NoNamePerson
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Post by NoNamePerson on Apr 9, 2019 14:41:14 GMT -5
I'm sorry, but that isn't how it works. As i understand, right now you owe 180k on a house that is worth 310k. That means when you take the 310 value and subtract the 180 you owe, you are left with 130k in equity. If you do the new loan and take out 75k, that means you would then owe 255k on a house worth 310k and so your equity, 310-255, would be 55k. Now if it is true that you are reducing your equity to 50k... that means your new loan is actually going to be 260k (310-260 = 50k), So your new mortgage would be 260k on a house worth 310k meaning equity of 50k. This means adding an additional 80k to your mortgage which would account for the 75k to you and probably 5k in fees as someone said. The first and most important thing you need to do is to call the lender and confirm your numbers so you completely understand the details before you make a decision. Please stop acting like numbers are a real thing you can figure out. It's so non-productive. I quit with the numbers and started with Amish Chickens from WalMart to figure out the math
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tloony
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Post by tloony on Apr 9, 2019 15:00:54 GMT -5
I'm sorry, but that isn't how it works. As i understand, right now you owe 180k on a house that is worth 310k. That means when you take the 310 value and subtract the 180 you owe, you are left with 130k in equity. If you do the new loan and take out 75k, that means you would then owe 255k on a house worth 310k and so your equity, 310-255, would be 55k. Now if it is true that you are reducing your equity to 50k... that means your new loan is actually going to be 260k (310-260 = 50k), So your new mortgage would be 260k on a house worth 310k meaning equity of 50k. This means adding an additional 80k to your mortgage which would account for the 75k to you and probably 5k in fees as someone said. The first and most important thing you need to do is to call the lender and confirm your numbers so you completely understand the details before you make a decision. Wow! Thanks. I’ll read it again. Probably more than once...
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tloony
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Post by tloony on Apr 9, 2019 18:18:04 GMT -5
Please stop acting like numbers are a real thing you can figure out. It's so non-productive. I quit with the numbers and started with Amish Chickens from WalMart to figure out the math Aaahhhh...you remember...makes me wanna cry!
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Post by Deleted on Apr 10, 2019 17:33:49 GMT -5
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tloony
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Post by tloony on Apr 11, 2019 9:37:09 GMT -5
Whaat?? What if we are still married? Andnhownto hernout of this without sellingvhouse? And I don’t think we havebir in Pa...
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Post by Deleted on Apr 11, 2019 9:49:55 GMT -5
Whaat?? What if we are still married? Andnhownto hernout of this without sellingvhouse? And I don’t think we havebir in Pa... If you're still married, there is some protection for the spouse, namely the marital home is not sold if one needs to go on Medicaid. There are a lot of legal protections with marriage. That is why people are telling you it's not a good idea to co-own a house with someone you're not married to and why normally in a divorce, the house is sold and equity split or one buys out the other.
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NoNamePerson
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Post by NoNamePerson on Apr 11, 2019 14:22:07 GMT -5
Whaat?? What if we are still married? Andnhownto hernout of this without sellingvhouse? And I don’t think we havebir in Pa... If you're still married, there is some protection for the spouse, namely the marital home is not sold if one needs to go on Medicaid. There are a lot of legal protections with marriage. That is why people are telling you it's not a good idea to co-own a house with someone you're not married to and why normally in a divorce, the house is sold and equity split or one buys out the other.
I'm impressed that you interpreted the post!
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NastyWoman
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Post by NastyWoman on Apr 11, 2019 15:13:19 GMT -5
If you're still married, there is some protection for the spouse, namely the marital home is not sold if one needs to go on Medicaid. There are a lot of legal protections with marriage. That is why people are telling you it's not a good idea to co-own a house with someone you're not married to and why normally in a divorce, the house is sold and equity split or one buys out the other.
I'm impressed that you interpreted the post! Also, years ago (in 2012) a court in PA allowed a nursing home to go after the children for payment after their mother died. You really believe they wouldn't come after a real asset (i.e. the house) if something were to happen to your STBX and there was no money to pay? Legally that house is still his asset as long as his name is on the title.
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NancysSummerSip
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Post by NancysSummerSip on Apr 12, 2019 19:15:02 GMT -5
I really, really wish I drank. That is the only way this thread could be funnier..reading TLoony while under the influence. It's like watching a blind man throw darts; he just keeps aiming where he thinks the wall is, and figures with luck, something is going to stick somehow.
