E90Post
 


MINHS Auto Care Center
 
BMW 3-Series (E90 E92) Forum > BIMMERPOST Universal Forums > Off-Topic Discussions Board > home equity line of credit



Reply
 
Thread Tools Search this Thread
      06-05-2011, 09:01 PM   #1
08rookie
Private First Class
08rookie's Avatar
28
Rep
123
Posts

 
Drives: bmw
Join Date: Jul 2009
Location: phila, pa

iTrader: (0)

home equity line of credit

my sons credit is almost perfect. my credit is not that perfect. i owe close to 75k on a property that should be worth 350-400k. is there any way my son can use that equity? how does this work? can i simply transfer the property in his name and he can apply for a home equity line of credit? is the process a little more involved then this?
Appreciate 0
      06-05-2011, 09:06 PM   #2
ScaredOnce
Very Important
ScaredOnce's Avatar
United_States
6
Rep
450
Posts

 
Drives: 335xi (e92)
Join Date: Sep 2010
Location: PIT

iTrader: (0)

Garage List
Transfer the property into my name. I will explain later.
Appreciate 0
      06-06-2011, 08:38 AM   #3
Freakazoid
Captain
Freakazoid's Avatar
36
Rep
967
Posts

 
Drives: Saturn Redline
Join Date: Dec 2009
Location: Pittsburgh

iTrader: (0)

unless your credit is truly atrocious, you should still be able to get a HELOC loan. Just keep it under 75-100k and you shouldn't have a problem. Then give him the money. HELOC loans care more about how much you owe on the property than your credit score.
Appreciate 0
      06-06-2011, 08:56 AM   #4
NYCGP
WTF are you looking at?
NYCGP's Avatar
55
Rep
1,578
Posts

 
Drives: Bandwagon
Join Date: Jan 2011
Location: Jungle

iTrader: (0)

How old is your son? Sometimes a good credit score doesn't mean he can actually use that credit score the same way an older person can. You need to show a history of paying off debt. Car loans, mortgages, etc. When I was 21 I had an amazing credit score but couldn't do shit with it because of a lack of history. Yeah, I had paid everything in a timely fashion. But, I never had more than 1 credit card and had no major financing in my name. I was actually denied for certain things that I assumed would be no problem, based on my score.

Besides all of this, what Wallstreet said is correct. If you are in too deep, you could always fake your death... or declare bankruptcy.. both are similar options.
__________________
"It is better to be hated for what you are than loved for what you are not."
-André Gide
Appreciate 0
      06-06-2011, 10:33 AM   #5
john9
New Member
john9's Avatar
14
Rep
24
Posts

 
Drives: BMW 3
Join Date: May 2011
Location: New York

iTrader: (0)

I can't help you and I expect you to get a satisfactory answer.
__________________
To the world you may be one person,but to one person you may be the world.

Appreciate 0
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -5. The time now is 06:57 PM.




e90post
Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST