Real Estate Financing
A New House. Some Old Debt. What Takes Priority?
Question: We want to buy a Phoenix home for $800,000 with a $640,000 mortgage loan. During the Covid catastrophe two years ago, however, our art framing business was ruined. The result is that two credit card companies now have judgments against us for more than $50,000. Our mortgage broker told us that we should still…Read More
Issue With Home Equity After Refinancing First Mortgage
Question: We bought our Glendale home in 2008 with a first mortgage loan of $200,000. At the same time we got a $100,000 Home Equity Line of Credit (“$100,000 HELOC”) from the same mortgage lender. We have never borrowed any money on the $100,000 HELOC. Last year we refinanced the first mortgage loan with a…Read More
Wife Has Lien On Home Husband Purchased Before Marriage
Question: I purchased a home in Casa Grande. My wife and I were married a year later. All of the monthly mortgage payments and repair costs since our marriage have been made from our joint checking account. My wife says that she is unhappy, and that she talked to an attorney who said she has…Read More