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which banks will make an equity loan after a bk 13 after 4 months from discharge

by juantinamen995 from , California. May 27th 2017 Reply


Larry Gray (lgray_312_247)
#566 ranked lender in California - 1,127 contributions

There are a very limited number of "hard money' lenders that will provide a equity line of credit loan at a much higher interest rate and cost. They generally want a pretty low total loan to value though (i.e. 75% or less). Other alternatives would be seeking an fha cash out loan which could yield give you a low interest, but would require upfront PMI and monthly mortgage insurance payments. However, it is a matter of looking at the benefits including the final total monthly payment. There is also a cash out loan possible with a higher interest rate and no mortgage insurance if you have the equity in the home, up to 75% total loan to value.

May 29th 2017
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Larry Gray (lgray_312_247)
#566 ranked lender in California - 1,127 contributions

It looks like I gave you an answer in a hurry as we had plans for the long weekend, but I hope the answer was clear enough for you. A couple of grammatical errors I failed to edit, I was attempting to elucidate the substantial cost and higher rate of the only conventional type loan available with "cash-out" to match the amount of money you were hoping to receive thru an equity line of credit. There is a substantial amount of equity held in the property required after getting the "cash-out." At least with the FHA cash-out loan you can qualify without being required to hold much equity in the property, and the low rate can counter having to have a monthly mortgage insurance payment.

May 30th 2017
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We have a program for such situations. Contact me for information.

Jun 15th 2017
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