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What is home equity loan bankruptcy?
I am not sure that such a thing exists -- no lender is going to give you money to aid in filing bankruptcy at all.
However, if you are on the verge of bankruptcy and you have a mortgage -- so lenders will offer you an alternative loan program (and on the rare occasion, a payment forebearance) in hpes of alleviating your financial burden long enough for you to regain economical ground.
So if you are on the verge of bankruptcy and you have a mortgage - call you bank and see if you can negogiate or request temporoary aide -- esp in this economy of housing hell, somebanks are willing to help you out because in the long run, it could be beneficial to them to have you not file a bankruptcy against them.
On the other hand, if you have filed bankruptcy and you need a home equity loan - then you will have to check with a variety of banks to see when you would be allowed to apply. Individuals who have a dscharged bkrcy usually have to wait a certain amount of time before they can be granted a mortgage and usally will have stricterr guidelines to adhere to and harder terms (I.ie you might have to prove 4 years of relevant income (wit h stubs and tax returns) and then to be approved you may have to accept a higher interest rate or certain loan types.
Hi,
There's no such thing.
There is such thing as home equity loans. A home equity loan (sometimes abbreviated HEL) is a type of loan in which the borrower uses the equity in their home as collateral. These loans are sometimes useful to help finance major home repairs, medical bills or college education. A home equity loan creates a lien against the borrower's house, and reduces actual home equity.
Often, people do take out home equity loans FOLLOWING a bankruptcy.
