HELOC vs Personal Loan - Advice Neede

[Anonymous]

Hi,

My father passed away leaving my sibling and I his condo in trust. I am the trustee. My wife and I are now living in the condo. We want to put the condo on the market very soon, but we need about $20,000 to get it ready to list.

We owe about $240,000 on the condo, $170,000 mortgage, 70,000 HELOC. The condo is worth about $500,000 based on sales on our block and in our very small building.

My credit is around 700, though I currently have a bit of debt.

My credit union says they can lend to a trust if I want a HELOC. I want the cash ASAP, though, and a HELOC takes time. I only need to borrow the money for 3 months or so, until the place sells and in our market I expect that to be fairly quick. That's why I'm considering a personal loan, I can get it quickly, though I might not qualify.

I need advice on how to proceed. We want to go on the market end of June, so we need the money for repairs and upgrades now. What fdo you think? I'm open to all legit options.

Thanks

[GApeachy]

Could you price to sell with repair costs? Or is that not an option?

[Anonymous]

Can you afford to make the loan payment if the house doesnt sell quickly? So long as loan payment isnt going to be a burden on your budget then it could be an option if your in a hurry. But also could end up costing more money. Do you have any savings you could pull from to pay for repairs?

[gdale6]

A HELOC should not take much time at all, I did mine in less than 8 days. I would let the trust be responsible in case something happens.

[Anonymous]

I just sent you a private message