Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do: (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.

Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Heloc after bankruptcy

  • Filter
  • Time
  • Show
Clear All
new posts

  • Heloc after bankruptcy

    My husband filled bankruptcy over five year Ago. It was a bad decision because our house had gone into foreclosure when our house value plummeted while in Michgan, (our realtor told us to just foreclose instead o short said it) and the home equity line of credit would not forgive our second mortgage. However that was 5 1/2 years ago and we have never had a late payment before or after the bankruptcy. His credit has been reestablished he obtained a mortgage last November. My question though is is there a way for us to get a home equity line of credit. We are looking to put in a pool in our backyard and need a small line of credit loan. I've contacted several banks and they will not offer this to us, based only on his bankruptcy five years ago. Has anyone been in this situation? What bank did you use? Based on his credit, my credit, and our income it should be easy to obtain a home equity line of credit, but we are having a hard time. Finding a bank to work wit us. If anyone can help or has been in the situation it would be much appreciated. Thank you!!

  • #2
    If you had a history of on-time payments prior to filing bankruptcy around 2011, then why did you file? Did your home go into foreclosure because you couldn't pay and you filed bankruptcy to save that home? I'm trying to figure out how you came to file bankruptcy. Did you file a Chapter 7 or a Chapter 13?

    You just obtained a new mortgage in November 2016. I can't tell you exactly why certain creditors will not lend to you. If all your scores (FICO, Vantage, Beacon or whatever score the banks are using) are all over 740 you may not have a tough time. If every single one of your scores (under those scoring models) is over 740, then it could be the bankruptcy. You would need to look at the printed decline letter and look at the "reasons" that they declined. I know that for some places, I get a flat out decline because of the bankruptcy. (If you filed and received a Chapter 7 discharge, that probably won't fall off until 2019.)

    Lenders are still a little stingy and they are bearish when giving out loans. If you were trying places like Lightstream (Suntrust) or others like that, they are super difficult to obtain. Have you tried a generic request through Lending Tree or have you been submitting them one at a time to varying "big-bank" creditors?

    Maybe back to the basic questions. Do you even have any (significant) equity? What is the LTV values that the lender requires? What about the CLTV (since it's a "junior" mortgage)/ Have you seen their Rate Sheet (I just look at some and I did not see any that go above 90% CLTV/HCLTV. Many required a 760+ score to obtain an 80% HCLTV.)

    I guess I'm saying that it may not be the bankruptcy itself (unless your discharge was less than 4 years ago).
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.


    • #3
      We had already purchased a new house and we were renting out our other house. The value was about $100,000 less than we had bought it originally so we could not sell it and pay out that 100,000. When our renters left and we couldn't get renters to cover the existing mortgage, our realtor told us to stop making payments and let it go into foreclosure. We had considered a short sale but he advised us wrong and said it wasn't a good idea. At that point we were forgiven our foreclosure on the first mortgage but the second equity line would not forgive us. We called them (Wells Fargo) and explained our hardships, asked to be on a payment plan, and also asked to settle at a lower amount which they all declined. That was all back in 2009, and then bankruptcy filed in 2011 basucally to free us from the second mortgage. 5 and a half years later, we purchased this new house November 2016 and put 20% down, but because it is so new don't have a lot of equity in it. We would need a home equity loan above 85%. And we have contacted SunTrust, a credit union, KeyBank, BB&T, and they are all a no. Debt to ratio is not bad, income is quite high, and credit is actually fairly good for a bankruptcy, around a 700 . Wondering if we would have better luck anywhere else at a different bank..., we're pretty desperate to put in the pool so any suggestions would help.


      • #4
        I would try Lending Tree next as you appear to have gone through 4 lenders. The credit unions would have been a better place than the no-nonsense SunTrust, KeyBank and BB&T. Lending Tree will actually run the credit themselves and then send that credit profile to several lenders and you await responses. I have personally used SunTrust in the past for exactly what you want, a pool. However, that was when they let me get a third mortgage and go to 125% HCLTV on the HELOC (that home was sold years before I ever filed bankruptcy, and at a 50% profit/gain).

        For HELOCs, you'll probably need to be at least at 720 middle and probably over 740. However, the Lending Tree route may work as they work with several different lenders. Without high scores, the loan-to-value rations will be quite low (CLTV/HCLTV less than 90%). You seem to be right at 85% and 80% may be your highest HCLTV you can get with the scores that you have.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        I am not an attorney. Any advice provided is not legal advice.


        • #5

          I just feel the need to comment on this. I apologize in advance but, doing what I do for a living, I see a real problem here.

          Why would anyone be “desperate to put in a pool”?

          You are doing exactly what causes folks to end up in my office. . . putting the roof over your head at risk by increasing what you owe on it just so that you can add the luxury of a pool. Think about what is wrong with this picture.

          You are having a tough time finding a lender. Maybe there is a good reason for that. Instead of running up debt why don’t you hold off putting in that pool until you have saved far in excess of the $30,000.00 or so that it will cost? Be smart with your money. Only buy what you can afford to pay for with cash, especially when dealing with a non-necessity.

          Granted my words will most likely fall on deaf ears and may result in a negative response to this post but, such is the reason I make a very good living.



          • #6
            Originally posted by despritfreya View Post

            I just feel the need to comment on this. I apologize in advance but, doing what I do for a living, I see a real problem here.

            Why would anyone be “desperate to put in a pool”?.

            I am glad someone came right out and said it. A pool is a LUXURY--it is not a necessity. If you cannot pay cash for such a luxury then you cannot afford it, plain and simple. Why would you put your home at risk to finance a pool, as well as incur ongoing pool maintenance costs, higher homeowner's insurance costs, etc, when there are such things as public pools? It just doesn't make sense.


            Unconfigured Ad Widget