Cash out refi - primary resident - no employment
Hello all,
I have been looking into doing my first deal for the past three months, had couple of options lined up and was relying on cashing out equity from my primary residence that I own outright. The problem is I got laid off yesterday (yaaaay!) so I immediately started looking into getting the home equity loan and starting my first deal. All of the lenders that I talked to said that I have to have steady employment to be able to cash out since their underwriting treats home equity loans as first mortgages in my case. I don't really want to start a job in the next 2-3 month so I can have time to fully focus on kick starting my real state investments. I don't have much of expenses and I can afford living off by driving for uber or doing some part time work. My last pay was 90k salary. And I have been working as an engineer for the past 10 years.
Are there any options for me to do the cash out with no employment?
Appreciate your suggestions.