operation from him. i have been seeing a lawyer for the past 12 months, but he has been in and out of hospital and i can never get in for advice. about $5000 so far for not much at all. my ex has a law degree so he is having a great time drawing things out to cost me money. our divorce should be finalised next month. just wanted to see whether anyone may know about this as i cant afford to start with a new lawyer.

Joint tenants own property equally. Go in yourself and see what is going on. With joint tenancy, both have to sign documents to sell. It he won't sign, you are SOL. Wait until no one is home and torch the place and collect your 1/2 of the $$ that way.