COMMENTARY: Lending credence to the `Texas Miracle' San Antonio Express
Gov. Rick Perry 's presidential bid hinges largely on the strength of the Texas economy, which, while far from miraculous in recent years, certainly shines against most other states'.
Perry has told voters that as president, he would hope to make government inconsequential, so he probably won't mention one of the key reasons that the Texas economy has held up so well: intrusive government.
Heavy-handed restrictions on the amount Texans can borrow against their homes were instrumental in shielding the state from the severity of the mortgage meltdown.
“There is no question that the home equity restrictions in Texas played a role during the boom years of mortgage finance,” said David Frase , president of the Texas Mortgage Bankers Association .
In 1997, the Legislature decided to undo a 160-year-old prohibition on home equity lending, writing a constitutional amendment, which voters later approved, that contained unique restrictions to protect homeowners from getting overextended.
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Need to refinance the home where I live I have a 80/20 loan 80 is 6.25 adjustable and 20 is 11.5 a?
Home in california that is worth about 240000 and my balance on that is 35000 the balance on the second house is 204000 and is worth about 235000, I need some money for a bussiness how can I refinance the second and get a equity loan on the second also how do I avoid paying to much taxes if I sell the one in california
You avoid the capital gains taxes by selling the one that has been your primary residence for 2 out of the last 5 years. Up to 250k on each of you, husband and wife.
To get a loan on the house with the small loan balance you just apply for the loan. With that much equity it would be relatively fast, simple and easy.
You should probably try to do just a rate and term on that 235k prop. If the one in CA is not a primary residence and you will be taxed at 15% cap gains.......consider whether you should sell outright or take the money out of it tax free with a refi that the tenants will cover the payment on.
Where is it located? Depending on where it is, I may know of an interested party..... if you can discount it pretty good it may sell within a few months. There are alot of foreclosures so the market is pretty saturated right now.
I wonder if you call Marty up there if he would give any advice? Cuz he sure never does here on Answers!
Good Luck
OBA™
Using my equity to refinance from an ARM to a fixed rate?
I bought my small southern california home for $760K. I had my agent pull comps that has my home value at $810K. Zillow.com (which I know is just a best guess) has my home listed at $805.
I am 1.5 years into my 5/1 interest only ARM 100% financing and want to refi to a fixed rate loan asap. I owe $760K on the home. My credit score is 910 (Excellent). I want to put 5% ($38K) down on the home when I refinance.
Can I roll my existing equity into the new fixed loan?
(current market value $810K - $760K purchase price = $50K equity in home)
Yes, most lenders like to see 10% equity to approve a refinance. Right now, you're at about 94% loan to value, so you would probably have to put more into the house first. Also remember the closing costs you will incur. You might be able to get around this with a "favorable appraisal", but lenders are less flexible right now.
Also, what would your debt to income be? Remember that with a fixed rate mortgage, you'll also be paying principal, so your monthly payment will probably increase (since you're only paying interest now).
The lender will consider the difference between the loan amount and the appraised value (which the lender will obtain before issuing the loan) as your equity and, hence, your down payment. Though the limits have been raised on what constitutes a "jumbo mortgage," you are still above the threshold of $417,000, so expect to pay a higher rate than mortgages for a lesser amount. In addition, because of the low percentage of equity, you may have to pay a higher rate, though your excellent credit score should mitigate that.
Matt
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Home Loan (Refinancing option)??
I am buying a home in Fresno California. I am 34 years old. My house is in my parents name due to my credit. I have been buying the home for thirteen years and owe appr. $50, 000. I am late in payments as many people in the U.S. are. The loan is with Wells Fargo. I would like to approach my parents with a/some suggestions as to how we can refinance, take out on the equity, etc. Something to assist with catching up, having some cash for renovations, etc. Any suggestions?
Taking out a home equity loan in your situation is a very dangerous thing to do. You cant use the home equity loan to help catch up, that's eating yourself up from the inside out. Its just like maxing out your credit cards. Using it to renovate is probably not a good thing either. Many other homeowners used their home equity loan to renovate, and dont know how much to renovate. Many of them overbuild and the new renovations didnt add any new value. If you say you have equity then sell the place, because you cant afford it anyways, and you dont want to hurt your parents credit. Getting a home equity loan will just raise your payments, and it is not nearly enough money to cover yourself for very long. If your credit is better now, maybe you can refinance your original loan and try to get an affordable fixed rate. If you cant, there isnt many options for you. If you take the home equity loan route, you will follow the same path of many homeowners who cant afford to repay the loan and are now foreclosed on. Its just very irresponsible. Sell the place, dont look back, and start over.
I want to refinance my home for a debt consolidation new loan. Which are my best options ?
I have about 40 % positive home equity , no late payments , but I only have been owning the house for a couple months. My house is in California and I have a fair to good credit with too many inquiries in the last 6 months.
Is there a temporary relief loan program for California homeowners who have a tough time paying the mortgage?
I heard about the new loan programs that allow home owners to refinance their mortgage to a lower interest, but those who qualify need a decent credit, certain income, and their homes need more equity than what they borrow. But what about those who are really suffering and have none of those above?
