I'm asking on behalf of my mother. I told her to just go ask the bank where she has her loan but I'm curious. She took out her first loan on the house many years ago and then paid it off completely.
Then she took out a home equity loan 10 years ago on the house on which she still owes 75k.
Now she's in serious debt and can't file for bankruptcy because they'll just take the house. Can she edit this loan to take out more against the house? Zillow currently says it's worth 210k.
I have read that a third mortgage is rare and that "refinancing" is usually done to get loans smaller not bigger.
Sorry I'm not more well versed on this subject
Read more: Is it possible to get more money from a home equity loan or to get another one?
