Take out equity loan using our current mortgage

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Take out equity loan using our current mortgage

Postby Lilly » Mon Feb 23, 2015 12:23 pm

I have been doing a lot of thinking and was wondering if there would be a way to refinance for one amount giving me enough to pay off current mortgage and have extra to pay out to have room additions to my home. Would there be a way to get a loan for around $100,000 or so? My current payoff is around $69,000 for my home. The additional $30,000 or so would be used to add on to my house. Would there be a way for that to happen? Or what is the process?

To add on to my home would be anywhere from $20,000 to $28,000 depending on what I want done. With the current interest rate of 4.25% on 100,0000 at 30 year fixed, I could possibly afford that even when taxes and insurance are factored in too. My wife has cancer and the medical debt is rather large and I am doing the best that I can. My wife needs a better home due to her current health and having cancer. I need to be able to add on to my existing home to give me the space so that I can better care for my wife and give my kids more space too. Any direction you could give me would be greatly appreciated. I reside in the state of Indiana.

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Re: Take out equity loan using our current mortgage

Postby Greene » Mon Nov 14, 2016 11:24 pm

My house is in foreclosure. I will most likely be separating from my husband so I need a 2 bedroom apartment for me and my youngest son. Am I able to receive housing assistance for this or take out a loan using the little equity I have? Must I pick out a place I want to live and then give the paperwork to the landlord to fill out? Is there anything else involved and how long does it take until you hear something back?
I don't know how much rent I can afford, probably not more than $450/500 a month with help from the government. I am still making a car payment of $252/month until at least December 2016 and am currently working P/T. I am looking for F/T work but am not able to find anything at this time. Can you take out a mortgage loan for equity even though I am in foreclosure? Please let me know how to handle the situation. Thank you,

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