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tloony
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Post by tloony on Apr 13, 2019 9:13:13 GMT -5
I really, really wish I drank. That is the only way this thread could be funnier..reading TLoony while under the influence. It's like watching a blind man throw darts; he just keeps aiming where he thinks the wall is, and figures with luck, something is going to stick somehow. I would recommend good pot! Lmao And yes. I am relying on God and refusing to be ‘sky falling’ person! Is anything wrong with that?
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NoNamePerson
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Post by NoNamePerson on Apr 13, 2019 9:22:50 GMT -5
I really, really wish I drank. That is the only way this thread could be funnier..reading TLoony while under the influence. It's like watching a blind man throw darts; he just keeps aiming where he thinks the wall is, and figures with luck, something is going to stick somehow. I would recommend good pot! LmaoAnd yes. I am relying on God and refusing to be ‘sky falling’ person! Is anything wrong with that? Dang, I actually agree with you on this!!
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Post by Deleted on Apr 13, 2019 10:17:24 GMT -5
I really, really wish I drank. That is the only way this thread could be funnier..reading TLoony while under the influence. It's like watching a blind man throw darts; he just keeps aiming where he thinks the wall is, and figures with luck, something is going to stick somehow. I would recommend good pot! Lmao And yes. I am relying on God and refusing to be ‘sky falling’ person! Is anything wrong with that? That works about as well as relying on God to cure your child's diabetes.
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NancysSummerSip
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Post by NancysSummerSip on Apr 13, 2019 10:30:21 GMT -5
I would recommend good pot! Lmao And yes. I am relying on God and refusing to be ‘sky falling’ person! Is anything wrong with that? That works about as well as relying on God to cure your child's diabetes. Or, as some of my clients insist on doing, waiting for God to provide the money to pay off their loans. Holy heavenly snowflake money, Batman! Call me a pessimist, but I don't think He is sitting in the Home Office in the sky, ledger open and thinking, "Let's see...how's my list of miracles doing? Parting the Red Sea? Check? Locusts? Check? Water into wine? Check? Time to write a check for a truly Loony mortgage? Sure, why not?"
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NoNamePerson
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Post by NoNamePerson on Apr 13, 2019 11:28:26 GMT -5
Just in case anyone misunderstands, I agree only to smoking pot to interpret the post not to solving her problems.
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Post by Deleted on Apr 13, 2019 12:05:16 GMT -5
That works about as well as relying on God to cure your child's diabetes. Or, as some of my clients insist on doing, waiting for God to provide the money to pay off their loans. Holy heavenly snowflake money, Batman! Call me a pessimist, but I don't think He is sitting in the Home Office in the sky, ledger open and thinking, "Let's see...how's my list of miracles doing? Parting the Red Sea? Check? Locusts? Check? Water into wine? Check? Time to write a check for a truly Loony mortgage? Sure, why not?" It's a good thing for Loony he's not keeping that close of track or he might have struck her down for the the whole extra marital affairs thing.
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NancysSummerSip
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Post by NancysSummerSip on Apr 13, 2019 12:07:13 GMT -5
Just in case anyone misunderstands, I agree only to smoking pot to interpret the post not to solving her problems. And you agree not to inhale, right?
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tloony
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Post by tloony on Apr 14, 2019 14:27:39 GMT -5
Just in case anyone misunderstands, I agree only to smoking pot to interpret the post not to solving her problems. And you agree not to inhale, right? You know all about everything except pot aren’t you? People need to enlighten you on the subject. Anyone? Help a woman...🙏🏻
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NancysSummerSip
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Post by NancysSummerSip on Apr 14, 2019 14:33:09 GMT -5
And you agree not to inhale, right? You know all about everything except pot aren’t you? People need to enlighten you on the subject. Anyone? Help a woman...🙏🏻 Loony, it's a throwback comment referencing one of our former presidents. It has nothing to do with my knowledge of the subject of marijuana.
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oped
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Post by oped on Apr 14, 2019 15:16:15 GMT -5
Loony, did you get to review the details of that loan with anyone to make sure you had the right details?
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gs11rmb
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Post by gs11rmb on Apr 15, 2019 8:14:46 GMT -5
Loony, did you get to review the details of that loan with anyone to make sure you had the right details? While a lot of the post is amusing I do think that tloony is genuinely misunderstanding how equity loans work and she's opening herself up for a world of hurt.
