Posts Tagged ‘mortgage loan’
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
Foreclosure and Your Taxes
Question: We bought our home in a new Gilbert subdivision six years ago. Although there has been some appreciation lately, our home is worth only $260,000. We still owe $380,000 on the mortgage. After my husband lost his job last year, we finally had to stop making payments, and the foreclosure occurred this February.…Read More