Heloc requirements and new loan requirements after delinquency

3 Replies

Hey does anyone know if there are restrictions in obtaining a heloc after a loan modifications. How long do you wait to qualify for new loan after being delinquent for 4 months?

@Lk Spencer , if I was a Lender, I'd always go back to the first question: How much equity do you still have in the property? If by asking for another loan modification (or HELOC) you could be brought current, and were deemed responsible to not become delinquent again, then sure, I'd look at your application. But good luck meeting actual Lenders' criteria!...

Originally posted by @Lk Spencer :

So the loan has been current for the last 16 months. I’m wondering when I will
Actually be ready for for a heloc. I have 250k in equity.

 Sorry, I don't know. You can ask your current Lender (16 months of no issues looks good to me). If you get a negative response, there's nothing stopping you from asking other Lenders!

Afaik, it's still competitive out there. Lenders want to lend money. Lenders need to lend money!

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