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Apparently yes. My friend fell behind her mortgage (both 1st and 2nd) and the 2nd mortgage holder which is National City was very quick to process her request for modification and dropped her rate immediately to 1%. I don't know the details to the terms but she just told me how quicky and painless it was for her. However, the 2nd on her 2nd home which is will Countrywide, now Bank of America has been very very slow to respond. They lost her documents twice and are totally jerks about it. I think it really depends on the lender.
I'm currently trying to modify my 2nd with WAMU (now Chase) and still waiting after submitting in July. As for the first (also with Wamu/chase), they just approved it for a 3 month trial period. It wasn't too bad actually.
What else can I help you with?
What happens when paying off an equity line of credit?
Nothing happens when you pay of an equity line of credit. The equity that you used for your line of credit is now safe.
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.
Why would someone need an equity line of credit?
Equity line of credit is typically used in reference to a home loan. The amount of money paid into your home is your equity. With a home equity line of credit, it acts like a credit card. One may need it if they can not qualify for a credit card, or a higher credit limit on their cards.
Where can someone open an Equity Line of Credit?
There are many places one might consider going to to open an "Equity Line of Credit." The most reputable source for an "Equity Line of Credit" would be to go through your local bank or credit union.
What is the home equity loan and line of credit?
The home equity loan is a way to release the equity of your home in order to borrow money. A line of credit is a phrase used for a method of obtaining credit.
What happens when paying off an equity line of credit?
Nothing happens when you pay of an equity line of credit. The equity that you used for your line of credit is now safe.
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.
Why would someone need an equity line of credit?
Equity line of credit is typically used in reference to a home loan. The amount of money paid into your home is your equity. With a home equity line of credit, it acts like a credit card. One may need it if they can not qualify for a credit card, or a higher credit limit on their cards.
Where can someone open an Equity Line of Credit?
There are many places one might consider going to to open an "Equity Line of Credit." The most reputable source for an "Equity Line of Credit" would be to go through your local bank or credit union.
What is the home equity loan and line of credit?
The home equity loan is a way to release the equity of your home in order to borrow money. A line of credit is a phrase used for a method of obtaining credit.
Who do i get my home equity line of credit from and what does home equity line of credit mean?
A Home Equity Line Of Credit (HELOC) is generally granted by a bank or credit union. Equity is the amount of your home that you actually own. For example, if your home is worth $100,000 and you have paid $20,000 in principal, your equity is $20,000. A loan can be made using this equity as collateral. A line of credit for this amount basically means you will be given a checkbook that draws upon the loan.
Are there restrictions for getting a home equity line of credit if you own a condo?
Your mortgage lender who is offering you an equity line of credit can answer your question.
How is the credit line priced for a home equity line?
The most informative online resource for information on a credit line for a home equity line is from United States government. http://www.federalreserve.gov/pubs/equity/equity_english.htm
Where can one get details about an Orange Home Equity loan?
The home equity is a line of credit, a loan, or both. It starts with a home equity line of credit which is a form of revolving credit with a variable interest rate.
Where can I get the best advice of having an Equity Line of Credit ?
You could apply for an Equity Line of Credit, so long as you know what you're doing. I know of a few friends whom applied for an Equity Line of Credit, and I can give you their numbers for information from them.
Can you get an equity line of credit on an owner-carry home?
I presume owner carry homes are kind of apartments so you can get equity line of credit .
Can someone who is on the home deed but not on the mortgage get a home equity line of credit?
The persons who are on title must both sign for a equity line of credit.
