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I currently have a first mortgage that is a COSI loan (neg. am.). I would like to obtain a HELOC on property in AZ. Is there any bank that will do that?

Posted on: 03rd May, 2010 08:37 am
my wife and my credit scores are over 770. original loan amount was 280k, current principal is below 235k. income and debt levels are good. i want to get a heloc without having to refinance.
hi selectfpr,

you're probably not going to find a lender that will allow a second mortgage behind a neg am first, it's too risky for the 2nd lender.

if you have to refinance, a 1st position heloc may give you some of the same benefits of a neg am without the risks.
Posted on: 03rd May, 2010 02:12 pm
Hi John,

That's a good idea. Is that possible? Do you do that?
Posted on: 03rd May, 2010 02:58 pm
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