home equity loan with bankruptcy

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In a tough economy borrowers worry about bankruptcy, foreclosure, and the effects such issues can have on the ability to borrow. So, what is the required waiting period for new fha home loans after filing bankruptcy or foreclosure?

If you’ve just gone through the stress of filing a bankruptcy, you may think you‘ve completely exhausted your options for borrowing ever again. However, depending on the market value of your home and your personal circumstances, there may still be a light at the end of the tunnel in the form of a home equity loan.

At minimum, lenders want 80 percent equity when looking at a home equity loan with minimum credit scores of at least 620. Because of your credit history, lenders may not lend anything greater than.

Your ability to discharge a home equity loan in bankruptcy depends on two critical factors: which chapter of bankruptcy you file and the home’s fair market value. If you file for Chapter 7 protection, your chances are nil if you want to keep the property.

A home equity loan can help you meet your financial needs, usually in a less expensive fashion than a traditional loan or credit card. Getting a home equity loan after filing for bankruptcy might be a challenge, but it’s not totally impossible. Types of Equity Loans. There are two main types of home equity loans.

Home Equity Loan after Bankruptcy By Stevie Duffin Updated on 7/24/2017. Borrowers who’ve filed for bankruptcy may not entirely be disqualified from receiving a home equity loan. Quite the opposite, taking out a home equity loan after bankruptcy is one of the most sensible decisions to make in recovering from bankruptcy.

As a result, the amount of equity you have in your home can play an important role in your decision to file for bankruptcy. If you can’t exempt all of your home equity, you risk losing your home in Chapter 7 bankruptcy or having to pay back most of your unsecured debts in a Chapter 13. Luckily, most states allow you to protect a certain.

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A home equity line of credit (HELOC) uses your home as collateral to help you get a loan. This is a useful course of action if you have a credit score lower than 640 or have previously filed for bankruptcy.

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