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Excuse any Newby mistakes, this is my first post:

I just got my SSI Disability and also owe more on my house than current market value due to 2 mortages. If I got rid of my HELOC, then my primary mortgage would be in line for the fare market value of my house. My HELOC is "maturing" from an "intrest only" payment (1st 10 yrs), to P&I (last 20 yrs of this 30 yr Line-of-Credit).

What would be my best plan of attack so I can "get rid of" my HELOC and just have my primary mortgage? I will be looking to sell, move, and downsize in the next 3 or so years, and can not "bring money to the table" at closing. I would love to break even, or possibly even get a little cash, when I sell. My credit is in the high 780's, almost at 800.

Options? (PS: Both Primary and Secondary lien holders are the same bank!!!) Thanks to all that read and reply...

Zander S.
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To littleadv's comment, walking away may be the best option. If your numbers are as described, any ideas we could offer on earning or raising cash would be best to use as money to live on, not to pay down a loan on an under water house. the double wide you propose to buy will like cost less than your HELOC balance. I'd see if you could buy that home first, renting the house, and only default after you're in the new place.

JoeTaxpayer
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I apologize in advance if this seems heartless, Lord knows many on this site would consider me such, but it is my intention to be helpful.

Rhetorically: Given your disability, could you find a different line of work that would have earn you a decent income? You mentioned fighting for disability for 5 years. Could that time have been spent creating a different occupation? Could you still do so?

As you mention these are not large numbers prior to disability, but post-disability they are overwhelming. The tone of your post suggests that you feel trapped and helpless, and I really hate that for anyone. In some ways you are so close, just another $300/month puts you in the black!

My encouragement would be to find a way to make this work. Find a way to earn more and you can keep your house and car.

Pete B.
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