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Question
Chapter and home equity loans? If you have a 1st for 188k and a second for 137k, but the home is valued currently at 220k, can the 2nd be partialy changed to unsecured debt as part of the repayment plan?
By meow0724 Posted on 03/14/08 Total Answers 2
Answers-
I doubt it but why? Pay the money you owe just as it is and you will thank yourself in the end.
Answer by : Josh On Date 2008-03-14 11:26:42

No, because your loan to value is in a negative situation. Essentially, everything over 220K is unsecured because if it was forclosed on they would only get property value.
Answer by : mitch9262002 On Date 2008-03-14 11:28:46

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