Updated over 7 years ago on . Most recent reply
A whirl-wind of problems: Approaching heloc lender post hurricane
As I was about to close on a first position heloc that would provide the 3.5% down needed for an owner occupied 5 plex, then, Hurricane Michael hit my rental property.
My hurricane deductible is 12,500. I have 15-20k in damages. Admittedly, I wasn’t aware of the massive disparity between my 2500 deductible and what my out of pocket expenses would be if a hurricane hit.
Now instead of paying that property off at an accelerated rate while leveraging equity for a multiplex, I am unsure of what to do next. I have a public adjuster in place to help with the insurance company. The insurance company is waiting on contractor quotes, the roof damage is tarped. the process is crawling along since so many are affected by the devistation. I don’t know if calling the lender would do more harm or good. Looks like I will resign my apartment lease for now.
My mission is to finalize this first position heloc on the property damaged by the hurricane. I’m not sure how to proceed with my heloc lender. Any thoughts?