All Forum Posts by: Dave Harlan

No.  The best wat is to sell the property.

 What is the appraised value you are getting, and how much do you still owe?

@Dave Harlan

401k loan to make up the difference?

@Dave Harlan, I found success when I called around to lenders with my own FICO score in hand (so to speak) and asked them, "What are your terms on a HELOC with this FICO score?" This way, I did not have random lenders pulling my credit only to tell me that they didn't have anything that would work for my situation. Also, HELOCs are all over the place with variables such as how long the draw period is, how long they do interest only (if at all) when the rate adjusts and that sort of thing. What State are you looking for a HELOC in?

@Dave Harlan, not much you can do about your current property's value. If you find that certain comps weren't accounted for you can challenge the appraisal to try and increase the limit. A HELOC and cash-out refi are the two most popular and utilized finance methods for pulling equity out of a property, with that being said, certain requirements must be met and will be dependent on the individual and property itself. Hope this helps!

"Is the HELOC the best way to go... "  for what reason?