Confused In Need of Refinancing Advice

by Tracey
(Wilmington NC)

I am a forty eight year old female who owns her own home. I have a Home Equity Line Of Credit with a major mortgage lender. I was married for twenty five years and when I was married my husband set this all up with the mortgage person. I was just called in to sign the final papers.

Never thought I would get divorced but now that I am and I own the home I am worried about everything. I was left with $30,000.00 owed on the Home Equity Line Of Credit and no first mortgage.

I just happened to look over the paper work and see that it does have a time limit on it. Not to mention I am afraid of my mortgage company's future. It is I guess due in 2012.

It is 1 1/2 percent over prime and I was wondering what I should do. I have my savings and stocks which are greater than what I owe for now but worry about the economy today , tomorrow, week from now and a year from now. I can not sell my home right now in this market so I rent it out. I live in N.C. and go home to visit with my friends.

Any advice you could give me would be greatly appreciated . The value of my home is $299,000, located in Danville, VA.

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