home equity loan after foreclosure

Getting a mortgage after foreclosure just might be easier than you think.. When you add that to the $250,745.41 they saved on mortgage interest and earned in home equity, they’re looking at a total savings of $340,616.

retirees who lost their home in 2011 after taking on a home-equity loan they could not afford. Like many caught in the forest of post-crisis foreclosure bureaucracy, the couple couldn’t maintain.

Maria Giordano, a onetime trauma nurse who is now a full time real estate investor in Phoenix, says she expects the $400 monthly payment on the equity line of credit on her suburban home to nearly.

The delinquency rate for home equity loans (30 days or more past due. in a statement. “Quarter after quarter, consumers continue to build a stronger balance sheet as they earn more, save more and.

Home equity loans are a great way to access money to renovate your home or pay off debts. But a home equity loan can be risky because the lender can foreclose if you don’t make your payments. In some states, the lender can also go after you for any amount you owe after your home is seized.

But what can other boomerang buyers – those who lost a home to foreclosure and are ready to buy again – do if they want to get a home loan before seven years after a foreclosure? There are some options, though they include paying a premium in interest and a down payment.

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conventional loan guidelines call for a seven-year waiting period after a foreclosure or short sale, but that can be shortened to three years for foreclosure and two years for short sales if there were extenuating circumstances such as a serious illness from which someone has now recovered or a death in the family.

A spokesperson for J.P. Morgan Chase, for example, told us that customers are generally eligible for a Chase home equity loan 84 months after the bankruptcy has been discharged. It’s important to keep in mind that just because you might be eligible for a home equity loan after bankruptcy doesn’t mean it’s the best financial option for you.

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