Personal residence Question

Financing, Hard Money Lenders, Private Money
1

I purchased my home in Sept. of 04, I owe 205,000 and I just had it appraised 6 months ago @ 220,000. My question is, is there any place anyone can think of that I can get a HELOC or a 2nd for some cash to pay off some debt? For my own stupid reasons I don’t care to go into, I do not want to refinance. I have been at my job for 8 years, unfortunatly we only went to w2’s 6 months ago (got paid cash. shhhhh!) my credit…well I have 8-10 open credit lines, mortgage, cars, credit cards. the usual. My score is a little low, right around 610 +/- I have ZERO late pays on anything. My score is low mostly because my history only goes back 2 years, and my amount owed is close to my limits. Any guidence or suggestions would be appreciated.

BTW My household income is around 65-70k

John

2

John,

Unfortunately your score and income status prohibit you from qualifying for any high LTV seconds or LOC’s. (100%)

You might try places like American General Finance, Fair Finance, etc.

3

if you arnt able to get a heloc or signature loan from any of your local banks, the best way to pay your revolving debt off IMHO is to transfer the balances of your credit cards to other cards with good balance transfer deals, such as 0% for a year or 2.9% until the balance is paid off, until your revolving debt is paid off.