As a subcontractor, my income is not steady. Right now I missed my sept mortgage payment (as well as all my utility & credit card bills). I’m not working yet & dont see any income coming in for another month. my credit is shot. I’m 12 yrs into a 30yr mortgage @ 4.875% & have about 300K in equity. Thats my net worth. I must do something in order to pay my bills. Does anyone have thoughts about what direction I should look at? Home equity loan, line of credit, refinance??? I dont want to get all my equity out, just need to pay bills & get a little cushion. 10 - 15K would be awesome. Please give me your thoughts experts.
If your credit is shot…you are going to have a hard time getting a HELOC even with that much equity
my fico score is 640
You should see a credit counsellor at NFCC.org. The cost is minimal and they can best assess your long term options.