lending problem
Hi,
My wife and I have our home loan with RESI. We have about $210k equity in our home, and we wanted to take out a LOC against the home to invest. The home and the home loan are in both our names. However, we want to take out the LOC in just my name (I'm on the highest tax bracket, she is not earning an income at the moment plus she is entering a litigious type of career so we don't want investments in her name). But when I approached RESI they refused to put the LOC in my name only as they say that it has to be in the name of the people on the original home loan.
Is this typical of most lenders? Is there any room for negotiation? I mean, we're basically living on my salary alone at the moment, so we've proved to them that we are able to handle the loan very well with only one income.
If we re-financed with another lender would we have the same problem?
Cheers
John
Hi,
My wife and I have our home loan with RESI. We have about $210k equity in our home, and we wanted to take out a LOC against the home to invest. The home and the home loan are in both our names. However, we want to take out the LOC in just my name (I'm on the highest tax bracket, she is not earning an income at the moment plus she is entering a litigious type of career so we don't want investments in her name). But when I approached RESI they refused to put the LOC in my name only as they say that it has to be in the name of the people on the original home loan.
Is this typical of most lenders? Is there any room for negotiation? I mean, we're basically living on my salary alone at the moment, so we've proved to them that we are able to handle the loan very well with only one income.
If we re-financed with another lender would we have the same problem?
Cheers
John