BofA Take Discount On HELOC?
Looking at a property with a value of about 240K.
1st mortgage with Chase is about 160k and will be foreclosed in a couple of months if nothing is done. In arrears about 26K which would bring principal balance to about 150K if paid.
BofA HELOC approx 76K.
Has anybody seen BofA taking discounts on their HELOCs particularly if the property securing is underwater? If the 2nd could be discounted (get something instead of nothing) this could be a decent deal.
JohnCl
1st mortgage with Chase is about 160k and will be foreclosed in a couple of months if nothing is done. In arrears about 26K which would bring principal balance to about 150K if paid.
BofA HELOC approx 76K.
Has anybody seen BofA taking discounts on their HELOCs particularly if the property securing is underwater? If the 2nd could be discounted (get something instead of nothing) this could be a decent deal.
JohnCl
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Agressive.. I Like!
Well, how do we know about this value of $240K? $160 to chase and $80 to Bof A is $240 which means this was a fully levered house 5 years ago at the top of the market. Seems unlikely that the house is still worth that.
How much would it rent for?
Are you licsense to lend in the USA?
Who has issued that license?