home equity loan--best bank (and strategy?) (insurance, credit score, short sale, cash)

[Karen59]

I bought a short sale recently.

I used 62,500 home equity from my condo (all I was allowed) combined it with savings.

I paid 126,000, so I figure that is what I'll say the house is worth, as a rough estimate. (although I think it will be worth more when it is upgraded)

I have about 48,000 left in bank. But I need that money to fix up the house, which needs new electric (12,000) paint and a garage roof. My condo needs all new windows, stove, carpet air conditioning before I rent or sell it.

So I need $$$$ and I want to take a home equity line on the house.

I make about 70,000 per year.
My credit scores are very good (800).



Can someone help me plot the best strategy?

My monthly expenditures
condo:
equity line 170
maintenance 300
tax 200 (this is NJ)
insurance 20

house
tax 350
insurance 35

I talk to BOA yesterday (this is where I have the condo home-equity line). The young woman I talked to said all they evaluate is how much the house is worth, not my credit scores, not my income etc.

That doesn't seem right; it seems like a crap shoot

Does anyone know what bank would best match my characteristics? Would it be better to partially pay off the equity line before I apply? then I would have no cash back up which scares me.

I have no other debts (car payment, etc). I didn't have a mortgage on the condo (except for the HELLOC).

[eweishaar]

In my opinion, Wells Fargo does the best 2nd liens.