Legal Question in Bankruptcy in Washington

Bankruptcy and home equity loans

How are Home equity loans dealt with in a chapter 7? Are they dischargeable. Can you lose your home?


Asked on 9/25/97, 12:45 am

1 Answer from Attorneys
Andrew Sargent Law Office of Andrew H. Sargent

Home Equity Loans

A home equity loan is a loan secured by the real property. Secured loans remain in effect and you must reaffirm them or turn over the collateral to the secured lender. If the equity exceeds the exemption the trustee could sell the house to get at the excess equity.

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Answered on 9/25/97, 2:32 pm


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