Be sure to check the laws in your state regarding homesteading, in quite a few if you homestead your home, you won’t lose it if you declare bankruptcy.
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From: DoIt_Yourself@yahoogroups.com [mailto:DoIt_Yourself@yahoogroups.com] On Behalf Of Dale S
Sent: Monday, March 05, 2012 12:17 PM
To: DoIt_Yourself@yahoogroups.com
Subject: Re: [DIY] FHA appraisal
Speaking of debt. Any monies received through an equity loan is a "Secured Debt" and if push comes to shove you can loose your home. Most other debts are Unsecured and the most they can do is take you to court to recover their monies but this takes time and expense on their part, and the sum they might hope to recover has to be worth their time, expense, and effort. Of course they can also be a real pain in the neck with phones calls and threatening letters, but you will still have a roof over your head. If tough times cause you to default on a home loan you can wind up sleeping on the ground in a tent. I'm not at all sure we have seen the end of this most recent excursion into financial failures.
Dale in the Flat Lands:
The truth is incontrovertible, malice may attack it, ignorance may deride it; but in the end, there it is.
~Winston Churchill
Michael Baldwin wrote:
hi,
We are having our house appraised to use the equity in our house to pay off other debt. Does anyone have tips for what an FHA appraiser will be looking out for, and how to get through it? I have heard they can be pretty picky. he said he has to be able to look in every corner and test everything to make sure it works, and there can be no pealing paint.
So if you can give me a better idea of exactly what they will look for, so I can make sure the house is prepared, I would much appreciate it.
thanks,
Michael
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