2nd mortgage or HELOC on a seller financed house?

2nd mortgage or HELOC on a seller financed house?

Electrician · Bothell, WA · Member since 2014 · 241 posts · 96 votes

I have a unique-ish situation and I am wondering if I have any options. We want to pull about 40k out of our house... somehow? We have a ch7 discharge from 6/22/16. We owe about 290k, current value via redfin is 432k, via zillow 387k. Does the fact that it the first position is a private mortgage affect anything?

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  • Harjeet BhattiPro Member
    Lender · Glenview IL- CDLP NMLS#230554 · Member since 2015 · 2k+ posts · 747 votes
    9y

    You have to wait 2 years under FHA and 4 years under conventional after discharge date of chapter 7 to cash out.

  • Electrician · Bothell, WA · Member since 2014 · 241 posts · 96 votes
    9y

    We dont have an FHA loan, or conventional. we dont want a refi cashout.

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