Another Extreme Makeover home in trouble San Francisco Chronicle (blog)
This is not the first time a home that has been featured in the ABC program has run into trouble. The Okvath family in Arizona put its 5,346-square-foot home on the market due to extreme bills, including $1,200 a month for electricity and $400 for water, reports the Wall Street Journal .
Other cases include a Michigan family struggling to make mortgage payment and medical bills previously and fearing foreclosure, a Georgia family which used its new home as collateral for a loan to finance a construction business that failed and a Florida recipient who found herself overwhelmed by code violations which resulted in a $29,000 lien being placed on her property.
Brian Wofford bought his Encinitas home in 1989 for $186,700. It was expanded from 1,212 to 4,337 square feet, complete with a gym and hot tub. But Wofford now owes $770,000 on the house, including $140,000 in home-equity loans. It's believed he received a three-month loan modification this week. The paperwork must be completed by Christmas Eve.
Refinance Help. Fill this form and get help!
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Having financial management goals is important, because it allows the investor to make informed financial decisions that must be made in order to ...
Home Finance?
I'm 23 years old and would like to consider financing a home in the next 2-5 years, I want to know what kind of things do I need to be concerned about with my credit? How can I increase my score and what do I need to know about financing a home to get a good value and a good deal. Personal experience are greatly appreciated. Thank you all.
First, build a large down payment. This is an almost irresistible part of the financing game. But just because you have put together say 15% of the price of a house over 5 years tells you that your saving skills are starting to work.
Do not take out loans and pay them off to increase your score. It works against item 1, building the DP.
Rather, have a couple credit cards that you use to pay for things you buy, but religiously pay them off, completely, every month, well before due date.
Avoid buying cars or other big ticket items that 'require financing'. If you buy any of them, do it on your credit card, but again pay off the credit card that month.
Avoid those sales that allow you to make no down payment, or no payment this year. You can always negotiate a cash reduction. They really do prefer cash, they really do prefer to make a sale rather than have you walk out.
As your savings grow, you should be investing, not just buying bank deposit notes.
If you do a good job of investing, even living in rented accommodation can be a sound economy.
Should we wipe out savings or go with home equity line of credit to finance home improvements?
My husband and I are debating how to finance some home improvement projects. He says use savings, I say use a line of credit(repay within two years hopefully) I am afraid if we use savings we will never replace it. He doesn't want debt. Any opinions?
If you got the equity then go with the HELOC. If the home improvements are going to increase the value of your home then it's a no brainer. As long as you're not going to buy a car or take a vacation with it. Leave your savings alone.
...OR say you can get a HELOC @ 6% APR. Then the money in your savings account that you would have spent on your house - put that money in a CD (or some other investment vehicle) that earns 6% interest and then you're pretty much getting your home improvements for free. If you got 6% going out then see if you can get at least 6% coming in.... and then you'll make that much more when you sell the house because you didn't really pay much for the improvements.
Save up the extra money and pay cash.
Without knowing your situation I can only speak in generalities, but this is what I do for a living.
Lines of credit are cheap..RIGHT NOW.
Savings are wonderful because we could crash and burn in this country..our largest banks are borrowing from Chinese, Middle East, European, and Japanese banks in record amounts to stay afloat, and some may become partially or totally foreign owned..it's that bad.
My suggestion, do a little of both..that way you'll be the happiest with each other, too !!!
What is the general interest charged for a owner finance home? ?
I want to buy a home owner finance but I see all these calculators on the owner finance websites in my area and I don't know what percentage to use. I live in Texas.
It is usually high, because you are usually a very bad risk, 8-9%.
If the owner plans to sell the note in the near future (which is what most of them do if they are on the owner-finance websites), the rates will probably be higher, and will definitely depend on your credit score. They will also require some money down (5-20% depending on the program)
In any event, 8-9% at this time would not be considered unreasonable. Of course, try to negotiate as low a rate as possible when the time comes. Anything over 9%, in my opinion, would be asking a lot, unless your credit is not so great and you don't have any money to put down. If that's the case, any rate is a good rate - because you'll find very few people willing to do it. Once you get above 10%, you're venturing into the realm of predatory lending, so be careful.
Also, if you get into financial trouble, a short sale (selling the home for less than it's worth with the lender forgiving some of the debt) is not an option. Why would the seller opt to sell it for less than what's owed on it, when they can just foreclose and get their property back?
Best way to finance home improvements?
Bought my house about 7 months ago on a 100% financed mortgage with an unbelievably low interest rate, so I want to avoid refinancing. I don't think i can do a home equity loan because I have little to no equity since i did the 100% finance. Any ideas? I need about 10000 - 15000 for new siding work.
