Posted on: 13th Nov, 2010 06:20 am
Current on my 1st loan (just received Mod @ 2%) but 2nd lien holder will not workout a arrangement for the helco. Any advise how to have the 2nd lien holder argee to a workout.
Hi dell,
Welcome to mortgage fit,
I suppose that you wish to get the information related to the HELOC (Home Equity Line Of Credit) instead of Helco as mentioned in your post.
As far as line of credit is concerned If second lien holder is not agree to offer line of credit, you should shop around for it and once approved you can set-off the second lien holder's debt with this line of credit.....
Getting HELOC is lot easier compared to conventional mortgage because it offers good returns to banks may be sometimes as high as 18 % per annum.But again this is not always a bad deal to go for HELOC because there are no monthly payments and one just need to pay interest only...
While shopping for HELOC make sure you check out these terms and then only decide whether you wish to get it or not..........
1. Introductory rate and period
2. Margin
3. Minimum draw
4. Required average balance
5. Upfront lender fees
6. Upfront third party fees
7. Annual fee
8. Cancellation fee
Feel free to ask any further query if you have..........
DIPA
Welcome to mortgage fit,
I suppose that you wish to get the information related to the HELOC (Home Equity Line Of Credit) instead of Helco as mentioned in your post.
As far as line of credit is concerned If second lien holder is not agree to offer line of credit, you should shop around for it and once approved you can set-off the second lien holder's debt with this line of credit.....
Getting HELOC is lot easier compared to conventional mortgage because it offers good returns to banks may be sometimes as high as 18 % per annum.But again this is not always a bad deal to go for HELOC because there are no monthly payments and one just need to pay interest only...
While shopping for HELOC make sure you check out these terms and then only decide whether you wish to get it or not..........
1. Introductory rate and period
2. Margin
3. Minimum draw
4. Required average balance
5. Upfront lender fees
6. Upfront third party fees
7. Annual fee
8. Cancellation fee
Feel free to ask any further query if you have..........
DIPA