Home Equity Loan

Home Loan (Refinancing option)??

I am buying a home in Fresno California. I am 34 years old. My house is in my parents name due to my credit. I have been buying the home for thirteen years and owe appr. $50, 000. I am late in payments as many people in the U.S. are. The loan is with Wells Fargo. I would like to approach my parents with a/some suggestions as to how we can refinance, take out on the equity, etc. Something to assist with catching up, having some cash for renovations, etc. Any suggestions?

Public Comments

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2. Taking out a home equity loan in your situation is a very dangerous thing to do. You cant use the home equity loan to help catch up, that's eating yourself up from the inside out. Its just like maxing out your credit cards. Using it to renovate is probably not a good thing either. Many other homeowners used their home equity loan to renovate, and dont know how much to renovate. Many of them overbuild and the new renovations didnt add any new value. If you say you have equity then sell the place, because you cant afford it anyways, and you dont want to hurt your parents credit. Getting a home equity loan will just raise your payments, and it is not nearly enough money to cover yourself for very long. If your credit is better now, maybe you can refinance your original loan and try to get an affordable fixed rate. If you cant, there isnt many options for you. If you take the home equity loan route, you will follow the same path of many homeowners who cant afford to repay the loan and are now foreclosed on. Its just very irresponsible. Sell the place, dont look back, and start over.
3. first question I have when you say the house in in your parents name are you speaking of the note, deed to the property or both? If the note is in your parents name and you've made late payments, you might have substantially hurt your parents credit. most lenders are looking for a clean mortgage history, ie 12 months without a late payment. At this point, a home equity is out of the question, you probably won't qualify, the property is in cali, and it just doesn't make good financial sense. Refi is your only option. if the note is in your parents name, I would have their credit pulled to see what their score is and what the payment status is, then speak to a mortgage professional to see what options you have, but if there are many lates, you need to get that fixed first and foremost