can i get a home equity line if i've been late on payments?

Not enough info to answer your question... having 2 consecutive late payments over 2 years ago shouldn't be a problem.. but lenders look at your overall credit profile when determining one's eligibility.. Also, lenders based their lending decisions on "Loan to Value" (LTV) calculations.. so having $30K equity on a home worth $40K is awesome, but having $30K equity on a home worth $250K wouldn't be enough equity for most lenders offering HELOC's.. to find out for sure what you qualify for, you need to contact a local mortgage expert.. once they see your complete scenario, they will be better equipped to help you... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

If you have 12 months of on-time mortgage payments, good credit and debt ratio, you may be able to get a HELOC.

It will depend partly on your credit score and total debt compared to income. Keep in mind that most HELOC's will not go over 90% of the current value of the home based on a new appraisal, and that counts the existing mortgage balance. If you're planning to make repairs or improvements, another option is a renovation loan, either FHA 203k or a conventional renovation loan. With 203k you can actually borrow more than the current value of the home if needed, while with conventional the max is 95%. Your current mortgage would be refinanced and the cost of the repairs/improvements would be added to the loan. I'd be glad to work up some #'s for you, I handle both renovation options (but not HELOC's). Click on my name above and it will take you to my contact info.

Yes, if you meet ALL the qualifications for a HELOC.