except he doesn’t sound like he really needs the money now, and he could shoot himself in the foot of he needs access to more money beyond just 3 months. Do lenders plan on keeping a record that you skipped 3 months of payments? And will that information be available and considered the next time you need to refinance or take out a HELOC? Can one even open a HELOC if one’s first loan isn’t paid to current? I guess he can find out. Or get the HELOC first and then ask for a forbearance? Then again that might look suspicious to the first lender determining if they will grant a forbearance if they check and a HELOC was open recently. Meh, too much work for me…
Its been awhile since I refinanced but the last.time I did it, I seem to remember they went though my existing loan and HELOC with a fine tooth comb to make sure I was current on both. Then again, it’s been awhile since I had a loan and maybe things are different now.
