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Possible, but you would need: Equity in the house above the existing leins and good enough credit to qualify for another loan. Which if you aren't making your existing one, can be a hurdle, especially at any thing like market interest rates. The new second mortgage (Equity lender) will liklely insist the funds be used to make the first loan, and other debts, current. Probably as part of a repayment plan.

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โˆ™ 2006-04-25 21:49:17
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Q: Can you get a home equity loan while in foreclosure?
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What is the purpose of an equity home loan mortgage?

An equity home loan mortgage is similar to a second mortgage where it is possible to borrow on the equity of a home. This helps reduce financial pressure like facing a foreclosure on a home.


Can a home equity loan be used for a downpayment on another home?

A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. There is no restriction on how we can use the money from Home Equity Loan.


Is tax on continuing a second mortgage deductible after filing for a first foreclosure?

Even if you have had a foreclosure, tax on a second mortgage or home equity loan is still deductible.


What happens to your home equity line of credit when you default on your home loan?

If you mean that there was a mortgage recorded prior to the home equity mortgage and the first mortgage is foreclosed then the equity mortgage would be wiped out by the foreclosure. If you default on a home equity mortgage then the bank will foreclose and take possession of your home.


What home equity release schemes does the Bank of America offer?

Currently the Bank of America doesn't offer home equity release schemes, but rather home equity loans. When taking out a home equity loan, one must be conscious about making the payments on time or risk a foreclosure on the home.


A home equity loan is a lump-sum second mortgage loan made on the available equity in a home?

True, home equity loan.


What do equity loans do for you?

An equity loan allows you to pay towards the loan amount while earning equity. So if you were to sell your home you would make money to use towards your next home.


Can you get a personal loan attached to a new home loan?

If you have equity, you can get an equity loan


What is the definition of a home equity loan?

A home equity loan is a loan that homeowners can get based on the equity that they have in their homes. This amount is based on the value of the house and how much they have left to pay on the home loan.


Can someone that has a home equity loan with a co-signer just sign the loan over to the co-signer?

No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.


In Texas if you refinance your home once as a home equity loan are you forced to have all future refinances be home equity loans also?

Yes. Once a home equity loan, always a home equity loan; but there are certain programs that give breaks in rate to previous home equity acquisitioners.


How do you apply for an equity loan?

To apply for an equity loan you have to contact a mortgage or home equity lender and see what kind of equity your home has. If your property value has declined it is possible that you could have negative equity.


How soon can you get a home equity loan?

As soon as you have equity to borrow against. If you put a considerable down payment on a home you could get a home equity loan the next day. If you put 0 down than it will be several years before you have enough equity to get a home equity loan.


What is the purpose of a home equity payment?

If one has a home equity loan, payments must be made on the loan. Usually a home equity loan is taken out for situations such as major home improvements, or financing a college education.


Where can one find information on no cost home equity loan?

There appears to be no such thing as 'no cost home equity loans'. However a home equity loan is a type of loan when the customer uses the equity in their home as collateral. Information about these can be found on Wikipedia and Investopedia.


What exactly is an equity fixed home loan?

An equity fixed home loan is a home equity loan with a fixed interest rate. These are used to repair a roof or fix a septic system. The homeowner takes this loan out in addition to the first mortgage and the equity fixed home loan is often referred to as the second mortgage.


Can you get a home equity loan with no mortgage?

You can get a home equity loan with no mortgage but the process is a lot longer than the normal loan process. If you are interested in getting a home equity loan, please visit http://austinhomemortgageloan.com, we will be happy to assist you!


What is equity reserve?

An equity reserve is a share of the equity in a home that is reserved in protection of the loan outweighing the value of the home. In a traditional loan, the loan proceeds have a safe ratio compared to the estimated value of the home.


What is the difference between an FHA home equity loan and traditional home equity loan?

An FHA home equity loan differs from a traditional equity loan in that it allows homeowners with bad credit to refinance their mortgage, and can be practical for people wanting to purchase a new home or repair their existing one.


How can someone get a home equity loan if they have bad credit?

A person with bad credit can still apply and get a home loan by using the equity in their home as collateral. The more equity in the home the better the chances of being approved for the loan.


What's the definition of equity home interest loan?

A home equity loan is a loan that uses ones equity for money. Home equity loans have fixed intrest rates that assure consistent payments within a certain payment period.


What are home equity loans for?

A home equity loan is a loan to be used to make repairs on a home. It is a loan that can be taken against a mortgage to fix a problem or make upgrades to a home.


Can you refinance a foreclosure with 0 equity?

No, this would be nearly impossible. Because the loan is in foreclosure, the homeowners' credit is typically very low, so they will not qualify for a traditional mortgage. Many lenders simply refuse to provide a new mortgage when the house is in foreclosure. The lenders that will provide a foreclosure bailout loan base their qualifications on the equity and income. Usually the home must be 65-70% loan-to-value (LTV) to qualify for a loan. Rates are typically high (11%-20% depending on the lender), and the homeowners will need to show enough income to qualify for such a payment.


Can you buy a new home with home equity loan?

Yes, if you have enough equity in one home and want to use it to buy another. Otherwise, no. You cannot use a home equity loan to purchase a home since you have no equity that has accrued.


Is a home equity loan considered an unsecured loan?

No. A home equity loan, also known as a second mortgage, uses your home as security. If the loan is not paid back, the lender may go after your home.