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HELOC


goingunder
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We are looking into a HELOC. I have done wonders over the last 6 months to get my DH's credit report looking good. Don't know his scores, but only neg on there now is a TL with some lates. Which i want to work on to see if they will update to PAID/NEVER LATE.

BUT - my credit is worth sh!t... one at a time here.

Question being - both names (me & DH) on mortgage. Can DH apply for the HELOC by himself - without me on there and my credit? If so, we would be in - but if not, we could kiss goodbye. In PA.

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You should be able to transfer the title to your husband, via a warrenty or quit claim deed. Then get the financing done, and then decide to either leave the title in his name only, put back like it was before, with both names, or put your home into a trust.

Charles

BTW: be careful on the HELOC. Make sure that the lender reports as a 2nd mortgage to the credit bureaus, if not it ends up being the same as a credit card, that is at the limit>>>which can really kill your credit scores.

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Geez::: bump what? I know, I know.

Yes, the HELOC would be a 3rd mortgage. Funny thing is that if when you got your first loan, you tried to have 3 loans, the lender would have said no. But, once you have the 2 that you have in place, it is no problem.

HELOC's are different in many ways, they are liens against your property, just as the 1st and 2nd are, but they are not concerned with much other than what the combined loan to value (CLTV-all the loans together, including the new one) is. Since your home has gone up in value, you can get a HELOC to bring it up to about 100%. It may take some doing, as most lenders want there to be 1 year from the initial purchase to give current value.

Charles

How are you doing anyway?

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Geez::: bump what? I know, I know.

Yes, the HELOC would be a 3rd mortgage. Funny thing is that if when you got your first loan, you tried to have 3 loans, the lender would have said no. But, once you have the 2 that you have in place, it is no problem.

HELOC's are different in many ways, they are liens against your property, just as the 1st and 2nd are, but they are not concerned with much other than what the combined loan to value (CLTV-all the loans together, including the new one) is. Since your home has gone up in value, you can get a HELOC to bring it up to about 100%. It may take some doing, as most lenders want there to be 1 year from the initial purchase to give current value.

Thanks.

How are you doing anyway?

Doing fabulous. Jamie and I had a long talk last nite about where we are and how happy we are since we bought our home last Feb. In a sense, we feel.....complete. :wink: Hows Anna? :D

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She is awesome as usual. I have tried to play dad & keep house & pay attention to the kids and then give her some time, and it is BEYOND hard. She does all of that plus is doing all of my processing..... So we are together almost all the time. I am in a little theator production and so since I have to leave early (6:150 so have to leave in a moment) she has all of the odds and ends that don't get done in a day.

I know that it sounds like I am bragging, sorry, just don't ask about Wade and Erin.

Thanks for the note: it has been "one of those days" and nice to hear that your life is groovy....

Charles

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