Fred T asked:


I have several questions regarding a foreclosure and short sale…

1. Will there be a problem when you foreclose a home with an existing equity loan?
2. Is there any legal problem when you foreclose your home with current loan/mortage, and with equity loan?
3. Is there California law that prohibits a home owner from foreclosing his/her home?
4. Do you have to justify when foreclosing a home with an original loan currently being paid for on a monthly basis? How about a home with higher loan due to equity loan added to the original loan amount?
5. Lastly, how do you put your house in a short sale with existing equity loan? Is there any legal problem when you put your home in a short sale with current loan mortgage, plus with equity loan?

Thank you for any answers you can provide.

Florence

I M asked:


I want to purchase a home in San Diego, but I have limited income. My current first loan (70,000) is a VA loan, and I have a second ($3000). I only have $5000 on hand for a down payment. I could raise the limit of my 2nd mortgage loan in order to get enough for a down payment. Or should I refinance the loans into a conventional loan in order to use my VA loan? My current home is valued at 154,000. Should I take cash out so I can give a bigger down payment? Or should I just sell the home? If I did sell the home for 150,000, (I have been in the home for more than 5 years) how much would I keep after all the fees?

Cheryl

mickey_bigdaddy asked:


My goal is to:

a) Reduce my monthly morgage payment

OR

b) keep the monthly payment around the same but, shorten the term to 15 yrs.

I have a 6.4% 25 yr. “home equity loan” (already did a zero cost equity refinance in 2004) on my home in Texas. I owe about $181,000 with the value of the home around $263,000. I plan to stay in the house another 5-6 years.

I am told that I cannot convert my current “home equity” loan to a “fixed” loan. Right now, the home equity rates are around 8%. Is this all true, that I have to stay with a home equity loan? Do I have any options to achieve either of my goals of a) or b) above?

ANTOINE

nicolepatricksoellner asked:


We want to relocate to my home town to better off my children this would give them a better school district and we would be alot closer to my family, just how do we go about doing this? We have a mortgage on the house we live in now and a home equity loan also, so we need to sell this one and get another home and a new mortgage on a new one. What are the steps to take to do all of this? Please help!!!

CHADWICK