I Have a Lot of Equity in My Home and Still Can’t Get a Loan Until It Sells. Here’s What I’d Do.
Equity isn’t cash, and it can’t get you past a lender’s income test. Here’s how to bridge a home sale, and what bankruptcy can and can’t protect.
Mortgage
Stuck in a House You Can’t Afford? Here Are Your Real Options
Stuck in a house you can’t afford? Before you drain retirement savings to keep it, read this — sometimes walking away is the smarter move.
Rockingham PMA Complaints: What Records Show
Quick Answer: Rockingham PMA cannot be verified as a legitimate business, as searches of DC business registrations found no company with that name despite their claimed Washington DC address. The company uses multiple name variations and appears to operate from a virtual office without proper business registration.Question:Dear Steve,What can you tell me about Rockingham Equity …
HELOC Balloon Payment After Death: What to Do
Quick Answer: When a HELOC balloon payment comes due after death, the estate must go through probate to handle debts, but this process won’t stop foreclosure proceedings. The lender can still foreclose on the $250,000 home for the $42,000 balance even during probate if the balloon payment isn’t made within the specified timeframe.Question:Dear Steve,My mother …
Refinance to Pay Debt: What It Means and What to Do
Quick Answer: Refinancing to pay debt can consolidate high-interest obligations, but the expert recommends avoiding the HELOC balloon payment due in 2023 while keeping the low 2.75% ARM rate. A cash-out refinance should prioritize eliminating the 12-25% credit card debt rather than choosing a restrictive 15-year term.Question:Dear Steve,We have 12 yrs left on our 1st …
Modified Mortgage Payoff: What It Means and What to Do
Quick Answer: A modified mortgage payoff strategy should prioritize paying extra toward the 5.125% interest portion first, then the 0% portion. With $255,640 total debt split between $175,149 at 5.125% interest and $80,491 interest-free, paying $6,000 annually toward the interest-bearing loan saves money compared to paying the interest-free portion first.Question:Dear Steve,I bought my house in …
Non-Homestead Mortgage: What It Means
Quick Answer: A non-homestead mortgage typically means the property isn’t classified as a primary residence, often resulting in higher interest rates like the 9.9% mentioned. The concrete floors may cause lenders to classify the structure as commercial rather than residential, requiring specialized financing through a mortgage broker who represents multiple lenders.Question:Dear Steve,The loan was modified …
Assumable Mortgage: When It Helps and When It Hurts
Quick Answer: Assumable mortgages can help buyers take over existing loans, but lenders like Wells Fargo still require full approval of new borrowers. The original borrowers remain liable unless formally released, and the high debt-to-income ratio from keeping the Alaska property prevents qualifying for new loans.Question:Hi Steve,My wife and I are in a pickle. We …
Settling Navient Private Loans: Myth vs Reality
Quick Answer: Private Navient student loans can settle for less than the full amount owed, but borrowers should first verify the debt’s age since charge-offs must be removed from credit reports after seven years and 180 days from the original delinquency date. If the loan is older than this timeframe, the credit reporting may be …
Ocwen Foreclosure: Why Attorneys Couldn’t Help
Quick Answer: The homeowner’s attorneys couldn’t help with Ocwen foreclosure because the borrower exhausted their $700,000 IndyMac loan funds and lost rental income when their duplex unit became vacant in 2017. After making consistent payments for nearly 10 years, the financial strain from repairs and vacancy left them unable to afford the monthly mortgage payments.Question:Dear …
