
OMAHA, NE (PRWEB) December 06, 2011
WebEquity Solutions

OMAHA, NE (PRWEB) December 06, 2011
WebEquity Solutions
Question by twirlgirl928: Can I refinance a home equity loan if I’ve only had it a couple of months?
Problem, we recently had our home up for sale, but have since changed our mind. We applied for a small home equity loan through our local bank (17,000)so my husband could buy a car and we could pay off a couple of bills. In the meantime, a larger mortgage co that we also inquired with about this loan told us that they could consolidate all of our debt, and save us $ 600 every month even if we doubled our payment. So, we went with the larger co, however after going through the whole process with them , they came back and said that since our home was recently on the market, we would have to wait 60 more days to get a loan. (this would be 100% equity LTV) My question is, if we go with the smaller loan from our local bank (who doesn’t give 100% LTV loans), could we in fact get a home equity loan a few months down the road, pay off the 17000 loan and also pay off the rest of our debt? Is there some rule about how long after you receive a home equity loan before applying for another
Question by Scott G: Do 80/20 Loans Exist for Multifamily Investment Property?
Just wondering if I can get 100% Financing for a Multifamily Investment Property in Western Massachusetts. I have checked several banks and even though my credit rating is in the high 700s there doesn’t seem to be anything other than 20% down. I don’t want to use up all the equity in my home. Advice would be very much appreciated.
Scott
Best answer:
Answer by edwardogden2000
The rules that apply to residential lending are not the same rules that apply in investment lending. This is the surprise that a lot of people get when they start trying to buy investment properties.
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Question by AAS: What happens to my 2nd mortgage home equity loan in a short sale in California?
I am currently under short sale proceedings in CA. My first has agreed to the terms but my second, which is a non-purchase money loan, is requiring me to sign a promissory note at a reduced balance. The second has agreed to reduce my balance by 65% and payable interest free over 20 years. Should I sign? I believe the alternative to not signing is a foreclosure initiated by the first. Need help fast. Thanks for reading.
Best answer:
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