No. of Recommendations: 6
I hesitate to mention it, but if OP really has $140K in home equity ($400K value vs. $260K mortgage), then a HELOC to get everything current might be possible.

The OP indicated that they are currently '45' days late on their mortgage payment. However, they also indicated that they consider their mortgage due date to be the 15th. In reality, the due date is generally the 1st, with a grace period until the 15th. If the OP did not make the October payment (due October 1st) until this week, they have been reported as 60 days late on that payment, plus 30 days late on the November payment.

With a major derogatory (60 days late) on a primary mortgage within the last 2 years, it is highly unlikely that they will qualify for any type of a HELOC or HEL, even at a high rate.

If the OP was going to try to apply for an equity loan, it should have been in September, before they missed any payments. Now, it's probably too late.

Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.