7/3/2009
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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.
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