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Can I turn a HELOC into a personal loan so I can sell my house?
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luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
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Can I turn a HELOC into a personal loan so I can sell my house?
Does anyone know if I can turn my HELOC into a personal loan so I can sell my house? I can afford to pay the loan, so I don't want to do a short-sale, but I won't get enough for my house to cover the mortgage and the HELOC to satisfy both loans due to the crappy market.
Would I have to apply for an unsecured personal loan first? Not sure I could get one for the amount of my HELOC. Anyone know, or can point me in the right direction?
Thanks.
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Posted 6/2/09 3:14 PM  |
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Prudential Douglas Elliman Real Estate
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Can I turn a HELOC into a personal loan so I can sell my house?
I would call the bank that holds the HELOC - see if they have a solution for this
tell them you HAVE to sell the house for what ever reason
let me know if you need help- it's the least I can do
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| Posted 6/2/09 3:18 PM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: Can I turn a HELOC into a personal loan so I can sell my house?
i am pretty sure you can pay the HELOC off at any time, i would call and see what they say
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| Posted 6/2/09 4:20 PM |
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luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
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Re: Can I turn a HELOC into a personal loan so I can sell my house?
Posted by Beth
I would call the bank that holds the HELOC - see if they have a solution for this
tell them you HAVE to sell the house for what ever reason
let me know if you need help- it's the least I can do
They told me what I suspected. I could apply for a personal loan, and then pay the HELOC with the personal loan, and then sell the house.
My only question now is...should I take a personal loan (the rates are pretty high), or put it on a credit card...which scares me a bit  I will have to reasearch both options and see what the results would be long term. Then...I have to see if I am actully going to attempt this Thanks 
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| Posted 6/2/09 7:27 PM |
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