Looking for best way to pay off mortgage

[Bianca White]

During co-vid, I wasn't able to make any payments, and the mortgage accrued to over $20,000. The smallest payment the bank will take is $17,000. My payoff quote is $67,000.

I don't want to use my entire saving on my past due balance, so what are my best options? This is a rental investment btw

My friend advised me to take out a home equity loan  and pay off the mortgage completely. I'm not really sure if this is the best option. What do you guys think?

[Devin Peterson]

Quote from @Bianca White:

During co-vid, I wasn't able to make any payments, and the mortgage accrued to over $20,000. The smallest payment the bank will take is $17,000. My payoff quote is $67,000.

I don't want to use my entire saving on my past due balance, so what are my best options? This is a rental investment btw

My friend advised me to take out a home equity loan  and pay off the mortgage completely. I'm not really sure if this is the best option. What do you guys think?

 See if your lender will let you cash out refi and use the equity to pay off the forbearance amount. This is as a very common practice after covid and Mortgage lates piled up. Should be doable if credit is 620 at least and sufficient income. Good luck!