Posted on: 23rd Oct, 2008 09:53 am
My condo is valued at about 125,000. I have line of credit of 15,000 which has been maxed out. I need about 20,000 to pay out some debts. Please tell me what will be my best course of action. Other then the HLOC, there is no other debt on the condo.
Hi ivycast!
Have you tried refinancing the mortgage? If that is not an option with you, you can go for personal loans. A lot of people are taking such loans these days.
Thanks.
Have you tried refinancing the mortgage? If that is not an option with you, you can go for personal loans. A lot of people are taking such loans these days.
Thanks.
ivy, obtaining a cash out refinance on your condominium ought not to be too difficult, depending (of course) on your credit standing and ability to repay the new debt.
you didn't mention the status of your credit, but that's critical, as is your income relative to the debt service.
fha guidelines allow you up to 95% of the value of your home on a cash out refinance. it would be beneficial to investigate that possibility.
yes, you could probably also obtain a new heloc, though your likely best bet for that would be a community bank or credit union. most large, national lenders are reluctant to offer such a product these days.
you didn't mention the status of your credit, but that's critical, as is your income relative to the debt service.
fha guidelines allow you up to 95% of the value of your home on a cash out refinance. it would be beneficial to investigate that possibility.
yes, you could probably also obtain a new heloc, though your likely best bet for that would be a community bank or credit union. most large, national lenders are reluctant to offer such a product these days.
