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Recent HELOC questions

I am wondering the likelihood that a mortgage company would

Hello. I am wondering the likelihood that a mortgage company would sue me for a sold out junior loan from 2012?JA: Because laws vary from place to place, can you tell me what state this is in?Customer: MinnesotaJA: Have you talked to a lawyer yet?Customer: Very briefly, maybe 3 minutes worth.JA: Anything else you think the lawyer should know?Customer: I spoke to the bank twice and neither time were they willing to consider a settlement unless I provided financials. I declined.

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KimberlyLaw

Principal Attorney

Master's Degree

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3,904 satisfied customers
Question about contract. I entered into an agreement with my

Question about contract. I entered into an agreement with my separated wife that in the agreement I would provide $65K back into the heloc, reduce her mortgage to me (on a rental property- i hold the mortgage), move out all in return for her to refinance the house in her name (out of mine). In the agreement she would pay me $95k out of the sale of the rental property (which sold). She says the contract is not enforceable because she was forced into signing it or I would not put the $65K into the heloc for the refinance to go through. I had every right to take out $65K loan on the heloc (house in my and wifes name) and I paid the loan back in this agreement. She say she was "forced" so what do I need or her need to prove she was forced and make the entire contract unenforceable?

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MIAMILAW1127

Partner

Juris Doctorate

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1,394 satisfied customers
I have a prenup that states at time of separation, I get 60%

I have a prenup that states at time of separation, I get 60% of marital property. My wife moved out and I then took 60% of what was in the heloc out. She is challenging a contract saying she was forced to sign it or I would not retun the funds to allow her to refinance. I ended up in the agreement giving her the money to refi in return for getting a payment out of a rental property (whihc did sell and money is held in escrow due to this claim). What is her rights and mine towards one to take my portion of heloc funds out and for her to claim contract is enforecable cause I "forced" her?

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LawTalk

Attorney at Law

Juris Doctor

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31,612 satisfied customers
Oh I am in a bankruptcy chapter 13 I just received an

HelloJA: Hi. How can we help?Customer: Oh hello I am in a bankruptcy chapter 13 I just received an approved loan modification from my lender. The only problem is that my heloc is in first position and has no interest in subordination of the loan. They want me to reinstate the account and pay the past due before they consider a subordination should I be live them?JA: What state are you in? And has anything been officially filed?Customer: Florida no I don't think so they told me they would escalate the request to their loss mitigation dept I feel they are not providing me with the assistance the government recommends them toJA: Have you talked to a lawyer yet?Customer: I have only spoken to my bankruptcy lawyer he is at a loss on the situation he seems to not know how to address the issueJA: Anything else you think the lawyer should know?Customer: Well I am approved for HAMP modification should nt the other mortgage be automaticly modified as well? It cannot be stripped off in bankruptcy do to its lien position what I understandJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Real Estate Lawyer about your situation and then connect you two.

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TJ, Esq.

Juris Doctor (JD)

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10,362 satisfied customers
In California, I had a home equity line (non-purchase

In California, I had a home equity line (non-purchase money). When my home went into foreclosure, the bank with the HELOC purchased the first loan, apparently to reduce their potential losses. They then proceeded with their own foreclosure. How long do they have to pursue payment or deficiency judgments, or other legal action against me?My father is ill with cancer and wants to place his home and some accounts in my name. I want to make sure it can't be seized.

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William B. Esq.

Attorney

Doctoral Degree

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19,010 satisfied customers
I am in the process of refinancing my 1920-era home with

I am in the process of refinancing my 1920-era home with cash out. The proceeds will go to improvements, ones that affect the value of my home. The front porch is in disrepair. The siding with peeling lead paint needs to replaced, among other things. (These issues appeared in one season.) Any lender would want an appraisal. I am terrified of an appraisal. Comparable homes in my neighborhood are selling for what I think it is worth. But these homes need no major work and have lovely curb appeal. My home looks, well, sad and neglected. The interior is excellent though.How much would the condition of my home as described affect an appraisal?Another thing, since the discovery of peeling exterior paint, my 2-year-old and I have been staying elsewhere. A friend is occupying my home, as I do not want it vacant and he will not chew on lead paint chips. One lender told me that if I am not currently residing in my home, it is considered an "investment property," and a higher interest rate would apply. Cash-out would not be an option either. Is this true? We plan to move back in a week or two after close (after the contractor is paid and takes care of the lead).Is it wise to apply for a HELOC in case the cash-out refi does not work out?

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Legalease

Attorney At Law

Doctor of Law w/ highest honors

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14,778 satisfied customers
I had an E*TRADE HELOC in 2004 that was paid off with a

I had an E*TRADE HELOC in 2004 that was paid off with a first mortgage debt-consolidation refinance in 2007. The lien satisfaction documents were never forwarded to my county's recorder's office in 2007. I am now trying to sell my house and this lien needs to be satisfied. E*TRADE says they sold my loan and have no records of the lien satisfaction, even though I received a letter from E*TRADE saying the lien satisfaction documents were being forward to my county recorder's office in 2007. None of the companies E*TRADE MAY have sold our loan to have any record of my loan number. Please advise! Thank you.JA: Real Estate issues can be tricky and expensive. The Real Estate Lawyer will need to help you with this. Have you talked to a lawyer yet?Customer: No.JA: Anything else you think the lawyer should know?Customer: E*TRADE quit offering HELOCs and other types of loans a few years ago. Nobody at E*TRADE can find my loan information. I've been corresponding and working on this for a month!JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Real Estate Lawyer about your situation and then connect you two.

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3,784 satisfied customers
I need to refinance a HELOC that has matured. The amount is

I need to refinance a HELOC that has matured. The amount is $48000 and my home is worth $200000. I have great salary, a very good credit score, but some other debt I am paying off along with my husband as a result of his failed business. Our first mortgage is paid off. I am getting the loan in my name only due to his bad credit. The problem is that he has some judgements listed on our property, due to his business. One from 2005 totalling $26000( with fees, interest), and 2 others that are paid off but still showing. The outstanding judgement from 2005 shows a nulla bona on it in 2012. What are my options as the spouse in trying to refinance with this probably showing through a title search? We live in Ga.

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Ray

Lawyer

Doctoral Degree

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34,468 satisfied customers
I live in SC and had a boat repossessed about 6 years ago.

I live in SC and had a boat repossessed about 6 years ago. It was sold at an auction, but the bank told me I still owe them the difference. This, I understand. The debt has been charged off according to my credit reports. I make small 150.00 payments to them every month. I checked with the Clerk of Court in the county I live and they did not see where the bank had filed any judgments/liens against my house. I am selling my house and have a scheduled close date in a few weeks. The law firm that is handling the closing sent a document to the bank which I also happen to have a HELOC with (it is paid on time every month) asking for the HELOC balance so it can be paid out of the proceeds from the sell of my house, along with the primary mortgage. My question is: can the bank, once they realize I am selling my house quickly execute a judgment/lien against my property in order to collect on the remaining balance I owe them on the boat? I have 25,000 in equity in my home. I have read about a special exemption. I think it is called "The Homestead Exemption" that varies by state and am wondering if I am protected under this or perhaps some other way?

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Roger

Litigation Attorney

Doctoral Degree

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33,162 satisfied customers
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