Equity Credit Line Michigan

Can ANYONE get a Home equity line of credit in Michigan, or are they just not giving them to pepole in Michigan. I got perfect credit and want to add on to my home please help!!!

Many banks are just not loaning money on home equity lines right now due to the credit crunch facing the nations banks.
The problem may not be with your credit but the value of your home compared to what you want to borrow.

If you have a first mortgage and the mortgage amount is 80% of the value of the home you will find it difficult to get a second mortgage.

2008-03-29 14:15:10 by Karri

Simple example of borrowing from equity to fuel consumption

My husband and I have a house that is in his name only that we are going to do a "Deed in Lieu of Foreclosure" on. I don't want my credit to be affected. We have a home equity line of credit on this house that is in both of our names, and I don't want to default on. Can I continue to make payments as normal on the home equity line? I thought I read somewhere that if I lose the house, the total amount on the home equity line will become immediately due, but I'm not sure. Also, I live in Michigan.

The lender will not do a deed in lieu with a second lien attached to the property i.e. your home equity loan since the deed in lieu will not wipe out the second lien holder interest in the property, the first lender would take the property with the second lien still in place, so in your case short sale where all lien holders agree or official judicial foreclosure by the first lien holder in order to wipe out the second

Also note: home equity is a recourse loan, so no matter what you are personally liable for the loan amount if you default

2009-07-25 06:35:11 by J McG

and I have a home equity line of credit also (2nd mortgage). What will happen to the equity line of credit. Will they come after me for that? Will I still need to make my payments? Or does anybody know where I can find information on foreclosure in my state?

Keep in mind that choosing to let your home go into foreclosure, may be considered fraud down the road.

I suggest you explore all of your options.

Credit Counseling and Housing Counseling is provided by at least these three sites.

http://www.nfcc.org/
http://www.hud.gov/local/index.cfm?state =mi on right hand column
http://www.michigan.gov/mshda/0,1607,7-1 41-45866_47905-177801--,00.html

Or, a foreclosure attorney may be a choice

Or, a "short sale" may be a choice.

All of these sources will have options, and yes, as mentioned there are additional programs in the works and one was initiated March 4th. You may or may not qualify for any of these programs.

I wish you well.

2009-03-04 15:05:30 by Brooklyn Michael is 7 months old