My home is in Florida.
1st mortgage is down to $10K and will be paid off in January.
2nd mortgage is a HELOC for $450K interest only 2.5%.
House is worth $360K.
Since I can't afford the payments any longer, I have rented it out. My question is...when the 1st gets paid off, will this affect how I might be able to negotiate on the HELOC? Should I stop paying on the HELOC now before the 1st is paid off? Both mortgages are with Wells Fargo. Any advice on how to handle this would be appreciated!