What to do with MY HELOC

[Leslie Richardson]

Primary resident has a HELOC, bank has frozen the HELCO Im paying it down, and I have never been behind on it, all bills paid on time, but debt of CC are maxed. Have almost 400k in equity dont really want to refi into more debt, paying down debt now on CC. Need to know if I should hold off on rolling in to a refi for FHA loan which will consolidate debt, but cut into my equity and put us into more debt. Please advise, open for suggestions.

[Caroline Gerardo]

Not quite understanding. You have a first of how much? Balance on HELOC? Your income is W-2 of how much? Value of house?

A HELOC note says in the legalese that they can close it at any time. They can also re-open it if the value stabilizes or something that they saw negative can be over turned.

You are looking for new 2nd position HELOC to pay off the one you have? HELOC has to be second position as the title work they use relies on the title company for the first.