Getting a HELOC after Modification


LoanSafe Member
Jun 30, 2010
Hi all,

I received a modification 2 and 1/2 years ago. The payments are affordable and I've been on time every month. I have about $400,00 equity in my apartment (Manhattan) and would like to rent it out and buy a larger, cheaper apartment in an area that's up and coming. I can clear $1500.00 per month on my current unit which would pay for the new unit. I tried to get a HELOC and was denied because of delinquencies. The only delinquency I've had in over 20 years was my current mortgage. I was behind for 4 months before receiving the modification. Any advice on how to proceed?