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Can I strip off or wipe out a second mortgage or home equity line of credit?
A:
A. Yes. If the house is worth the same or less than the first mortgage, then you can strip off the second mortgage, home equity line or any liens behind the first mortgage. This is a powerful tool in bankruptcy to wipe out those liens and mortgages w
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What are the requirements to qualify for a home equity line of credit?
A:
When qualifying for a HELOC there are a couple of important requirements: • You must have equity in your home • Your ability to make the loan payments (see documents required) back to top •
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Is a Reverse Mortgage different than a home equity loan?
A:
A. Yes and No. Both an equity loan and a Reverse Mortgage use the equity you have built up in your home to provide you with readily available cash. They are different in this way: With a home equity loan you are must commit to making regular monthly
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Are LCEF home equity loans available in all states?
A:
No, not at this time. We are able to make loans in 15 states however. See a list of states from which LCEF can accept applications.
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What type of home equity loan does LCEF offer?
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All LCEF home equity loans are fixed-rate mortgages with a one-time disbursement. We currently do not offer a home equity line of credit (HELOC). Rates are based on LCEF’s Cost of Funds, where allowed, plus administrative costs.
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What types of homes qualify for an LCEF home equity loan?
A:
Home equity loans are available to borrowers who own and occupy single-family residences. (Manufactured and mobile homes do not qualify.
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What is the difference between a debt consolidation loan and a home equity loan?
A:
A debt consolidation loan combines your existing mortgage and the total of your other debts into a single loan. When the loan closes, your debts are paid off and you are left with one payment – your mortgage payment. In a home equity loan, you borrow
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Why is it that many loan companies wont provide home equity loans on property that are used for agriculture?
A:
One that comes to mind is quicken loans. Any information would be appriciated, thanks. The thing is, my home is included in my land that I use for cattle grazing. A: This is an easy one, I've run into this too. Federal foreclosure laws are WAY differ
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Public Records Reading- Mortgages, Do home equity loans show or just reverse and second mortgages?
A:
I read public records when doing RE research so I'm wondering. I guess that only second and reverse mortgages show. And why would someone choose a second mortgage vs home equity loan? Are we saying that a home equity loan automatically shows as a lie
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Will I have to pay mortgage insurance because of my Making Home Afforable refinance?
A:
No, you won't. If your home loan doesn't require private mortgage insurance as-is, you won't have to start paying it on your new home loan. The logic behind the move was detailed in a letter to mortgage insurance companies saying, in summary, any new
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