Posted on: 31st Mar, 2009 05:24 am
I Own my home (no 1st mortage) but, I have a HELOC thats due
I have a HELOC that is due by June 20th of $38,000.
I own my home with no mortgage and it was appraised at $280,000.
I can't pay the $38,000 by that due date and my credit and income may prevent me from being able to re-finance the remaining balance.
What options do I have here?
Can the lender actually put my house, that has way more value than the balance, in foreclosure?
I am very nervous and not sure what I CAN DO?
I have a HELOC that is due by June 20th of $38,000.
I own my home with no mortgage and it was appraised at $280,000.
I can't pay the $38,000 by that due date and my credit and income may prevent me from being able to re-finance the remaining balance.
What options do I have here?
Can the lender actually put my house, that has way more value than the balance, in foreclosure?
I am very nervous and not sure what I CAN DO?
If your credit is too bad for conventional financing you will be able to get a private loan (hard money loan) for a short term solution. This is equity based lending rather than credit based. Because of the risk the lender charge a higher interest rate than normal financing but it may get you out of this situation as a last resort.
I have to agree with Chris on this. You are in need of a Hard Money loan IF you can not supply income documentation to support the loan or IF your credit is well below 580. There are still No-Doc loan programs available with a fair credit rating, but they have a little bit higher interest rate. Depending on your state, it may be available. Let me know if this helps....
