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Post by quinlove on May 26, 2016 15:50:46 GMT
I'm sure most of you remember me telling you about my dd going through a horrendous divorce. Things have gotten so bad, mainly because her lawyer has dropped the ball. You could almost say she is helping the other side. A huge mess.
Yesterday her and I went to see one of the best atty in Fort Worth. ( very good divorce atty recs needed). We are confident that he can fix this huge mess, but he is not affordable to her and I. I used all my disposable money last summer on first lawyer.
I own my home outright. Friends have suggested that I get a home equity loan or something similar. I'm not even sure that I want to do this. But what would be the fastest and best way to get money from my home?
house worth approximately $90. I need $15. (Thousand). Thanks so much.
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Deleted
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Jul 1, 2024 4:03:11 GMT
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Post by Deleted on May 26, 2016 15:55:43 GMT
A home equity loan or line is really the only way to get cash out of your house.
Go to your bank and talk to them. I'd also ask if they have any personal lines of credit available that don't require collateral. The rates will be higher than a home equity product, but much lower than typical credit card rates. That gives you an avenue to get the cash you need without putting your house on the line.
ETA: A personal line of credit would be much quicker than a home equity product. It's typically going to take at least a couple weeks to close a home equity loan/line, whereas a personal LOC could be in place in 1-2 business days. Good luck!
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Post by boatymcboatface on May 26, 2016 15:57:00 GMT
In this case I would start with my bank or credit union I recently took a signature loan from my CU for an interest rate only .02 higher than a heloc and my house isn't collateral.
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keithurbanlovinpea
Pearl Clutcher
Flowing with the go...
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Post by keithurbanlovinpea on May 26, 2016 15:57:16 GMT
Before you use your house as collateral, can you get a personal loan or line of credit for 15k? If so, it will be faster. Getting $ from the equity in your home will take time because they have to value your home, loan application, etc.
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janeinbama
Pearl Clutcher
Posts: 3,181
Location: Alabama
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Post by janeinbama on May 26, 2016 16:32:03 GMT
Home Equity loans are taking a minimum 45 days to process now due to new Federal regulations, I agree with a signature loan. Hope things go better for your DD with a new attorney.
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Post by quinlove on May 26, 2016 16:55:38 GMT
Thanks for the replies. In the past I have gotten large lines of credit, but my situation has changed. Maybe I should do a credit score check online to see where I'm at. A home equity loan may be my best/only hope. And I have no knowledge of the procedures. Thanks.
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MsKnit
Pearl Clutcher
RefuPea #1406
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Jun 26, 2014 19:06:42 GMT
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Post by MsKnit on May 26, 2016 18:44:23 GMT
Thanks for the replies. In the past I have gotten large lines of credit, but my situation has changed. Maybe I should do a credit score check online to see where I'm at. A home equity loan may be my best/only hope. And I have no knowledge of the procedures. Thanks. Go speak to someone at your bank. They will help you with your options. It can't hurt to ask, right? |
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Post by coaliesquirrel on May 26, 2016 19:00:34 GMT
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Deleted
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Jul 1, 2024 4:03:11 GMT
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Post by Deleted on May 26, 2016 19:38:54 GMT
Home Equity loans are taking a minimum 45 days to process now due to new Federal regulations, I agree with a signature loan. Hope things go better for your DD with a new attorney. Holy crap! Ugh. I work on the commercial side, so am out of touch with the retail side. I knew it had gotten longer, but that's !!!! |
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Post by mlynn on May 26, 2016 20:55:53 GMT
You can always ask the new lawyer if they will take a lien on your home while daughter makes payments. That would probably be the absolute fastest way to get them on the case.
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Deleted
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Post by Deleted on May 26, 2016 22:37:34 GMT
I know most of us would do anything for our children, but before you take a loan against your home/collateral, please make sure you have some way to pay it back. If you don't you may end up with $15k rather than the $90k house you started with. And in the end $15k might not be enough to "win" whatever needs to be won in the divorce settlement. It might be better to try to get a loan that is not attached to your paid for asset.
My next door neighbors in Houston's messy complicated divorce ended at over $40k EACH. So is the $15k just the retainer?
Divorce can be financially devastating! Along with emotionally devastating.....so sorry she is going through this!
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Post by anonrefugee on May 26, 2016 22:54:52 GMT
Home Equity loans are taking a minimum 45 days to process now due to new Federal regulations, I agree with a signature loan. Hope things go better for your DD with a new attorney. And @busypea Would there at least be some tax advantages to a home equity loan versus line of credit? Good luck quinlove |
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Deleted
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Post by Deleted on May 26, 2016 23:15:20 GMT
Home Equity loans are taking a minimum 45 days to process now due to new Federal regulations, I agree with a signature loan. Hope things go better for your DD with a new attorney. And @busypea Would there at least be some tax advantages to a home equity loan versus line of credit? Good luck quinlove Preface: I AM NOT A TAX PROFESSIONAL. But yes, home equity interest is generally tax deductible. There are limitations and exclusions, though. |
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Post by Leone on May 27, 2016 0:43:39 GMT
Home equity lines of credit take quite awhile and involves about an inch high stack of forms to sign. Ive done this twice in the last five years. You fill out forms, then they send an appraiser to the house. You need good credit to get one. Typically, they will go up to 80% of your equity.
Id like to caution you to not get involved as you are jeopardizing your future with giving your daughter the money you really cant afford. Your daughter needs to handle this herself. There are womens groups who will help her with legal representation.
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