Question: I was 4 months behind in my mortgage and applied for a loan modification which I received. I just finished paying my first 3 month trial with no late payments. If I could get 25000.00 from my home equity that would pay everything off and I would not be in this predictiment. I owe 60thousand and my home is appraised at 165 thousand. I went thru a divorce and my husband refinanced it before he left. My home would have been paid off now I owe another 11 years left on a 15yr mortgage. Is it possible to get a home equity when you are in loan modification? The loan is in my x husbands name but the house is in mine.

Answers

Posted By: loanmodpro on Dec 01, 2009 11:12AM

A: Well, if I understand it correctly, a home equity loan does not make much sense here. All you would be doing is to take out one loan to pay another because you will still be owing money on your home equity loan.