chase home equity loan
Beware of junk fees on home equity loan
DEAR BOB: After reading your recent list of "nonsense" mortgage junk or garbage fees some lenders try to impose, when I recently applied online for a home equity loan I realized I was about to become a victim of a major lender. The lender wants to charge me a loan origination fee, appraisal fee, credit report fee, processing fee, underwriting fee, flood certification, funding fee, $100 escrow settlement fee, $150 title fee, $15 courier fee, $15 wire fee, $75 recording fee, $80 intangible tax and $235 mortgage tax. What is your evaluation of these charges for a home equity loan? --Marydelle P.
DEAR MARYDELLE: Most of those are unnecessary junk fees you should not pay.
Purchase Bob Bruss reports online.
Virtually every local bank and credit union will eagerly make you a home equity loan or home equity credit line (HELOC) without any junk fees if you have a FICO (Fair Isaac and Co.) score around 700 or higher.
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Debts take joy out of real estate inheritance
DEAR BOB: Is it true when someone inherits real estate, which was the deceased's primary residence, the mortgage will be wiped out at the time of death and the property title passes free and clear of all liens? I heard if the property was not the deceased's principal residence, then the heir has to pay the debts --Rick S.
DEAR RICK: Dream on, my friend! When you inherit real estate, you receive title "subject to" all existing recorded liens and encumbrances against the property.
Purchase Bob Bruss reports online.
That means if you inherit a house that has a first mortgage, a home equity loan, a mechanics' lien and unpaid property taxes, you must pay all those obligations according to their terms or lose the property by foreclosure or forfeiture.
Real estate inheritances can be wonderful if there is plenty of equity (the difference between the total amount owed and the fair market value of the property).