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gs11rmb
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Post by gs11rmb on Apr 15, 2019 8:18:53 GMT -5
Also, I notice that Loony's original tag name is Yakov1955. If that's her year of birth then she is 64 and I imagine her husband is roughly the same age. They are in social security and medicare territory and need to be very careful that the house isn't 'wiped out' by medical bills. Her description of her husband conjures up an image of an unhealthy person and if he requires any sort of long-term care in the next decade or so then an asset he owns with his ex-wife could be ceased.
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tloony
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Post by tloony on Apr 15, 2019 10:24:14 GMT -5
Also, I notice that Loony's original tag name is Yakov1955. If that's her year of birth then she is 64 and I imagine her husband is roughly the same age. They are in social security and medicare territory and need to be very careful that the house isn't 'wiped out' by medical bills. Her description of her husband conjures up an image of an unhealthy person and if he requires any sort of long-term care in the next decade or so then an asset he owns with his ex-wife could be ceased. I am 51.
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tloony
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Post by tloony on Apr 15, 2019 10:26:08 GMT -5
Also, I notice that Loony's original tag name is Yakov1955. If that's her year of birth then she is 64 and I imagine her husband is roughly the same age. They are in social security and medicare territory and need to be very careful that the house isn't 'wiped out' by medical bills. Her description of her husband conjures up an image of an unhealthy person and if he requires any sort of long-term care in the next decade or so then an asset he owns with his ex-wife could be ceased. I supposed he is much healthier now having 44 y/old gf being 63! He will be fine!
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tloony
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Post by tloony on Apr 15, 2019 10:32:09 GMT -5
Loony, did you get to review the details of that loan with anyone to make sure you had the right details? Who said I am getting this loan?
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hoops902
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Post by hoops902 on Apr 15, 2019 10:35:26 GMT -5
Loony, did you get to review the details of that loan with anyone to make sure you had the right details? Who said I am getting this loan? You laid out the details, said they're giving you money, then said you didn't know what you are getting into. So...you did?
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gs11rmb
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Post by gs11rmb on Apr 15, 2019 10:39:35 GMT -5
Also, I notice that Loony's original tag name is Yakov1955. If that's her year of birth then she is 64 and I imagine her husband is roughly the same age. They are in social security and medicare territory and need to be very careful that the house isn't 'wiped out' by medical bills. Her description of her husband conjures up an image of an unhealthy person and if he requires any sort of long-term care in the next decade or so then an asset he owns with his ex-wife could be ceased. I supposed he is much healthier now having 44 y/old gf being 63! He will be fine! So, you are 51 and your soon to be ex-husband is 63. Correct? You really need to pay him his equity and get his name of the deed ASAP. Otherwise, when you get set to retire he will be elderly and more likely to need care.
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Deleted
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Post by Deleted on Apr 15, 2019 10:51:04 GMT -5
Loony, what everyone is trying to tell you is you could lose the house if he goes on medicaid. Medicaid forces you to liquidate all your assets and that house is one of his assets.
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Post by Deleted on Apr 15, 2019 10:56:21 GMT -5
Loony, what everyone is trying to tell you is you could lose the house if he goes on medicaid. Medicaid forces you to liquidate all your assets and that house is one of his assets. It could be seized for other reasons, too. If he causes serious injuries in a car accident and doesn't have enough insurance (most people carry only a max of $50K per accident or less) to cover the injuries sustained by the people he hit, if he stops paying taxes, if he has significant unpaid medical expenses.... it's an asset that creditors can grab if he has unpaid debts. You do need to get him off the mortgage and get him to sign a deed giving his interest in the property to you. If he has a good lawyer, you won't get him to sign a deed till you've refinanced solely in your name. So... how is your new BF doing financially? Maybe he can help...
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tloony
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Post by tloony on Apr 15, 2019 10:56:50 GMT -5
Who said I am getting this loan? You laid out the details, said they're giving you money, then said you didn't know what you are getting into. So...you did? No. I am too cozy with my mortgage amount and Chase as my lender. I am feeling protected being with Chase.
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tloony
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Post by tloony on Apr 15, 2019 10:58:16 GMT -5
I supposed he is much healthier now having 44 y/old gf being 63! He will be fine! So, you are 51 and your soon to be ex-husband is 63. Correct? You really need to pay him his equity and get his name of the deed ASAP. Otherwise, when you get set to retire he will be elderly and more likely to need care. His father is 90 and he doesn’t need any care. Would you people stop being paranoid and believe in God a little? 🙏🏻
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