Q: is it possible for me to get a HELOC in my situation?
Ok so my mother passed away in 2011 and the house I live in is under her name. My credit is not the best so when the bank offered to put it in my name I declined and kept it in the estate of my mothers name. I faxed over all the paperwork and everything showing I'm the executor of the estate and im listed as a co borrower so I can have the details to the account to make payments and questions answered and what not. Now I only have 8 years left on the mortgage with a balance of roughly 85,000 and the house is worth around 205,000 in suburbs of Philadelphia pa. So with all that said I was interested in possibly getting a HELOC to do some repairs and or possibly get a vehicle. Is this possible or do I have to figure out another way to find the money? Ie car loan or personal loan.
A: This is a question better directed to a bank. However, I suspect that you will be told that you need to own the home before you can apply for a HELOC. If so, that would mean that the house would have to be distributed to you by the estate, which must happen at some point anyway. At that point, it becomes a matter of the strength of the collateral and your credit, but this is a question better directed to a bank.
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