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Bare with me as I explain this.
So, I've been given an opportunity to move from TN to TX for a new position with my current employer.
However, my home situation if kind of difficult.
Our home value has drop significantly due to the 2008/2009 market and we have never fully recovered.
We have a mortgage for $125,000 and a HELOC which is at $25,000 (interest only at 7.5%)
Currently assessment states that we can expect to sell between 130K-135K.
So if we sell at 130K we will have a 20K shortage.
Here is what I am considering to do.... refinance the 25K HELOC to a 4-5year term and sell the home we are currently in.
This will give us some time to adjust to the new location without jumping right into a house and will allow us to build credit more. What do you all think?
How would you refi the HELOC? Don't think its possible to refi it when it is unsecured. By unsecured I mean when the value of the collateral is less than the outstanding loan amount.
When was the last time you received an updated valuation on your home from an agent - not the HELOC lender (they always appraise low).
Remember appraisals are based on what the use for the appraisal is - and it does change the valuation. As a brief example, one of my clients pulled out funds from their home with a HELOC in Sept 2014. The appraisal came in at $260k. I sold the house for him in April 2015 and the sales price was $309k. i ignored the previous HELOC knowing that it was low.
So first, check the value of your home with a good, experienced local Realtor in your area before you do anything.