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08-08-2008, 11:38 AM
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Member
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Join Date: Nov 2007
70 posts, read 67,127 times
Reputation: 28
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Need Suggestions
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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08-08-2008, 11:40 AM
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Senior Member
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Join Date: Jun 2008
1,766 posts, read 1,048,911 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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08-08-2008, 11:45 AM
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Senior Member
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Join Date: Apr 2008
Location: Baltimore
1,113 posts, read 570,064 times
Reputation: 744
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Quote:
Originally Posted by micheleroll
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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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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08-08-2008, 11:50 AM
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Senior Member
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Join Date: Mar 2007
1,820 posts, read 1,605,468 times
Reputation: 356
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Quote:
Originally Posted by micheleroll
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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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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08-08-2008, 12:58 PM
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Member
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Join Date: Nov 2007
70 posts, read 67,127 times
Reputation: 28
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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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08-08-2008, 01:09 PM
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Not a member
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Join Date: Jan 2007
Location: Stanwood, Washington
660 posts, read 79,483 times
Reputation: 172
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You moved into a mortgage while being saddled with all that debt?  |
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08-08-2008, 01:29 PM
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Member
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Join Date: Nov 2007
70 posts, read 67,127 times
Reputation: 28
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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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08-12-2008, 01:15 PM
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Senior Member
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Join Date: Aug 2008
Location: New York
178 posts, read 106,399 times
Reputation: 42
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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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08-12-2008, 01:59 PM
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Sr of Srs
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Join Date: Jul 2007
Location: Charlotte, North Carolina
5,120 posts, read 3,786,154 times
Reputation: 673
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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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08-12-2008, 07:28 PM
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Member
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Join Date: Nov 2007
70 posts, read 67,127 times
Reputation: 28
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Thanks,
That's what my husband and I decided. We are going to wait a year or two.
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