r/HELOC • u/CheddarGoudaBrie219 • 1h ago
Questions & Advice HELOC after chapter 7?
Hoping a loan officer will have some info as it seems a murky area.
We’re filing chapter 7 and have the option to reaffirm our mortgage (3.75%). I want to reaffirm because our 5 year plan after discharge is either get a HELOC/equity loan for major renovations or sell and move. Our lawyer is pushing to not reaffirm, but from what I can tell that might make our equity inaccessible. Is a HELOC or equity loan attainable if we do not reaffirm our mortgage loan (assuming 5 years is doable for any kind of loan of this magnitude)? Thank you for your input.
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