My advice you is do not use the equity in your home to pay off unsecured debt unless you are 100% sure you will NEVER get in debt again!. I would hate to see you use your equity to pay off debt, and then in a year or two find yourself in debt again.
If you sale and net a profit, what will you do with the proceeds? Do you plan to pay off debt and rent or will you want to buy another home?
You may want to consult your tax advisor, and a financial planner on this issue.
I wish you the very best in this..
Kawain Payne, Realtor
HELOC or Home equity line, you can go to Regions Bank and they will provided you with on base on the price of the house. (don't waste your money) You will have to pay closing cost unless they have a program for you not to pay closing fees, Your property may appraise around 70K -80K right now but right now you have the advantage to sell even higher if you desired.
If you listed your property now you maybe able to sell it for 90K to 100K but if you sell it right now next year the market is going to be completely different and we don't know if it will continue increasing, stabilized or decline.
I hope this information help you to make an smart choice.
I will be glad to assist you but we would need to start with a CMA (Comparative Market Analysis). It would probably take about 30 minutes of your time for us to meet. You can reach me via your favorite method.
The Keyes Company
You can also check my profile and read the most recent recommendations from my clients.
thank you and have a great day!
If it were me, I'd probably find the next place to move first, and then put the old property up for sale when I had an accepted offer on the new place. Right now there's just not a lot to buy out there, and your debt to income should allow you to buy a bigger place. Then when you sell, you can use the proceeds to pay off any existing debts.
I would have to check the comparative sales within your complex. If you are not in a hurry, we can start planning your sell, so we can start everything in six months or so. Let me know at your convenience.
It depends on what you're goals are, I would have to check the sales and also very important the pending sales which are indicators of appreciation trends. I'm a driven professional with over 12 years in the Real Estate Industry, call me I will be glad to help provide a value for you're property and answer you're questions, thank you.
REO/Short Sale Certified