Home Equity Loan

Can a person has two equity line of credit on the same house?

the house still has equity left for a second equity line with another bank.

Public Comments

1. Yes. You can do this. I'm not sure if it'll be easy or not. Good luck.
2. Can you? Yes Should you? Probably not. Many people in foreclosure right now are losing their homes for defaulting on equity lines. They can make their mortgage, but not the equity. And it doesn't matter, they can still take your home. With property values plummeting, jobs going overseas and mortgages becoming harder to get, we are no where near the bottom of the mess. So, the "equity" you have today may not be there tomorrow, which would mean you couldn't refi the house to get rid of the extra debt. Play it safe until we know where the economy is going, don't take on additional debt unless absolutely necessary! Finally, realize that most legitimate companies will only allow you to borrow up to 80% of your home's value. So unless the equity you have left is MORE than 20%, you don't have any to borrow against.
3. technically yes, the only problem is that you probablly want to have it with the same bank if you also have a mortgage on the house. Not many landers will take a 3rd lien on the house especially when market values keep crashing like they are now with all the forclosures. as a bank you dont want to have 3rd lien where your cut might not be secured anymore by any collateral in a couple of months.