I have quite a bit of equity in my house, but I need to move. Since the market is softer than an ice cream bar on a Phoenix sidewalk in August, our realtor suggested I put the place up for rent for a year and try again when things recover. Meanwhile, I kinda need the 100K+ I have in the house, so I was thinking of taking my lender up on those weekly offers I get about cashing out equity (second mortgage). Now, at the time I signed the first set of papers, it was owner-occupied. While signing for the second, it'll also be owner-occupied -- although that is bound to change shortly after. Will this come back and bite me in any way? It seems like it'll be no big deal as long as I make the payments, but what if I get in accident, lose my job etc. and end up foreclosing in say 9 months? Just trying to run worst-case scenarios ahead of time, so any input is appreciated. I'm in WA by the way.
2007-10-25
07:40:47
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4 answers
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asked by
Bellevue Bob
1
in
Renting & Real Estate