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a home equity loan after discharge from chapter 13

I just was released from chapter 13 bankruptcy my home is worth $400k and I owe approximately $170 k , I have a2% mortgage and I want get a home equity loan for around 10k to 15 k, is that possible or do I need a co-signer to guarantee it? by gjsportsplus164 from New Paltz, New York. Oct 26th 2015 Reply


Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 637 contributions

Not enough information, your local bank might be the best bet

Oct 27th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,106 contributions

Credit Unions and banks are your best bet when it comes to getting a HELOC. Your equity is not the issue, but each bank/credit union will have their own set of guidelines when it comes to BK13 seasoning. A co-signer most likely will not help, since they would be looking at your credit as well. A co-signer is best for income purposes, not for credit.

Oct 27th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Much more info is needed to properly answer your question.. but with a 2% loan rate, it makes no sense to refinance.. your better off trying to get a 2nd or a Home Equity Line of Credit (HELOC).. the problem is that most lenders will not do a 2nd with a recent BK, Foreclosure or Short Sale.. so you need to shop your local banks and credit unions.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Oct 27th 2015
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