Do I qualify for a refinance mortgage?
My assets are valued approx $1m+, current liabilities approx 500k. Primary residence valued approx $180k, mortgage balance $131k. I got laid off in Q4 2009 and have chosen to stay self employed. In 2010 I purchased 2 business and I had an existing business for 6yrs. In 2010 I didn't take any income. I've taken $11k+ since the beginning of 2011 and will take approx $2k monthly for the remainder of the year. What are my options?Thanks! by strasphey from Houston, Texas. Jun 25th 2011
Gianni Cerretani (mortgagegodfather)
#32 ranked lender in Georgia - 238 contributions
You could apply for a business line of credit up to 150k that would wipe out the mortgage all together and put the liability on the business and not your home.
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