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Home Improvement loan options AFTER Bankruptcy, house included

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Established Member

Home Improvement loan options AFTER Bankruptcy, house included

** I posted in the rebuilding thread also..  I hope I can post here as well!**

 

Hello!

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?

Thank you!

Message 1 of 10
9 REPLIES 9
Moderator

Re: Home Improvement loan options AFTER Bankruptcy, house included

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.

 

Thanks

 

--CC

myFICO Moderator

Chase | Citibank | Amex | BofA | PenFed | NFCU | Discover | 5/3rd | Synovus | Commerce | FNBO | Union Bank | Regions
Message 2 of 10
Senior Contributor

Re: Home Improvement loan options AFTER Bankruptcy, house included

What chapter did you file 7 or 13? 

 

 

 

 

Message 3 of 10
Established Member

Re: Home Improvement loan options AFTER Bankruptcy, house included

We filed Chapter 7.

Message 4 of 10
Senior Contributor

Re: Home Improvement loan options AFTER Bankruptcy, house included


@jjmtmj126 wrote:

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. 

Message 5 of 10
Established Member

Re: Home Improvement loan options AFTER Bankruptcy, house included

What??!! Why would they? We are making payments, have been since the whole process started. We were discharged last summer. The loan is with chase. They've been great. We have no intentions of moving, hence why we are looking to get a home improvement loan. Is that possible after a chapter 7? With the home included?
Message 6 of 10
Valued Contributor

Re: Home Improvement loan options AFTER Bankruptcy, house included

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.      







Family Member made me an AU on: 2008 Sears MC $2,001, 2016 SEARS Store Card $2,001, 2011 Synchrony Home $5,500 , 2003 FNBO Visa $9,900, 2008 Macys Amex $1900, 2008 Kohls $2,000, 2008 JC Penny $4,500, 2016 TJX Mastercard $1,500, 2019 SDFCU PowerCash Visa $10,000, 2018 AAdvantage Aviator MC $5,600, 2018 HSN $4,500, and 2016 Local Credit Union Visa $5,000. Waiting on them to all report over the next month... Only Kohls is reporting so far... WITH AGE. They use AZEO method.

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Message 7 of 10
Senior Contributor

Re: Home Improvement loan options AFTER Bankruptcy, house included

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.

 

 

 

Message 8 of 10
Valued Contributor

Re: Home Improvement loan options AFTER Bankruptcy, house included

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






Family Member made me an AU on: 2008 Sears MC $2,001, 2016 SEARS Store Card $2,001, 2011 Synchrony Home $5,500 , 2003 FNBO Visa $9,900, 2008 Macys Amex $1900, 2008 Kohls $2,000, 2008 JC Penny $4,500, 2016 TJX Mastercard $1,500, 2019 SDFCU PowerCash Visa $10,000, 2018 AAdvantage Aviator MC $5,600, 2018 HSN $4,500, and 2016 Local Credit Union Visa $5,000. Waiting on them to all report over the next month... Only Kohls is reporting so far... WITH AGE. They use AZEO method.

Member of:
Andrews FCU (Share), PENFED CU (Checking/Share), SDFCU (Share), Alliant CU (Checking/Share), NASA FCU (Share), NWFCU (Checking/Share), Ally Bank (Checking/Savings), BofA (Checking/Share), Navigant CU (Share), Greenwood CU (Share), Elements Financial CU (Share), Ocean State CU (Share), SDFCU (Share), Wells Fargo (Checking), RI Credit Union (Share), CashApp, PayPal Premier (for free direct deposit access with cash card), Paypal Business - Grandfathered 1.5% Cash Back on Biz Debit), Apple Pay Cash, and Venmo.

I WANT to join: Hanscom FCU (For the 2 day early direct deposit).


Burned:
DCU, NFCU, Comenity, Synchrony, Barclays, Discover, Amex, Webbank (Avant), Santander, Citi (Shell), DSNB (Macys), TDRCS (Target+Nordstrom), Capital One (Personal & Business, Kohls, and GM), CreditFirst(Firestone)
Message 9 of 10
Moderator

Re: Home Improvement loan options AFTER Bankruptcy, house included


@MyDataMyChoice wrote:
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

+1

 

With some stipulations, FL is unlimited for a primary residence.

Message 10 of 10
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