How to modify Chase HELOC

Buttercup

LoanSafe Member
Oct 12, 2012
1
0
0
Hello All! My boyfriend owns an underwater condo and is about to do a HARP refi on the first. The 2nd is through Chase. He refinanced the original second into a HELOC and took out 20k about 5 years ago. The condo is currently being rented out and he'd like to keep it, but would like a mod on the HELOC/2nd. What are his options?

Details
In California
1st Balance 360k
2nd/HELOC balance 118k
Condo currently valued at 290-300k

Thanks!
 
Last edited by a moderator:

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
Hello All! My boyfriend owns an underwater condo and is about to do a HARP refi on the first. The 2nd is through Chase. He refinanced the original second into a HELOC and took out 20k about 5 years ago. The condo is currently being rented out and he'd like to keep it, but would like a mod on the HELOC/2nd. What are his options?

Details
In California
1st Balance 360k
2nd/HELOC balance 118k
Condo currently valued at 290-300k

Thanks!
What he would need to do is to first complete the refi and get that in place and then approach Chase to see what the options for the HELOC would be at that time. The most important piece to the puzzle is to get that refi completed.