BofA HELOC: Any Chance Of Qualifying? This is probably a long shot but here is goes... My wife and I have about $50,000 in equity following the depreciation of our home these past three years. We also have $28k in CC debt... most with Chase. We both bank at BofA and have 700+ credit scores. Additionally, BofA holds our mortgage. Unfortunately I've been dropped to 32 hrs a week this year pending foot surgery and she works part time. In an effort to lessen the $600 we pay out each month in CC payments, is there any chance we might qualify for a fixed rate HELOC with BofA, and pay down our debt with a more affordable payment? Thanks
I hate to say it, but I doubt it. Those who already have HELOCs and haven't had them frozen yet are lucky. Banks, including BOA, may still be advertising HELOC products, but very few new lines are actually getting approved. I've worked with BOA on a loan recently, and their lending standards have tightened dramatically. Your house may have some equity left, but no one is certain where the bottom will be for housing, and they will be very cautious until that time comes. Given your work situation, that will make things even more difficult. If you're set on getting a HELOC, you'll have a better shot working with a local credit union. They are still lending money these days and will be eager to give you the personal attention you'll need. Good luck!
Well I can't say I'm surprized. Thanks for your suggestion. I'll look into a SoCal credit union today. Jon
That's probably good advice that Joshua gave you. Credit unions are often more likely to work with you, although I'm seeing more stringent requirements even from CUs lately.
