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HELOC Troubles

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HELOC137



Joined: 24 Oct 2006
Posts: 1

PostPosted: Tue Oct 24, 2006 9:35 am    Post subject: HELOC TroublesReply with quote
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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The Mortgage-Pro
Site Admin


Joined: 19 Jan 2005
Posts: 2248

PostPosted: Wed Oct 25, 2006 11:22 pm    Post subject: Reply with quote
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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