Equity Home Loans

home equity loans?

Can I get a home equity loan, if I have a bankruptcy, but there is about $100,000 in equity in the home.

Public Comments

1. If the bankruptcy has been dischrged for 4 years it's possible. 1st mortgages are 2 years, 2nd mortgages and HELOCS are 4 years. 2nd mortgages can be more difficult to get approved for when you've had a BK. I would look at redoing the 1st mortgage instead you'll get a better interest rate and payment.
2. I would recommend that you wait another year. There is so much turmoil due to subprime mortgages. The house prices are falling so your equity may have also fallen. Some creditors and collection agencies mal also try collect from you. I would try to get smaller amount of equity loan.