Does filing Chapter 7 eliminate a home equity loan?
No, filing Chapter 7 does not eliminate a home equity loan. It would be considered an asset and that which you might have to sell.
Answered
by Nichole K.
-
Top Questions Asked on ChaCha.com for Home Equity Loan
In the Last:
Month
-
Do you still have to pay back home equity loans if your house goes into foreclosure?
You are still liable for a home equity loan even after a fore...
-
Is it true that Home equity loan proceeds are generally restricted as to purpose?
Rates for home equity loans depend on the amount of the loan,...
-
How long do you have to have a home before you get the home equity loan refinancing credit?
Sorry, there is no such thing as a home equity loan refinanci...
-
Who invented the home equity loan?
A home equity loan or line of credit allows you to borrow mon...
-
Can you still get a 125% home equity loan?
It's possible to get a 125% home equity loan, as part of debt...
About Home Equity Loan
In a home equity loan, the borrower uses the equity in their home as collateral. It's used as a form of insurance for the lender.
About Home Equity
Home equity is the financial value of a home, minus the amount that is owed for the mortgage. If the mortgage is entirely paid off, then the homeowner's home equity equals the entire market value of the home. If money is still owed on the mortgage, home equity is equal to the market value of the home minus the amount the homeowner still owes on their mortgage.
Comments