All Forum Posts by: Arturo S Pena

My parents invested their HELOC in a restaurant as a joint venture. They then added solar panels to the property and because it was done through the HERO program their mortgage went up. The restaurant expenses are getting too high that now they're dilemma is whether to refinance the HELOC, do a modification on it for financial hardship , or sell the house to pay off CENLAR (loan administrator) and put the difference as a down payment somewhere else.

I can say they put a $140k HELOC on the restaurant and pulling out is costing them, as the new operator's bid is 60k.

Any suggestions on how to proceed??    

much appreciated,

Arturo Pena