Posted by VJ on February 07, 2002 at 09:31:10:
…that I’m moving from the $15k equity into the $51k equity. Have a Section 8 tenant waiting for me to move so they can rent the 1st home. Currently paying about $900/mo for credit cards. The 2nd home provides the space that I need right now. Plan to make cosmetic repairs while residing there, then sell.
Need Cash-What are my options? - Posted by VJ
Posted by VJ on February 06, 2002 at 11:21:30:
Own 2 homes with $15k & $50k(bought subject to last July) in equity. Middle score is 692. Have about 6 credit cards totalling $35k. Employed full time. I just want to payoff credit cards. Just don’t want a loan with high rates. Lenders are saying 7 mos seasoning is not good enough. Can’t wait 5 more months. Been waiting since Oct/Nov. Trying to switch jobs here.
Any ideas?
Rates on both homes are currently at 7.5%.
Re: Need Cash-What are my options? - Posted by Brent_IL
Posted by Brent_IL on February 06, 2002 at 23:49:54:
Does it make sense to sell both homes via L/O at mark-up value, and divert the increased cash flow to pay down the cards? Low transaction costs.
Buy more houses after the change in jobs.