Heloc behind Countrywide Neg Am

Financing, Hard Money Lenders, Private Money
1

Does anyone know if it is possible to get a HELOC on a neg am going stated with a 614 middle score? 1st is 428,000. Home just was appriased at 535,000. Just refied on the first through a mtg co ended up being sold to IMPAC(countrywide) We were previously with country wide and had A 1st neg am and a Heloc for a 80/10/10 when we first bought home. Was recommeded to refi to get more money out but didn,t work right. Still need a Heloc to pay off some debt can any one give some advice?

Thanks

2

You have a 1st @ 80%…do you still have the 10% 2nd? If so you not going to be able to get a lender to take 3rd position you will need to refinance the 2nd. If you do not have a 2nd in place a closed in 2nd would most likely be a better option than a heloc.

3

no we now just have 1 loan for 428,000 just closed 2 weeks ago what do you suggest need it to close very fast must be stated with 614 credit score

4

Two banks I’d check into are 123Loan in Aliso Viejo, CA or Secured Funding in Costa Mesa, CA.

5

Helocs work against you in credit reporting. It is considred a big revolving account instead of installment account like your mortgage. Wish I had better news.
steve

6

Unlikely

7

Depends on how they report, not all HELOCs report as revolving. USAA’s HELOC reports as an installment loan.

8

I can get probably get a closed end 2nd Loan to 90% for you - We lend in forty states - email for details. If we can work on credit and get score up many doors can open. I have seen score improvements in three days and I have seen scores go up over 100 points.

Drew Richman
Sr Loan Officer
JP MORTGAGE

9

I stand corrected, most helocs report as revolving, very few report as installment. When they report as revolving for a homeowner in trouble. That would be a good case for short sale 10% or less!!! The helocs that report as revolving work aginast your credit score…
steve

10

What state are you in?

11

ca

12

All tradelines play some effect in your scoring. However, a secured revolving tradeline does not have an extreme effect. A lot of loan officers automatically associate secured credit lines with unsecured revolving lines. Its the unsecured financing that severely damages your scoring
Recipe for destruction:

  1. Unsecured
  2. Revolving Account
  3. Balance is over 50% of Limit.