Deduct your mortgage balance(s) from the appraised value of the house. The remainder will be your equity.
There should be no balance. The sale of the home will probably wipe out the balance of the home equity loan if there is negative equity. Depending on your state, a home equity loan lender may ask for funds from the seller in order to release their lien, especially if the the funds for the home equity loan were used for non-home improvement items. The lender may ask for funds from the seller in order to release their lien in these cases. Can they legally? Possibly. There is a federal forgiveness bill that was passed as far as taxation goes, but there is criteria that has to be met.
Yes it is possible to refinance your house if you have low equity. But you must have at least 20 percent equity before your refinance will be apporoved.
One can calculate how much equity they have in their house by using an online home equity calculator. Both Chase and MSN Money offer a home equity calculator that can be used for free.
Starting from your basic accounting balance sheet, you have 3 categories: Assets, Liabilities, and Equity. Your equity is the difference between your Assets and your liabilities. Liquidity refers to how easy you can convert an asset into cash. Houses would be illiquid and things like stocks are probably more liquid.
Deduct your mortgage balance(s) from the appraised value of the house. The remainder will be your equity.
If there is a mortgage/equity loan involved,that loan will report on your credit history. The lien will report on the title of the house. A title search will be conducted if you are selling or refinancing the house.
There should be no balance. The sale of the home will probably wipe out the balance of the home equity loan if there is negative equity. Depending on your state, a home equity loan lender may ask for funds from the seller in order to release their lien, especially if the the funds for the home equity loan were used for non-home improvement items. The lender may ask for funds from the seller in order to release their lien in these cases. Can they legally? Possibly. There is a federal forgiveness bill that was passed as far as taxation goes, but there is criteria that has to be met.
Equity is a judgment in court that is not financial. A judgment in equity may grant an injunction (order someone to stop doing something) or a temporary injunction (the court orders someone to stop doing something until other things are figured out). Equity might involve cutting down a tree or selling a house.
Yes it is possible to refinance your house if you have low equity. But you must have at least 20 percent equity before your refinance will be apporoved.
One can calculate how much equity they have in their house by using an online home equity calculator. Both Chase and MSN Money offer a home equity calculator that can be used for free.
no you do not Actually, that just depends. Assuming you are referring to the furnishings, that strictly depends on what the owner is selling. Sometimes people sell a house with all the furnishings included, but usually, they do not.
The executor of the estate has the option of continuing to pay the mortgage and thereby continuing to own the property (which is presumably a house) or selling it. When you sell a house that has a mortgage, some of the purchase price will go to you, based on your equity in the house, and some will go to pay off the mortgage. If there is little equity in the house, or if the housing market is very depressed, you may realize little or no profit on the sale of the house, but you won't have to continue paying the mortgage.
Your equity in your house is the difference between what the house is worth, the fair market value, and how much you owe on it.
Starting from your basic accounting balance sheet, you have 3 categories: Assets, Liabilities, and Equity. Your equity is the difference between your Assets and your liabilities. Liquidity refers to how easy you can convert an asset into cash. Houses would be illiquid and things like stocks are probably more liquid.
An equity line of credit is issued based on the amount of equity you have in your home. If you have a $100,000 house and owe $75,000 then you would have $25,000 in equity.
Home equity is something a homeowner builds in his house. When a person buy a house, they make payments on said house. Then over time, naturally a property becomes more valuable. So when a house is bought and you live there for 10 years you build equity in the house. To find out about equity in Florida, contact a Real Estate agent.