please please help please mortgage problem?

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i am passing my deadline to refinance my home i cant afford anything really anymore and i am looking for a low intrest rate to refinance my home a mortgage company that wont rip you off like quick loans and lend america…I need to find one in sarasota florida..if you can help me i would appreciate it very much please let me know

Heloc Emergency help about my properity ???
i have commercial properity , i have buy three years ago .
about $ 22000.00 this properity have no mortgage .
i have pay by cash . properity need a lot of work about $ 40000.00 yrly tax is $ 3000.00
bank of approved about $ 60000.00 HELOC LOAN ..
properity have a same value about $ 23000.00
if i leave the properity as is it . and spent $ 60000.00 heloc for other business development is ok or not for me if do renovation on my properity . i am no think so it will be sold very quick . even on this area rent is not high after a lot of investment rent may be 500.00 per month ..

what should i do ????
Help can i use money for FOR BUSINESS $ 60000.00 or leave the properity for bank ??

thanks for reply

2 Comments
  1. Reply
    Jaclyn&Dave
    January 25, 2011 at 7:55 pm

    Go to your local banks and/or Credit Unions.
    Get quotes and shop around your local providers. The sub-prime crisis mostly affects big national-size banks, so you want a locally owned bank, or preferably a credit union.

  2. Reply
    sporregar
    January 25, 2011 at 8:39 pm

    When you get a HELOC you are using the entire property as collateral for the loan. Many institutions don’t care what you do with the money. If you’re willing to risk losing your property to go on a vacation to Aruba then that’s fine with them.

    If you use the money on other properties and sell the one that has the HELOC on it at the closing all monies due the lending institution are due and must be paid in full.

    You also need to check with your lending institution to make sure that your HELOC doesn’t have restrictions on it as to how you can spend the money. Perhaps they have a rule that the money can only be used to improve the property in question.

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