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Can you get a home equity loan while in foreclosure?

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Wiki User
2006-04-25 21:49:17
2006-04-25 21:49:17

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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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.

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