Financial Information
Getting line of credit of my home?
Question : Getting line of credit of my home?
I have full equity in my home. I lost my job last year and my finances have become critical. The HOA’s and property taxes are inrears and are in the process of judicial foreclosure. I have no credit card debt owe about 15,000 on school loans, and about 4,000 on my car. 2006 I was joint owner of mobile home and land which my mother lived on the MORTAGE STORE didn’t have complete quick claim papers and when there BS mortage of 50,000 on a 65 year old went into foreclosure they did a short sale. I found out I was only quick claimed of the land but not the mobile home itself. This short sale is now on my credit. I just need to get a loan or line of credit of 10,000-15,000 so i can get caught up in HOA fees, property taxes, car loan and stop living in my home like a homeless person. Where is the help for people like me?
mobile credit card processing
Best answer:
Answer by the tax lady
Frankly, you are screwed. Put the house for sale and see if you can sell it and then rent.
You will have to try a local bank and see if they are willing to do a HELOC. The problem is without a job, they probably won’t.
By the way, the phrase is “quit claim” not “quick claim” and you can’t get out of a mortgage by issueing one. You appear to have cosigned for the mobile home, it wasn’t paid and that’s why it’s on your credit.
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#2 written by Jamie 1 year ago
If you have no job, how are you going to make the payments on the HELOC that will start next month? You will most likely not find anyone willing to underwrite a loan to you when you have no income, especially if you already have a foreclosure on your credit report – after all you co-signed it and didn’t fullfill your obligation to ensure that it was paid .
The solution is not borrowing more money, it is reducing your expenses to a level that you can afford until you become employed. You need to sell the home, pay off the back taxes and use the remaining funds to live (in your words – like a homeless person) off of until you get a new job. The only thing that going further into debt will do for you is get you into bankruptcy court faster.
When you loose your source of income and you run through your savings, the only thing left to do is to liquidate all of your assets. This way you will get the proceeds from your asset sales, instead of your creditors. The help is that you liquidate your assets. This is real life. You don’t get to keep stuff you can’t pay for, just because you want to keep it.
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1. A quit claim refers to the DEED. It has NOTHING to do with the mortgage. ONLY the lender can release you form the mortgage, and the NEVER do until it is PAID IN FULL.
2. If you don’t have an income, and you borrow against your home, you are BEGGING to find out what being homeless is REALLY like, because you WILL lose the house.
3. What you need is an INCOME. Until you have that, you can’t afford to EAT, let alone maintain a home.