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7/3/2009
Friday morning
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| Lane Browning wrote in message
news:kCAi7.29534$Ki1.2540090@bgtnsc06-news.ops.worldnet.att.net...
i like your analysis so will parse it.
If you quitclaim so he can refinance by himself, it is unlikely that he
can deed back a half-interest in the house without breaching the terms of
the mortgage loan. Even if he could, it wouldnt make you whole
. E.g.
$300K house, $200K equity (half yours), $100K mortgage.
OK, the house is worth $260K.
he wants his $100K of the equity.
You quitclaim. He
refis for $200K
no, he takes out a home equity loan for $100K |
| (2) The total of each homes fair market value (FMV) reduced (but not below
zero) by the amount of its home acquisition debt and grandfathered debt.
Determine the FMV and the outstanding home acquisition and grandfathered
debt for each home on the date that the last debt was secured by the home. |
|
jbregler@mchc-nh.org (Jody Bregler) wrote in message news:...
Hi all, I am thinking of taking out a home equity loan or a home
equity line of credit or a second mortgage. My wife and I have lots of
confusion on what is what. Is a Home Equity Loan the same animal as a
Second Mortgage? Does a Second Mortgage carry a bad name on your
credit report? Help.
\
thanks |
| Most people, however, take these types of loans, because there is no equity
in the home, and conventional lenders wont give them a home equity loan.
They then not only get hit with a high interest rate, but also end up
without a tax deduction, while placing their home at risk. |
| The interest on non acquisition debt, like home equity
loans, second mortgages, etc, are only deductible up to
$100,0000 (of debt). So if you have a home worth $500,000
and you take out a $200,000 home equity debt, only the
interest on $100,000 is deductible. |
|
