If you made a decision that doesn't match your qualifications, admit your mistake and make a better choice next time. 

I have a borrower who is always one month , or 2 months behind on Loan Payments for a note I hold. 

I have a borrower who is always one month , or 2 months behind on Loan Payments for a note I hold.

The HELOC allows you to tap the equity without making your payment higher (until you borrow against the HELOC) while enjoying the benefits of a small mortgage payment yielding cash flow each month.

Yet, when your in a different State and trying to sell your home, and you must rely on the contract that you have made with a Realtor you have spoken to on the phone and a home inspector, your choices seem limited.

I asked the chimney contractor for his license # which he gave me  After the work was complete, and closing docs have been signed the buyers agent informs us that the the chimney contract license was a business license not a contractors license and that we now need to pay $5,000 to have the contractor of the buyers choice do the repairs.  

It's borrowing against your equity on the home. 

Out of those fly out to your top 2 choices and learn more about neighborhood.

Additionally, you are not limited to only three choices. 

The way I see it I could borrow from family/friends, but those funds will need to be traced, so unless I'm sneaky and get "gift letters" this won't fly with traditional financing.I could structure a deal and make them partners to the investment, but I want to I will want to pay them off within 1 1/2 years.