Question : Can you get a home equity loan while in a debt management program?
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.
- asked by disappearingact
All Answers:
Answer #1
It depends on what kind of DMP you are in....is ita consumer proposal?? or did you just get a debtconsolidation loan at the bank?? It also dependson your credit rating. If both parties still havegood credit and aren't in a consumer proposal thenyes there is a good chance that you can still geta home equity loan. This is what I do for aliving....I'm a mortgage broker. I hope thishelped
- answered by Chelsey L
Answer #2
In a lot of cases, being in a DMP may preclude youfrom getting additional debt because some lendersview it as a precursor to bankruptcy.The fact thatthis is a secured loan might help, but you'd needto check with the lender.If the home is in both ofyour names, the HELOC would need to be jointlytitled as well.One option to consider is exitingthe program and increasing the amount of the HELOCto cover your debt as well - and use the equity inyour home to pay down the debt instead of the DMP.
- answered by Gremlin
Answer #3
he can open equity line of credit only in his nameand this way your credit report will not affecthis change to obtain the loan or you have to getthis loan fast- before your debt consolidationprogram will show on your report. most lenderstreat debt consolidation program like bankruptcychapter 13, so it is mean- they don't like seethis very much.
- answered by bianca
| 
measure and fulfill your financial needs
