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Secured Homeowner Loans

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(@kerry)
Eminent Member
Joined: 16 years ago
Posts: 33
Topic starter  

Are you allowed to take out a secured loan before you are discharged? And if you are, can you use some of it to pay of the equity payment of the trust deed?


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi kerry.

I'd imagine the only reason a trustee would allow that would be to release the equity for a trust deed.

It's a long time since we heard from someone that could find a lender in such circumstances though.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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(@kerry)
Eminent Member
Joined: 16 years ago
Posts: 33
Topic starter  

Thank you for replying. I was wondering if it would be woth contacting my mortgage provider, who seem to offer additional borrowing, as well as secured loans?


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

There's never any harm in asking kerry, though I don't think you should get your hopes up too much.

It will be important to make sure they understand about your trust deed to avoid a lending offer being made to you that is subsequently withdrawn when they do any pre-lending checks.

Good luck with this. I'm sorry that I couldn't be more positive but lenders really are very wary about any kind of credit problems at the moment.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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