Possible HELOC

faroff

LoanSafe Member
Jul 16, 2012
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1
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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?
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
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San Diego, California
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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?