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If the lien is on your house why do you need a credit check if you are taking a home equity loan?
Wiki User
∙ 8y ago
There are several key factors to acquiring a mortgage, equity and credit are two of the more significant. In general the better credit you have the more equity you can access. If you need any help with this feel free to call my office (214)607-1445.
Wiki User
∙ 8y ago
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What is equity line of credit?
An equity line of credit is issued based on the amount of equity you have in your home. If you have a $100,000 house and owe $75,000 then you would have $25,000 in equity.
What is meant by equity credit lines?
A home equity line of credit is a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term) where the collateral is the borrower's equity in his or her house.
What will happend if you stop paying for your house and move?
* Your credit rating gets really bad * The bank forecloses on the loan * The bank sells the house for as much as they can get * After taking out the legal costs, if there is any equity, they would send a check. * Reality is that they won't recover the balance and costs and will bill you for the rest of the amount owed.
What is the definition of a home equity line of credit?
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 they take your house if you do not pay your credit card?
Only if the credit card an "equity line of credit" which is secured by a second mortgage on the property. But then, if her name is not on the house, she couldn't have used it for security on the credit card, so NO.
Can the bank take your house if you have a equity line of credit only?
If you default on the loan, yes.
How risky is taking a lien on your house?
Please clarify your question. Do you mean taking out a second mortgage or equity line?
Can a credit card company file a judgment lien against your house if there is no equity in the property?
Yes.
In Florida can you have a home equity line of credit and still file a deed in lieu of foreclosure?
You will not be able to keep your home equity line of credit if your house is in foreclosure or anything similar to it. This is standard across the United States.
Is your credit history affected by a lien that is put on a house?
If there is a mortgage/equity loan involved,that loan will report on your credit history. The lien will report on the title of the house. A title search will be conducted if you are selling or refinancing the house.
Can I use my house to acquire a secured loan?
yes you can acquire a secure loan using your home. you can apply for a home equity loan or a home equity line of credit.
Can you get a home equity loan on a house that is paid off without a job?
Yes you can, depending on your debt and credit score.
