Comments on: Getting line of credit of my home? http://www.mobilemerchantaccount.net/getting-line-of-credit-of-my-home The Best In Telephone Credit Card Processing Sun, 20 May 2012 22:25:23 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: the tax lady http://www.mobilemerchantaccount.net/getting-line-of-credit-of-my-home/comment-page-1#comment-1361 the tax lady Sun, 10 Oct 2010 08:52:34 +0000 http://www.mobilemerchantaccount.net/getting-line-of-credit-of-my-home#comment-1361 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. ' 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.

‘

]]> By: STEVEN F http://www.mobilemerchantaccount.net/getting-line-of-credit-of-my-home/comment-page-1#comment-1360 STEVEN F Sun, 10 Oct 2010 08:52:34 +0000 http://www.mobilemerchantaccount.net/getting-line-of-credit-of-my-home#comment-1360 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. 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.

]]> By: Jamie http://www.mobilemerchantaccount.net/getting-line-of-credit-of-my-home/comment-page-1#comment-1362 Jamie Sun, 10 Oct 2010 08:52:34 +0000 http://www.mobilemerchantaccount.net/getting-line-of-credit-of-my-home#comment-1362 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. 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.

]]>