Heloc behind Countrywide Neg Am

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?


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.

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

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

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.


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

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

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…

What state are you in?


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.