home equity line of credit

08rookie · 06-05-2011, 09:01 PM

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?

ScaredOnce · 06-05-2011, 09:06 PM

Transfer the property into my name. I will explain later.

Freakazoid · 06-06-2011, 08:38 AM

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.

NYCGP · 06-06-2011, 08:56 AM

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.

john9 · 06-06-2011, 10:33 AM

I can't help you and I expect you to get a satisfactory answer.

06-05-2011, 09:01 PM	#1
08rookie Private First Class 183 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?
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06-05-2011, 09:06 PM	#2
ScaredOnce Very Important 20 Rep 450 Posts Drives: 335xi (e92) Join Date: Sep 2010 Location: PIT iTrader: (0) Garage List 2008 BMW 335xi (e92) [9.00] 2008 Pontiac G8 GT [4.00] 2002 Pontiac Grand ... [0.00] 2001 Cadillac, Eldo ... [0.00]	Transfer the property into my name. I will explain later.
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06-06-2011, 08:38 AM	#3
Freakazoid Captain 181 Rep 962 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.
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06-06-2011, 08:56 AM	#4
NYCGP WTF are you looking at? 232 Rep 1,560 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
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06-06-2011, 10:33 AM	#5
john9 New Member 68 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.
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