Unfortunately then you will join the ranks of those that have or are losing their homes. No credit, no income and no equity means pay for what you signed for. Sorry but not my fault you overextended yourself, buying way more than you could afford. Do not think my tax dollars should bail you out because of your foolish dreams, and not living in reality.
Does California Section 580b Anti-Deficiency Protection apply to loans that been sold to another lender?
If a borrower took a 80/20 loan but the 2nd (20) loan has been sold to another bank, does California Section 580b Anti-Deficiency Protection still apply? "NO" refinancing or home equity credit has been taken. Basically, the 80/20 loan is "Purchase Money".
yes, sir!!!
God Bless California!
see:http://www.stimmel-law.com/articles/CA_AntiDeficiency_Statue_ProtHomeOwnMonJudge.html
If you bought someone out on a primary residence, is it a money purchase loan protected by California anti-def
anti-deficiency law meaning once the bank foreclosed the property; they are not allowed to come after me for the balance that didn’t satisfy the loan balance after the sale of the auction.
So I originally purchased the house in 2002 with my wife. Then she wanted to leave so I bought here out to transfer the title and mortgage to me. An additional 30k in home equity became part of the new mortgage and was paid to her. The sellers were listed as herself and me and the buyer was listed as me but with a different form of my name. Does this financing count as a money purchase loan that is protected against deficiency judgments in foreclosure or is it just a refinance that would have no protection in foreclosure?
I have paid off around 20k of the total mortgage. Does that mean they can only come after me for 10k now in foreclosure or can they come after me for the full mortgage amount of 260k?
Once you refinanced and took the 30k you exempted yourself from anti-deficiency. You are going to be liable for the entire amount of money you spent.
Transfer my dad's property into my name (both title & loan)? transfer loan without refinancing?
I live in Los Angeles County, California. I want to transfer the property's title and loan into my name from my father. I am looking to invest with the equity in the home and need to be in control of it as much as possible. Below are the specific questions:
How do I transfer the title into my name in Los Angeles county? What forms do I use? Do we do a quitclaim? What are some of the possible tax ramifications for myself and my father? How can we keep taxes to a very minimum when doing this? What is suggested as the best route?
I need to transfer the loan on the property. It has a low interest rate from a few years back and I would like to keep it like that. I do not want to incur opening and closing costs of taking out a new loan and have to pay a higher interest rate. How can I get the current loan put into my name? If it has to stay in my father's name and were to want to take out a second on the house, would he have to sign on me doing so? What is suggested as the best route?
I believe the transfer of title to you will be viewed by the IRS as a gift in excess of the current of $11,000 per year limit. California income taxes are a potential matter as well. You could end up owing a lot of income taxes. You had better tread slowly on this deal.
Short sale of foreclosure? What is the best option?
I am aware that in California they passed a law about a year and a half ago where if your home foreclosures you are only legally bound to pay back the loan if you refinanced and took equity out not on your original purchase loan. That being said we can still make our payment but the neighborhood is getting really bad with gangs violence and break-ins. I am 20 something female whose husband works nights & I can't sleep at night anymore since this has started & I think it will only get worse on a house that is now worth 50K less than we paid for it. So would it be better to walk away or see if the lender will accept a short sale. In a foreclosure do they send you a 1099 to get taxed on the difference? Because of the area we live in our houses will be the last to have value return. So we'll be stuck there for the next 10 years probably & to top it off we have an ARM that we were told how easy it'd be to refinance before it resets so I fear 3 more years it will be too much $ anyways
Thank you for the concern but I would rather have to live with a foreclosure for 7 years than live with not being able to sleep at night or every go out of town or in a worst case scenario live with being raped for the rest of my life. So please answer what I asked not tell me no don't do that. The values since the neighborhood is so bad are not likely to rise for another 6-7 years. I can't stay and wait for it to get worse and worse.
My mom is in a middle of a divorce and stuck with a huge mortgage, what should she do?
Mother is in middle of divorce, may be stuck with a huge mortgage + HELOC loan attached. The home has no equity left, since they've refinanced twice (big mistake) in the past plus sinking home prices. As far as dividing up the liabilities, what other options does she have? This is in the state of California (Santa Clara County). She is afraid that she may be stuck with the house and not able to catch up with the mortgage. She would like to avoid foreclosing if all possible. Thanks
If her husband is a co-borrower on all loans, your mom won't be stuck with any huge mortgage on her own. The only way for him to be released from any financial responsibility for all of those loans would be for your mom to refinance in her name only and pay off the existing loans. It doesn't sound like there's enough equity to do that. She probably can't agree to take the home even if she wanted to, since she would have to get her own loans to pay off the existing loans. I'm guessing the court will order the home to be liquidated and the proceeds used to pay off the loans. If there's a short fall to pay all loans, the court could order other assets be used to make up the difference.
Sounds like a bad situation. I don't know the laws of California and not giving any legal advice so make sure she has a good divorce lawyer.
Hope this helps. Good luck to her.
Elliot Lau, Realtor of 22 years
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