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Old 08-08-2008, 10:38 AM
 
76 posts, read 333,183 times
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I just moved into my new home a month ago. I need serious cash to pay off some debts like federal, state taxes, and a carnote. Should I wait about two years before I apply for a mortgage equity loan?
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Old 08-08-2008, 10:40 AM
 
3,627 posts, read 12,402,826 times
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Can you not take a second job - that is an ominous way to get going with a new home. The government will work with you on a payment plan for the taxes - you may pay more interest in the short term but it will not hang over your head for as long as a normal installment loan.
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Old 08-08-2008, 10:45 AM
 
Location: Baltimore
1,802 posts, read 7,067,536 times
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Quote:
Originally Posted by micheleroll View Post
I just moved into my new home a month ago. I need serious cash to pay off some debts like federal, state taxes, and a carnote. Should I wait about two years before I apply for a mortgage equity loan?
Just my opinion, but I would caution against tapping into your equity to pay this kind of debt. Furthermore, unless you put a lot of cash down then you probably have no equity (unless you inherited the house). I'm curious as to how you qualified for a mortgage loan to begin with if you owe back taxes.
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Old 08-08-2008, 10:50 AM
 
4,542 posts, read 11,544,610 times
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Quote:
Originally Posted by micheleroll View Post
I just moved into my new home a month ago. I need serious cash to pay off some debts like federal, state taxes, and a carnote. Should I wait about two years before I apply for a mortgage equity loan?

Do you even have any equity?
What % was your down payment?

The reason I ask is that most lenders are not surpassing 80% or 85% for any lending. So, unless you put like 30% or more down you are not going to be able to get any kind of equity loan for a long time.
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Old 08-08-2008, 11:58 AM
 
76 posts, read 333,183 times
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Default First off,

Let me say that my husband and I got this house by the grace of God. We qualified for it because we have monthly payment arrangements for federal and state taxes for the past two years. We showed proof of paying them with our cancelled checks. I just wanted a loan so I can free up money. Also, I'm not taking a second job because that would mean I would have to find a babysitter and that would be pointless. Instead I'm looking for another full time job that pays more money.

My husband works long hours and he gets over time. I don't have any equity yet and we didn't put down a big down payment. So, I guess this means we will have to roll with the punches until we can do better.
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Old 08-08-2008, 12:09 PM
 
Location: Stanwood, Washington
658 posts, read 613,345 times
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You moved into a mortgage while being saddled with all that debt?
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Old 08-08-2008, 12:29 PM
 
76 posts, read 333,183 times
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Default Yes,

I did. Why keep giving money to these apartment complexes. Either way we needed a place to live. Plus we needed more space.
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Old 08-12-2008, 12:15 PM
 
Location: New York
2,251 posts, read 4,161,023 times
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Michele

Trying to pull cash out of your home, you are going to run into "seasoning problems". Most lenders need at least one year, before you can refinance.


..
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Old 08-12-2008, 12:59 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,094,482 times
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If you put a large down payment, then you can try getting a HELOC.
Otherwise you may have to wait 1yr (most lender's requirement)
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Old 08-12-2008, 06:28 PM
 
76 posts, read 333,183 times
Reputation: 59
Default Thanks,

That's what my husband and I decided. We are going to wait a year or two.
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