home equity loan with bankruptcy


Can a bankruptcy discharge a second mortgage or <span id="home-equity-loan">home equity loan</span>? ‘ class=’alignleft’>my home equity line of credit and mortgage were discharged in my bankruptcy 2 years ago. I have paid both on time ever since then. My mortgage is reporting positively to the credit bureaus and my home equity isn’t reporting at all. I am in the process of selling my house and buying another house so I called the bank that my home equity line of credit is with to ask if they would start.</p>
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You can refinance with an FHA loan even if you have little or no equity in your home, a damaged credit score or higher debt than lenders usually accept. You may even be able to refinance with an FHA.

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The personal liability on the ‘home equity loan’ a/k/a Second Mortgage will be discharged but the lien or encumbrance remains. ‘Liens remain unless acted upon’ is the rule in bankruptcy. (It’s possible to split hairs as to why a home equity loan is not a second mortgage but as a practical matter, it certainly acts as a second mortgage.

CoreLogic’s chief economist, Dr. Frank Nothaft, said: Solid income growth, a record amount of home equity and an absence of high-risk loan products put the U.S. homeowner on solid ground. All of this.

A home equity loan is a type of loan in which the borrower uses the equity of his or her home as collateral.The loan amount is determined by the value of the property, and the value of the property is determined by an appraiser from the lending institution. home equity loans are often used to finance major expenses such as home repairs, medical bills, or college education.

A home equity loan can be one of the most useful bankruptcy alternatives due to its flexibility and tax-friendly consequences. However, it is also one of the riskiest because you must put up your house as collateral. That means that the lender places a lien on your real estate, meaning the lender can foreclose on.

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