Chris G asked:
I had a business failure that caused a personal chapter 7 bankruptcy which was discharged in April of 2007. I currently have a tax lien on the home due to some IRS penalties, interest and taxes owed from the business. I’d like to get a home equity loan to pay off this debt as well as a credit card.
I had a business failure that caused a personal chapter 7 bankruptcy which was discharged in April of 2007. I currently have a tax lien on the home due to some IRS penalties, interest and taxes owed from the business. I’d like to get a home equity loan to pay off this debt as well as a credit card.
Our current mortgage is at 229,000.00 and the home is valued at approximately 380,000.00 and might be worth more. I need to get 75,000.00 to pay off all debts. I qualify for an FHA mortgage, but due to county limits I can only receive 281,250.00 which still leaves me 35,000 short of paying everything off.
Should I get the FHA mortgage and try to find a small home equity loan, or is there anyone that can deal with a larger home equity loan to pay this off. My credit scores rank between 637 and 661, my wife is between 682 and 704. I currently have a great job that I’ve had for 4 years and make over 80,000.00/year.
Please help.
Thanks.
CLEO
DEVIN
Probably not, but only the bank knows for sure.
JERALD
You will not be able to get a home equity loan. In fact most lenders have stopped doing them completely. If there is a bank doing it, 2yrs out of bk definately not. FHA only requires 2 yrs out of BK while conventional requires 3 or 4 depending on the bank. I see your dilemma about the FHA loan limits. Try speaking to a loan officer about FHA jumbos for your area.
GALEN
I would make an effort to work out a payment plan to the IRS. Talk to them directly. You may come out ahead. Because of a bad accountant we had at our church, the IRS almost put a lien on our church property. But working with them, we were able to pay the taxes owed and they forgave most (not all) of the penaties. That was a rude awakening! Churches are not 100% tax free.
The bank may loan up to 80% of your appraised equity if your credit is good. I don’t know how they would view your scores.
The $80k really means nothing. It’s going to boil down to how much extra money you have each month to pay the IRS or the bank.
KURTIS
There are a lot of benefits when you have a home equity. First of all, it increases the value of your home. Moreover, you can make use of it so you will be able to improve your credit rating should you decide to apply for a home equity loan.nBut do you exactly know how to make good use of your loan? Just to help you out, here are 4 tips for you.
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