I keep being told that a HELOC is an excellent way to rebuild credit after a bankruptcty (due to divorce). But are there any lenders out there who do HELOCs after BK?

Any home loan is difficult to get soon after a bankruptcy and many banks will automatically decline you for a HELOC if you have had one in the past 7 years. A HELOC is just a 2nd mortgage and if you can get a HELOC then you can get a regular mortgage as well. Often times I give the advice to couples who are looking at a divorce to put a HELOC into place before they go down that path. It can be a good way to pay off bills and make decisions together and even pay lawyers fess.Lawyers often give the advice to not pay this bill or that bill and it can really mess up a person's credit and often leads to bankruptcy.Bankruptcy is a big deal and it takes between 2 to 5 years after the dicsharge of a bankruptcy to get into any kind of mortgage.Frankly I don't understand the logic of the advice you were given.Hans BruhnerBranch manager Benchmark Mortgage(866) 385-1650hans@hansblog.comwww.AskTheLoanMan.com