HELOC/2nd mortgages require a much longer seasoning period from a BK discharge (as well as more strict requirements in practically all categories) than a 1st mortgage due to them being in 2nd position on title. You are definitely looking at least 2 years, probably more along the lines of 4 to 7. Back in 2001-2002 it was 7 years at most lenders, then in 03-04 it changed to 4 years at most, then some were doing 1-2 years in 2005-06 before things collapsed. That doesn't include sub-prime though, back when sub-prime was in full force you could buy a $500k home with an 80/20 combo loan to avoid PMI, 600 FICO score, & no income documentation. No wonder why values got out of control.
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