I have a bit of a situation and I feel kinda stuck. Hoping you guys can bring some clarity with your knowledge and experience. Here it goes!
I got my Home loan modification back in 2008 -during the mortgage crisis due to a death in the family. My loan servicer was JP Morgan Chase. After 3 years of fighting and struggling with the bank, they approved me for a loan mod. At the time, my duplex in California was worth 250-275k and I owed 531k. I was extremely upside down. Chase didn’t forgive my second mortgage, so they combined my first and second, and modified my loan for 40 yrs. It almost cut my payment in half and made my monthly payment much affordable.
About a year ago BAYVIEW LOAN SERVICING bought my loan. My property is currently worth about 650k and I owe 500k. I have about 150k in equity. My question is, CAN I APPLY FOR A HELOC WITH A LOAN MODIFICATION IN PLACE?
My goal here is to get about 50-75k from an equity line of credit for another real estate investment and do the BRR method with it. Any advice from you guys would be greatly appreciated. Thank you!
@Marty L. I don't know about the loan modification part but you don't really have enough equity for a HELOC.