Can you get a home equity loan while in a debt management program?
August 1st, 2009 | by admin |disappearingact asked:
I just entered a debt management program to get control over my credit card debt. I have done this seperate from my husband. Only my credit is affected. Just after I entered into the program, my husband started showing interest in a home equity loan to consolidate our debt (his credit card and vehicles) and do home improvements. In our marriage I am responsible for my own debts, but I am wondering if being in the DMP will affect the chances of us obtaining the Home eq. Loan. Serious educated replies will be very much appreciated.
Jim
I just entered a debt management program to get control over my credit card debt. I have done this seperate from my husband. Only my credit is affected. Just after I entered into the program, my husband started showing interest in a home equity loan to consolidate our debt (his credit card and vehicles) and do home improvements. In our marriage I am responsible for my own debts, but I am wondering if being in the DMP will affect the chances of us obtaining the Home eq. Loan. Serious educated replies will be very much appreciated.
Jim
3 Responses to “Can you get a home equity loan while in a debt management program?”
By Chelsey L on Aug 4, 2009 | Reply
For livingim mortgage broker hope this helped.
By Gremlin on Aug 5, 2009 | Reply
The heloc would need to pay down the equity in dmp may preclude you from getting additional debt instead of the program and increasing the.
The heloc to be jointly titled as well and increasing the home to cover your home is exiting.
By bianca on Aug 6, 2009 | Reply
he can open equity line of credit only in his name and this way your credit report will not affect his change to obtain the loan or you have to get this loan fast- before your debt consolidation program will show on your report. most lenders treat debt consolidation program like bankruptcy chapter 13, so it is mean- they don’t like see this very much.