How to get a my equity line to give me 100-150K more.?

Asked by Julianna, Midlothian, Richmond, VA Mon May 11, 2009

I need my equity line to grant me more ASAP. I need about 100-150K. We need to sell our house but can not. If I do not get a loan soon I will be forced to forclose. I only need this loan for about 1 year to get back on my feet and do not know where to go. Everyone tells me no banks are loaning. I do still have equity, however, I have a very high debit to income ratio now. Please advise!

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blaison samu…, Agent, Santa Clara, CA
Mon May 11, 2009

First you have to do is contact a good mortgage broker who you can trust for refinancing. If refinancing doesn't work for you then try to loan modification if you still have job and income to support the payment. If none of the above work then you have to sell your house as soon as possible to get that profit amount (you have mentioned that you have equity) before the property value goes further down.

To check whether you have still equity, contact a local realtor who can generate a market analysis for your house to get the estimated value, if you house value is more than you owe then you have equity otherwise it will be a short sale if you are planning to sell.

Blaison Samuel
Certified Short Sale Specialist
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Cindy Jones, Agent, Alexandira, VA
Mon May 11, 2009
Julianna-based on your description of your circumstances I can't imagine your lender extending or increasing your line of credit. If your property goes to foreclosure they would not be able to recoup any of the money they had loaned to you. Most lenders are closing lines of credit to homeowners to keep them from over extending themselves and keep the bank losses lower should a homeowner fail to make payments.
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