With little to no equity in the home it is going to be hard to do anything that is related with your mortgage. Second mortgages and home equity lines of credit are going to be hard to come by as well because you have no equity available. You could inquire about taking out a home equity loan with a lender who will lend on over 100% of the value of your home. These lenders are not very abundant anymore and the guidelines and restrictions on these loan types are extremely strict. I do not like this type of financing because it can really make for a bad situation and your home is at risk anytime you borrow money against your home. Also, if you needed to sell your home within the next 5-10 years it would be very difficult to do if you owe more than your home is worth. Link below in sources contains information about loans over 100% of your homes value.
Some other options are to borrow from credit cards (not the best method), talk with family and friends to see if any of them could help you out, talk with your bank about a personal loan, and/or see if the community you live in has any type of grants or loans that they will do for homeowners to help improve their home. Many communities do offer some type of assisstance. I would start off by either looking up your community online or calling your county or city's planning or development department and they should be able to direct you to who you would need to talk with.
are there any assistance available to help a single mother have a home finance for the first time?
I am very interested in owning my own home but my credit won't allow me to own the home of my dream.
don't know of anything out there but try working on yr credit . wish i did know of something i would like too buy a home one day 2.
Recent quotes do not show up on Yahoo Finance home page?
My recent quotes box on the right side of the Finance home page does not display any quotes that I have recently looked at using the beta charts. However, if I only view the summary page or classic charts, my recently viewed quotes will show up in the quote box on the Yahoo Finance home page. How can I fix this?
I like to use this page, http://my.yahoo.com/
if you don't see them, click on "Add Content" to list them
Is there a way to finance a home with poor credit?
I'd like to buy a home with a large property, but I do have poor credit. It would be my first home. How can I overcome my poor credit past and finance the home of my dreams?
think lease purchase.
I can help
luck to you
get a copy of your credit report NOW and correct any things incorrect and possibly settle any collection items that can be settled. This will stop the collection process. got to www.annualcreditreport.com
Hope this helps, Good Luck
FHA is great because credit scores don't matter only credit history with explanation on why you are/were delinquent.
pay those bills on time to improve your credit for the time being
Contact me at ttiraturyan@yahoo.com with property location, its value and your income.
how to go about getting a manufactured home and finance with challenged credit?
I want a manufactured home and land and special financing but I dont know how to begin
I would start by calling your personal bank or Credit Union. Ask for the Housing Loan Officer. Depending on where you live there are different lenders and different rules about lending on a Manufactured home.
What is the easiest way consolidate debt and finance a home?
My credit score is not that good but I have a good paying job had to send family tons of money I live in a home now i rent with the buy option is there any company that will pay off my debts and finance my home that i have been living in for two years so that i can get out of debt is this possible.
It will depend on how much the home appraises for. You could possibly come out with extra money to pay off debts if the equity is there. If you are a member of a credit union, ask a loan officer.
How do I get the streamed Yahoo Finance Home page & more induces that isn't small. ?
Y Finance home page gives status of various markets. If one chose "more indeces" you would get additional markets. The original Home page sight was streamed. It isn't now. Also the additional indeces page now appears different and in small miniscule print. How can I ge the original Yahoo sight that gives me quick info without having to refresh so frequently and how do I get back the original aditional indeces page? Many Thanks in advance. Novis1
All quote data on Yahoo! Finance is pulled from exchanges from the US and around the world with a 15 to 20 minute delay. Yahoo! Finance offers Real-Time quotes only with the Real-Time subscription, with a few exceptions.
They do offer ECN Real-Time data on the site as well, which is provided from the BATS Trading Exchange and from the NSE (India) Exchange. Therefore, if a stock is traded on the BATS exchange, you will see real-time updates. ECN stands for Electronic Communication Network which is an electronic marketplace.
‘Streaming’ means that your quote or portfolio quote will change automatically when an update is received, instead of having to manually refresh the page to get the newest quote. So, if you are not subscribed to our Real-Time package, you will get a price update every 15 to 20 minutes, depending on the exchange. For a list of participating exchanges and their respective delay times please visit this link:
http://finance.yahoo.com/exchanges
Please note that you can use the "Real Time ECN" view on your portfolio to see any streaming updates from the BATS exchange. Alternatively, you can view the free streaming ECN feed for any quote just below the company name on any quote summary page. The "Last Trade" price on the same page will be the delayed quote, however.
System response may vary due to a variety of factors, including trading volumes, market conditions, system performance, and other factors.
Due to certain restrictions, the Dow Jones, NASDAQ, and NYSE Indexes will only update every 2 minutes. You can refresh the page and get an updated quote, but it will not stream more often than every 2 minutes.
The delay time for NYSE, NASDAQ, and Dow Jones depend on if you have subscribed to our Real-Time Package or not. If you are not a Real-Time subscriber, the streaming quotes will be 15 to 20 minutes delayed.
Remember, 'Streaming' just means automatic updating so you do not have to refresh the page.
As for the small print, I do not know where you are seeing that.
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