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home equity line of credit modification

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Find relief with SunTrust Bank’s Financial Hardship Loans. Start today!. View home equity line of Credit Menu; Home Equity Line of Credit MENU. Loans – Loans Owned by SunTrust. If your mortgage is owned by SunTrust, please click here for more information on loan modification programs.

A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans footnote 1 such as credit cards. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible.

If you get help under the main program, you may also be eligible for the Second lien modification program (2mp), which can offer similar benefits for any second mortgage you have – probably a home equity loan or home equity line of credit (HELOC).

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Difference Between a Home Equity Line of Credit vs Home. – What is a Home Equity Line of Credit (HELOC)? A home equity line of credit gives you the opportunity of having a credit up to a predetermined amount. This type of loan is much like a credit card, where the lender puts a limit on potential spending. Unlike a credit card, the home equity line of credit is a secured debt, where the borrower’s home is used as collateral.

It may be less damaging to your credit score than a foreclosure sale. Important considerations. A loan modification changes your loan permanently, so it may not be an option if you’re facing a temporary hardship. If you have home equity financing or any other liens on the property, they may need to be addressed separately from your first mortgage.

The 1st answer is "no" you cannot eliminate a home equity line of credit, or HELOC, that is secured by your house in a Chapter 7 bankruptcy while keeping the house. That line of credit must be paid in order to retain your property. There are 3 other solutions: 1 that is inside bankruptcy and 2 outside.

In certain cases of mortgage modification, a second mortgage — or second lien — also will need to be modified. Second mortgages are also known as home equity lines of credit, home equity liens or.