The HELOC payoff schemes that I think Joe’s referring to typically work where you make a lump sum payment to your mortgage via your HELOC. You then stop making payments on the mortgage, and dump all of your income as payments towards the HELOC. For your expenses, you pay those with the HELOC.
Once your HELOC has closed and the three-day right of rescission period ends, use the money from your HELOC to pay off your first mortgage debt in one lump sum. Call your mortgage servicer for your full payoff amount, because the balance on your mortgage statement might not reflect your daily interest charge.
Last week, HUD issued what it called “informal guidance” to clarify documentation required for borrowers using funds from another person or entity to cover part of the FHA’s minimum down payment.
If your draw period is nearly at an end, or you can’t afford to start throwing bigger payments at your HELOC balance, you still have options. Consider refinancing your HELOC into a fixed-rate second mortgage. You can’t draw any more on a fixed second mortgage; the balance will only go down as you make your monthly payment.
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its contractual obligations as servicer and/or master servicer.” The group of investors identifies several specific ways in which Ocwen failed as a servicer and broke its mortgage bond covenants,
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HELOCs often have lower interest rates than mortgage payments. When approved for a HELOC, you could choose to pay off your mortgage right away and then make payments to your HELOC instead. Pay attention to the terms on your HELOC compared with the mortgage you are paying off.
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