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Turning a HELOC into a Second mortgage

jasummers76

By jasummers76,
in Foreclosures/Loan Modifications

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jasummers76

jasummers76

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If you buy chance read my previous post I have a defaulted HELOC. Attorney is working on a mod but if I can go with taking a second mortgage that will pay off the defaulted account may just have him switch gears and have him work on a settlement.  I was wondering what are your thoughts on turning it into a second 30 year fixed rate mortgage. Right now it's collecting 6.8 daily interest, which is around 7.88 dollars a day

 

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