Creative Home Equity Loan

[Harold Looney]

I am looking for creative ways to leverage the equity in a property I own without having to refinance and lose the great rates that I currently have from my mortgage modification. 

Using round numbers, the property is valued at $1.3M. I have a $700K First Mortgage at 3.68% that is tied to a $150K Interest Free Second Mortgage. If I am doing the math correctly, the rate for the combined loans is equivalent to a 3.03% rate.

If I refinance I have to pay off both loans and will not get as good a rate. I can not do a traditional HELOC because I already have a first and a second, plus my credit score took a hit because of the late payments during the mortgage modification process.

Any suggestions?

Blessings