Updated almost 9 years ago on . Most recent reply
Financial waterboarding by adjustable rate
I took out a HELOC to buy a rental 8 years ago, unfortunately it's adjustable and has risen 6 times in the last 7 months. I am bailing water but the flood is faster. This is complete insanity. I have no w-2 job, just stated rental income and equity in own home and in rental. Is it possible in your professional opinions to find a 4% or lower loan against a free and clear rental, 40% ltv short term or a second on a primary? I will sell the rental when the lease is up, less than a year, then I can pay the HELOC or reinvest but really really want to get rid of this adjustable, Im being financially waterboarded.