Pulling out equity, HELOC, other stuff

[Jake Thorpe]

Hello all, 

I have a property in DFW that I have a hm loan on. Due to a serious of misfortunate events I am in default now. I owe my lender about 8k. Right now my debt is sitting at around 154k (8k outstanding interest payments). The value of the home is around 245k, although it has not been appraised that is the 'desktop evaluation', whatever that is worth. What I am looking to do is refinance, or pull out equity so I can get back on track with my lender and continue searching for a buyer. Any suggestions? Should I refinance, I know I cannot do HELOC because it is not my primary residence. I had seen an ad recently from quickloans about something they offer, they give cash for the equity and then when you sell the property they are paid? I dont know much about that though.

THanks!