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re: Where can I get a HELOC if I have two mortgages on my house?
Posted on 8/16/17 at 11:40 pm to SomethingLikeA
Posted on 8/16/17 at 11:40 pm to SomethingLikeA
Before trying that, he should make sure that the current 2nd lien holder will agree to subordinate and remain in 2nd position. Otherwise, when he refis the current 1st, it moves to 2nd and it's doubtful that he'll get the same rate.
And anyway, I don't agree with thinking of a HELOC (or any line of credit) as a true emergency fund. If you have a dire emergency or there's some sort of economic shock, that line of credit can disappear instantly. To me, an emergency fund is my money than can be accessed on my terms - not someone else's money than I can borrow (maybe, possibly, hopefully).
And anyway, I don't agree with thinking of a HELOC (or any line of credit) as a true emergency fund. If you have a dire emergency or there's some sort of economic shock, that line of credit can disappear instantly. To me, an emergency fund is my money than can be accessed on my terms - not someone else's money than I can borrow (maybe, possibly, hopefully).
1
Posted on 8/17/17 at 9:06 am to Jag_Warrior
As others have stated:
1.) Few if any folks are gonna agree to be 3rd lienholder.
2.) Few if any folks in 1st or 2nd lienholder positions will agree to resubordinate to allow you to take a 3rd mortgage out.
3.) You need to look at doing a cash-out refi on either the 1st or 2nd lien positions.
4.) If you are a degenerate who will more than likely lose your home in 2-3 years because of some vice you aren't sharing, go with a hard-money lender. They're out there.
Most of those who'd be interested have a collection department supervised by a guy who's their Uncle named Guido. But hey, it's doable.
1.) Few if any folks are gonna agree to be 3rd lienholder.
2.) Few if any folks in 1st or 2nd lienholder positions will agree to resubordinate to allow you to take a 3rd mortgage out.
3.) You need to look at doing a cash-out refi on either the 1st or 2nd lien positions.
4.) If you are a degenerate who will more than likely lose your home in 2-3 years because of some vice you aren't sharing, go with a hard-money lender. They're out there.
Most of those who'd be interested have a collection department supervised by a guy who's their Uncle named Guido. But hey, it's doable.
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