bankruptcy

Obtaining a home equity loan maybe a stretch considering the lack of time from your discharge date on your bankruptcy. Depending on how much money you need, you could seek out a private investor to lend you the money. Something else to consider if you had qualified retirement accounts that were protected from your creditors during your bankruptcy. You could get a pledged-asset loan. Happy Good Friday.

Unfortunately it usually takes 2 years from the date of your discharge to be able to do anything with your mortgage. A home equity loan may take up to 4 years depending on the bank.

Talk to your local credit union or bank. They generally have their own guidelines for loans after a BK. My Utah credit union is 3 years with restored credit and 50% loan to value. Good luck.

The waiting period for financing after a BK-7 is 2 to 3 years, for a BK-13, it's one year.... This applies to conventional, conforming, government financing.. for 2nd's or a HELOC, the guidelines are usually set by the lender, and are much more stringent, and rightfully so.. More than likely, even talking to your credit union won't help... if your just over a year out of a BK, then your score is probably still pretty low.. if that's the case it doesn't matter... you can't qualify now, but you should be taking steps to rebuild your credit now so that a year from now you can qualify.. WilliamAcres.com

The answer is probably not yet. Most Financial Institutions have a penalty period of at least two years from the date the Bankruptcy was discharged. However, because you have no debt on the property it is possible that a local community bank or Credit Union might be willing to look at a low LTV equity line. I would try them. The big banks will tell you "No.", for sure. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com