Resolved Question: How can you refinance a home loan with a NEGATIVE equity?

I found a great deal on a house i want to purchase. The house is only $49,000 and probably needs around 10k in work. So worst case scenario is 60k. I can get approved for a rehab loan, but they have too many stipulations. (plans, certified contractors, 1st time classes) and that would at least double my repair cost, since i plan on fixing it myself. I have 10k saved so i need around 40k to purchase the house. After i fix it, i can then get a conventional mortage. So i need to find money for 6 months, then pay it off. Where should i get this extra cash. Can i get a student loan. I have mostly scholarships and currently only have 3k in studen loans and i'm a senior. I can get 15k from my credit card at a low interest. I can refinance my car and take out another 15k in equity from my car. Or i can ask my mom to do a home equity loan on her house and borrow it from her. What's the best way to do it. Some more details: I am approved for the rehab loan, but obviously not a conventional mortgage, since it needs work.

I do have a job, and make enough to cover the mortgage, plus i have two friends that will move in with me. I can get a conventional mortgage after i repair the house.

Voting Question: Recourse Loan Or Non-Recourse Laon?

I am facing foreclosure on my home. I used 100% financing to purchase my home. It was strucutred as an 80/20, with the 2nd being a Home Equity Line Of Credit (HELOC). Now ,I know in California 1st mortgages are non-recourse. I am a bit confused and have gotten mixed feedback on the HELOC. Some say that all HELOCs are recourse loans. Others are telling me that only HELOCs where you have pulled against your equity are recourse, while a HELOC used as a 2nd mortgage to purchase a home is non-recourse. I HAVE NOT refinanced either of my loans and I have not used my HELOC to pull cash out. I simply used as a 2nd mortgage as recomended by my loan officer. Anyone have the answer?

Resolved Question: Negative Equity in cars? Answer if you've had a simular situation?

I have a 2004 Ford Explorer with 74,000. miles. I still owe $13,000 on this vehicle. The warranty just ran out on it and I have been debating on whether or not it'd be in my best intrest to trade it and deal with the negative equity to have something with a warranty agian..or stick it out and pay this one off (it's in the shop as of Saturday with transmission trouble) Has anyone been through this kind of thing? and could tell me what you did and how it affected you? I can't really afford a $500 a month car loan, which most new cars are.

Resolved Question: what happens if you can't pay your home equity or car loan?