After paying off your original note of $100k, you have $60k tax free in your pocket and a new 30 year note to show for it (with higher payments than you were previously paying)With a HELOC, all you are doing is taking a piece of the equity spread you have in your home.

I use my HELOC to purchase and fix up and in 6 months get a 30 year cash out mortgage and pay back my HELOC. 

I'm currently renting a home in the San Francisco bay area and from my research, most lenders will only give HELOCs on primary residence properties.Thanks,Rudy Olmos

- Put the $100K into our home and HELOC a down payment (this would take the short sales out of the equation)I'm doing my best to try and wrap my head around the best strategy to take.. just need some help and guidance.Thanks.

Hi everyone, If I have unused HELOC on my property (say 50k I can take out), does that counts as my "liquidity asset" for banks?

With only 15k to play with I am certainly going to need to pull in $ from other avenues (HELOC, a partner, bank, etc) so I want to know if this is possible.

HELOC?

I have been trying to get a heloc, but know one will approve one with a irrevocable trust on the property.  

Besides that the equity you have in the property will be of no help, unless you can refi to actually get the cash out.Your best option would be to refi the 1st, so that you can get some cash to pay off the HELOC and maybe have some left over.Upen PatelMortgage Banker, VA Loan SpecialistNational Lender, Federal NMLS# 1374243

My strategy is simple buy and hold.The three rentals I purchased in 2007 with my HELOC, and then I refinanced each one.