Will I be able to get a home equity loan if I am currently in a forebearance agreement with my mortgage?

Posted on Dec 23, 2012 in Stated Income Loans

Question by D G: Will I be able to get a home equity loan if I am currently in a forebearance agreement with my mortgage?
We will be listed as “entering foreclosure” until September, drug cialis 40mg but have already made 5 consecutive payments into the forebearance plan, drugs including a large down payment. However, in order to get our finances in order and pay education costs, we need to take out a home equity loan. Will lenders approve the loan (if we have one great credit score, one bad, and a good income) in our current state? Or would it be rejected outright?

Best answer:

Answer by Bob
Go in and ask. Some lenders look at the score. PERIOD.

Others actually look at you report and situation. Some will give anybody a loan but the rate varies with the score and report contents, others only want really good histories. Places like Beneficial Finance tend to be easier and more expensive. Places like banks tend to be pickier.

Know better? Leave your own answer in the comments!

4 Comments

  1. Bethy B December 23, 2012

    it will most likely be rejected because your credit has taken a recent hit. It will take a very special finance company to do that.

  2. John December 23, 2012

    NO

  3. rlloydevans December 23, 2012

    Some lenders will look at it, provided you have excellent documentation. The interest rates will be exceptionally high, though, since the senior mortgage is in such a ‘dangerous’ situation. The reason is, if the new loan causes problems with your ability to pay on the forebearance plan, the new loan will be worthless.

    You might find it is actually cheaper to do a personal loan.