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HELOC137
Joined: 24 Oct 2006
Posts: 1
|  Posted: Tue Oct 24, 2006 9:35 am Post subject: HELOC Troubles |  |
| I currently have found myself with the following problem:
1. 1st mortgage owe 207k @ 5.875 30yr fixed.
2. HELOC owe 137k @ ARM currently 13.275.
3. HELOC payment Interest only 1560.
4. Take home pay short 1500 a mnth.
5. Home worth 290k, comps looked up.
6. HELOC lender over valued property to get me loan.
7. Credit scores at 620 no better.
Question is: Is there a way out.
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| | Back to top | |  | The Mortgage-Pro
Site Admin
Joined: 19 Jan 2005
Posts: 2248
| | Posted: Wed Oct 25, 2006 11:22 pm Post subject: | |
| I am afraid you are in a bad situation. As for as we know, you will have to let your home appreciate in value or try to sell to someone who will pay above market value.
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