Need HELOC ASAP!!

Financing, Hard Money Lenders, Private Money
1

I have a second mortgage which is killing me with a %12 interest rate. I was going to move from my house and turn it into a NOO and “move” into a 4 unit building with the same mortgage company that gave me the 2nd mortgage. So therefore the 4uni would’ve been OOC %100 with my %10 down. Needless to say they stiffed me because the 2nd was suppose to be a HELOAN not strictly 2nd. I took out $60k and sent back $30K immediately and THOUGHT MY LOAN WAS GOING TO REFLECT THE $30K but it doesn’t. So I am paying the 2nd mortgage @ a rate as if I still owe all of the $60k. Countrywide ( my current first mortgage) will only do a HELOC @ 620 fico but I only have a 609fico last time I checked!! Pleaseeeeeeee tell me what I can do to close this 2nd it’s killing me!! No I’ve never missed a payment but I’m tired of making this payment!!

A. Should I open up a HELOC and close this 2nd?
B. Who can help me with my fico right now?

Any help is GREATLY APPRECIATED!!

2

Hawk_DC,

Please give me a call. We may have a program to fit your situation. I will be in the office for the next hour or you can email me with a number to reach you.

3

Have you thought about a stand alone second the rate should be better.

4

With a 609 score, your rate isn’t going to get that much better on a heloc if you are going 100%. I see what you mean though. You want your payment to decrease when you put a payment of 30k down. You need an interest only 2nd. Then you will see your payment decrease after tossing on 30k.