Hi, I'm new to the forum, so any and all advice is appreciated.
After suffering well over a year of poor commissions in my job, I placed my house on this distressed housing market nine months ago and now have a contract on my house.
The problem is I have a HELOC with CitiMortgage. Once the sale is completed on my home, I will still owe about $26,000 on my HELOC.
I do NOT want a short sale as I am still able to pay on this loan, and of course I will have more than sufficient money to pay off the HELOC earlier without a mortgage payment and associated housing expenses.
The only bad mark on my credit right now is a 30-day late pay to a department store. I have a lot of credit, but my credit is good except for that score. I have sent a letter to the department store asking them to remove that negative mark on my credit.
It sounds to me that I need a refi -- or do I? I mean, I have to do something because the house will no longer be equity on that loan. And will having a balance on this loan have any affect on the sale of my house? Because title can't be released to the new buyers, can it?
When I called CitiMortgage many months ago for a payoff figure, they said I did not have a HELOC, that I could still keep this line of credit open.
Well, my statements say plain as day I have a HELOC, and that was my understanding when I got this loan over three years ago. My real estate agent's assistant said CM only told me that because they "don't want me to pay off my loan."
Advice, anyone?
Thank you!