** I posted in the rebuilding thread also.. I hope I can post here as well!**
Our BK was discharged in March 2017. Our home was included in the BK, so we don't have a loan, but are still making payments and plan to stay in the house. We do have about $60,000 in equity. We are looking at doing some home improvement things (new windows, landscaping, flooring...etc.). Question is... are we able to get a home equity loan, or line of credit, since we are not technically responsible for the house? And if we are, is it still the 2 year time frame to wait? Credit scores are in the mid 650's. What options do we have for this?
Moved to personal finance as this is probably the most appropriate place for thread.
Please avoid in the future of cross posting as against the TOS of the forum and confusing to other users. Someone should come in thread soon and hopefully give you some advice.
We filed Chapter 7.
Unless you are now totaly current at some point they will foreclose. With a chapter 7 and that much equity I would have thought the trustee would have sold it.
Sounds like you were able to exempt the home in bankrucpy and did NOT reaffirm. And since you are making payments your fine. Now i am not certain how that plays with HELOCs. You may need to refinance cash out
Chase still has claim to the home.. if you did stop paying they can forclose.
If you did not reaffirm you are fair game for foreclosure.
With that much equity I am shocked the trustee did not sell. Perhaps they were in a huury and abanded (sp) the asset by mistake. Or your state has very high home stead exemption. What state?
Most important you need to be completely current if you want to have any chance to keep the house.
RI and MA have a VERY HIGH homestead exemption (500K)
The OP is CURRENT on payments they want to do home improvement and take out a HELOC
With some stipulations, FL is unlimited for a primary residence.