Need a HELOC on my townhouse.

When it comes to first position mortgage finance, there are "Conforming" loan programs such as FHA, VA, USDA and Conventional.. But when it comes to second position liens, like 2nd loans or HELOC's.. there is no standardized set of lending rules.. each lender who offers this type of financing can have their own rules and guidelines.. Since these loans are much more risky than a 1st position loan, most all will require a much stronger credit profile than a first position lien.. If you default on the 1st position, the lender can foreclose, and if the home sells at auction at or below the first position balance, then any subsequent liens do not have to be paid.. This puts lenders in a bad position of they hold a 2nd for a property going into foreclosure.. for this reason, I doubt you will find any lender out there that will offer you a HELOC just out of a BK.. you might need to wait 7 or more years... or until the BK no longer shows on your credit report. Now, depending on your equity position, it's possible to do a cash out refinance, 1st position loan.. depending on the loan details, it's possible this can be done as soon as 3 years after the discharge date... I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

William is absolutely correct about HELOCs though there are options for you right now depending on credit score, loan to value,type of property and occupancy. Feel free to give me a call regarding the options available to you. NO OBLIGATION. If decide to work together I will offer you the absolutely lowest cost scenario possible.Mel S.BakerArcstone Financial(310) 985-9778 NMLS 80541