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emc011075
emc011075, Tax adviser
Category: Finance
Satisfied Customers: 2579
Experience:  IRS licensed Enrolled Agent and tax instructor
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I made a bad investment. Now I must get a home equity loan.

Customer Question

I made a bad investment. Now I must get a home equity loan. How much should I get? There is a chance I will be laid off before the year ends. Wher should I get it from? how do I go about this. I Owen my place outright.
Submitted: 1 year ago.
Category: Finance
Expert:  emc011075 replied 1 year ago.
Hi. My name is ***** ***** I will be happy to help you. Most banks and many financial institutions offer home equity loans. I would start with your local bank.
How much to get? As little as you really need. It is a loan that need to be repaid back with interest. If you lose your job and will not be able to repay it, the bank can foreclose and sell your home to repay the loan plus fees, penalties and interest. Another thing to consider is that without a job you will not be able to refinance it either.
To start, contact your local bank, talk to the bank loan officer about the process and what you need to do. Here's a brochure what you need to know about HELOC: http://files.consumerfinance.gov/f/201204_CFPB_HELOC-brochure.pdf
Let me know if you have any questions.
Expert:  emc011075 replied 1 year ago.
I see you read my respond. Do you have any questions? Is there anything else I can help you with today?
And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.