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Home equity loan on a house with no mortage?

I have inherited a home with no mortgage and need a home equity loan but have filed bankruptcy with the past 2 years can this be done by mpevar_402_495 from Huntington Beach, California. May 11th 2012 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 4,842 contributions

Yes.. if you filed chapter 13, then you only need to make 12 monthly payments on time to qualify for an FHA or VA loan... if you filed chapter 7, you have to wait 2 years from the discharge date, assuming there was no foreclosure included in the BK... if there was a foreclosure, then you would have to wait 3 years from the date of the foreclosure.. if you're still not beyond the waiting periods for these types of financing products, there's always hard money... with a hard money loan, the rate will be high, the costs will be high, but they lend based on the property and it's equity position, rather than the borrowers qualifications... The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

May 11th 2012
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#1 ranked lender in

Maybe, as time from discharge is more important. Most lenders will allow 2yrs from discharge with low debt to income and a min score of 640, and because you're in CA there may state specific guidelines. I'm sure someone from CA will respond to your request.

May 11th 2012
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Linda Wintersteen (Linda123)
#5 ranked lender in Arizona - 897 contributions

I can do private money, and I do not charge high fees and interest rates.. email me at yourloanpartnerforlife@live.com or phone at 602-330-1598

May 11th 2012
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Bert Carpenter (BertCarpenter)
#7 ranked lender in Arizona - 1,732 contributions

Possibly. Home equity loans and Home equity lines generally require stellar credit before a bank will issue one. Having a bankruptcy, any chapter, within the last 5 years is likely to result in an instant decline from most banks. However, depending on the Bankruptcy type, you may be able to get a new mortgage in as little as 12 months from when you filed (chapter 13), to two years from the date of discharge (chapter 7) assuming there is no shortsale or foreclosure history. The best thing to do is work with a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you to a lender that is more likely to approve you ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

May 11th 2012
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J.D. Peck (MortgageColoradoSprings)
#46 ranked lender in Colorado - 77 contributions

The Home Equity Loan will be difficult however, if it is Chapter 13 you can obtain either FHA or VA (if eligible) cashout once you have made 12 payments to the trustee and the trustee approves the new debt. If it was Chapter 7 you can obtain FHA 24 months from the discharge date or VA (if elibible) 12 months from the discharge date. Many lenders may have overlays though for a 24 month period on VA.

May 11th 2012
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Alimon Williams (awilliams)
#536 ranked lender in California - 2 contributions

Yes, you can get a equity line from a private lender, though the intrerest rate will be higher than prime, but if you need the money for an emergency you can receive in about 1 week. then refi it in 12 mo. fha. If you have any questions call me at 909-529-1294

May 11th 2012
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