Home Equity Loan After BK13 Discharge

Anonymous — Thu, 10 Feb 2022 03:39:45 GMT

A little background. I made my last payment on my BK13 a couple of weeks ago. The BR was caused by massive medical bills from my son's brain tumor, but that is all balanced out now and not an issue. While I was in BK my income jumped substantially. In fact, my monthly payment by the end was 3k more per month than it was at the beginning. We kept our home and cars in the BK, so we are emerging with no car notes, a ton of equity in our home, and nearly 5K per month more in cash flow that has been going to my trustee payment.

Most of that new cash flow will go to savings, but I'm wanting to take out a home equity loan to do some things we have put off because of my son's health and the BK. My question is has anyone had any luck getting a home equity loan immediately following discharge (or even before but when payments to the plan are complete). I'll be looking to borrow an amount that would put me at about 80% of my home's value and currently have zero debt other than my mortgage. I opened an account at PenFed just to establish a relationship because I'd like to do the loan there.

Any advice or experience? All feedback is greatly appreciated.

Re: Home Equity Loan After BK13 Discharge

FireMedic1 — Thu, 24 Feb 2022 09:46:07 GMT

Personally I wouldnt take out a loan if savings is starting to go up. Save what you need for any project. Use a card that has cash back or some kind of perk. Then pay it off with the savings. Money in your pocket and no interest paid to anyone. This is how I do my home improvements from the house I got in 2020.

topic Re: Home Equity Loan After BK13 Discharge in Bankruptcy

Home Equity Loan After BK13 Discharge

Re: Home Equity Loan After BK13 Discharge