Please read: "The Mortgage Forgiveness Debt Relief Act and Debt Cancellation" http://www.irs.gov/individuals/article/0,,id=179414,00.htmlThis will explain an important deadline that's coming up at the end of this year.In my experience most home equity lines of credit are recourse debt. (meaning they can come after you) The only real exception is if the home equity line of credit was used as a "purchase money mortgage." A good example of a purchase money mortgage is an 80/20 loan. 80% being the first mortgage and 20% being the home equity line of credit taken out at the time of purchase. The best thing to do is to contact a good attorney that can explain whether your loans are recourse or non-recourse. Feel free to contact me and I can refer you to an excellent foreclosure attorney.If you are experiencing any type of financial hardship you may be a good candidate for a short sale. This would benefit you by giving you a little bit more control and the ability to possibly negotiate down the amount of recourse debt. I'm a short sale specialist and would be happy to talk with you.
Contact Zillow at 866-324-4005 and have them remove it. I have seen that happen a few times.
We have some of the lowest prices and interest rates we will see in our lifetimes. Prices may continue going down...but interest rate are as low as they are going to get. If you are a cash buyer wait a year and see what happens. If you are in need of financing I would buy now.What are you paying for rent? I guarantee I can find you a much nicer home to purchase that will give you a lower monthly payment than rent.Keep in mind inflation is not your friend when you are renting.-Chris
I have a resource called Market Snapshot. It will analyze similar home in your neighborhood and give you sales trends and list price to sale price comparisons.Hope it works for you.[link removed by moderator]I know you are in Tucson but it may still work...
Personally I would lock! In general that is a great rate.You could also talk to a local lender and ask about rate trends. I'm not a lender but I bet doing a 60 day lock will cost you more as apposed to 45 or 30 day lock. If rates are trending down and you do a 30 day lock in late May you may be happier with your decision.