Probably a dumb question but what the heck. I currently have 2 mortgages on my home. The second is a lien from the SBA. I have read that you can offer them a Offer in Compromise (OIC). So a thought was if I could take out a HELOC as a 3rd mortgage. Offer an OIC to them and use the HELOC to pay them off. Home values are rising and I may have just enough equity. Am I off my rocker is this a possibility? Or any other suggestions?
Possible HELOC
- Thread starter faroff
- Start date
I'm not sure of any lenders that will take a third position on a home. You might have to look more towards a cash out refinance or another HELOC that can possibly pay off your existing one. I personally don't offer HELOC's and am unsure if that's even an option.
I'm guessing the terms you have on your first mortgage are great?
I'm guessing the terms you have on your first mortgage are great?