HOUSEHOLD REVOLVING HOME EQUITY LOAN TRUST 1996-1
8-K, 1998-02-17
ASSET-BACKED SECURITIES
Previous: COLLAGENEX PHARMACEUTICALS INC, SC 13G, 1998-02-17
Next: ACADIA PARTNERS LP, SC 13G/A, 1998-02-17











              SECURITIES AND EXCHANGE COMMISSION

                    Washington, D.C.  20549


                           FORM 8-K

                        CURRENT REPORT

              Pursuant to Section 13 or 15(d) of
              the Securities Exchange Act of 1934


Date of Report          February 20, 1998                         
     

                                   
                   REVOLVING HOME EQUITY LOAN TRUST 1996-1      
   (Exact name of registrant as specified in Department of the
          Treasury, Internal Revenue Service Form SS-4)


                 HOUSEHOLD FINANCE CORPORATION                 
(Servicer of the Trust)
(Exact name as specified in Servicer's charter)

                              
       Delaware                 0-20909         Not Applicable
 (State or other juris-  (Commission File Number  (IRS Employer
diction of incorporation     of Registrant)      Identification
of Master Servicer)                                Number of
                                                  Registrant)


       2700 Sanders Road, Prospect Heights, Illinois  60070     
     (Address of principal executive offices of      (Zip Code)
                 Master Servicer)


Servicer's telephone number, including area code 847/564-5000  





                                 Exhibit Index appears on page 3 <PAGE>
Item 7.  FINANCIAL STATEMENTS AND EXHIBITS

    (c)  Exhibits

          99(a)     Monthly Servicing Report to Trustee dated
                    February 20, 1998 pursuant to Section 3.04(b)
                    of the Pooling and Servicing Agreement dated
                    as of May 1, 1996 (the "Pooling and Servicing
                    Agreement") among HFC Revolving Corporation,
                    as Seller, Household Finance Corporation, as
                    Servicer, and First National Bank of Chicago,
                    as Trustee, with respect to the Class A
                    Certificates, Series 1996-1.











                           SIGNATURE


     Pursuant to the requirements of the Securities Exchange Act
of 1934, the Servicer has duly caused this report to be signed on
behalf of the Revolving Home Equity Loan Trust 1996-1 by the
undersigned hereunto duly authorized.



                    HOUSEHOLD FINANCE CORPORATION,
                    as Servicer of and on behalf of the

                    REVOLVING HOME EQUITY LOAN TRUST 1996-1
                                (Registrant)




                      By:   /s/ J. W. Blenke                 
                            J. W. Blenke
                            Authorized Representative
Dated:   February 17, 1998

                              - 2 -<PAGE>
                          EXHIBIT INDEX




Exhibit
Number    Exhibit                                                 Page


                                                                    4
99(a)     Monthly Servicing Report to Trustee dated February 20, 1998
          pursuant to Section 3.04(b) of the Pooling and Servicing
          Agreement dated as of May 1, 1996 (the "Pooling and
          Servicing Agreement") among HFC Revolving Corporation, as
          Seller, Household Finance Corporation, as Servicer, and
          First National Bank of Chicago, as Trustee, with respect to
          the Class A Certificates, Series 1996-1.



















                                 - 3 -

HE96-1.8k

*****************************************************************
Household Finance Corporation
Household Revolving Home Equity Loan 
Revolving Home Equity Loan Asset Backed Certificates - Series
1996-1
P & S Agreement Date:              May 1, 1996
Original Settlement Date:           May 23, 1996
Series Number of Class A-1 Certificates:     441919AJ6
Series Number of Class A-2 Certificates:     N/A
Original Sale Balance:             $819,278,000
*****************************************************************

Servicer Certificate (Page 1 of 3)
Distribution Date:                                                
                                                02/20/98

Investor Certificateholder Floating Allocation Percentage         
                                                96.44%
Investor Certificateholder Fixed Allocation Percentage            
                                                97.37%
Aggregate Amount of  Collections                                  
                                    23,985,141.93
     Aggregate Amount of  Interest Collections                    
                                          6,309,049.21
     Aggregate Amount of  Principal Collections                   
                                    17,676,092.72
Class A Interest Collections                                      
                                                6,084,636.33
Class A Principal Collections                                     
                                          16,587,339.39
Seller Interest Collections                                       
                                                224,412.88
Seller Principal Collections                                      
                                                1,088,753.33
Weighted Average Loan Rate                                        
                                                13.58%
Net Loan Rate                                                     
                                                12.58%
Weighted Average Maximum Loan Rate                                
                              18.56%
Class A-1 Certificate Rate                                        
                                                5.7938%
Maximum Investor Certificate Rate                                 
                                                12.5800%
Class A-1 Certificate Interest Distributed                        
                                                2,777,231.27
Class A-1 Investor Certificate Interest Shortfall before Draw     
                              0.00
Unpaid Class A-1 Certificate Interest Shortfall Received          
                              0.00
Unpaid Class A-1 Certificate Interest Shortfall Remaining         
                              0.00
Unpaid Class A-1 Carryover Interest Amount                        
                                    0.00
Maximum Principal Dist. Amount (MPDA)                             
                                    17,210,345.35
Alternative Principal Dist. Amount (APDA)                         
                                    16,587,339.39
Rapid Amortization Period? (Y=1, N=0)                             
                              0.00
Scheduled Principal  Distribution Amount (SPDA)                   
                                    16,587,339.39
Principal  allocable to Class A-1                                 
                                          16,587,339.39
SPDA deposited to Funding Account                                 
                              0.00
Subsequent Funding Mortgage Loans Purchased in Period             
                        0.00
Cumulative Subsequent Funding Mortgage Loans Purchased            
                                    100,781,997.58
Accelerated Principal Distribution Amount                         
                                                0.00
APDA allocable to Class A-1                                       
                                                0.00
Reimbursement to Credit Enhancer                                  
                                                0.00
Spread Trigger hit?                                               
                                          No
Reduction in Certificate Principal Balance
    due to Current Class A-1 Liquidation Loss Amount              
                                          991,457.82
Cumulative Investor Liquidation Loss Amount                       
                                          991,457.82
Total Principal allocable to A-1                                  
                                          17,578,797.21
Beginning Class A-1 Certificate Principal Balance                 
                                    556,663,956.23
Ending Class A-1 Certificate Principal Balance                    
                                    539,085,159.02
Pool Factor (PF)                                                  
                                                0.6580003
Retransfer Deposit Amount (non 2.07 transfers)                    
                              0.00
Servicing Fees Distributed                                        
                                                467,387.82
Beg. Accrued and Unpaid Inv. Servicing Fees                       
                              0.00

Servicer Certificate (Page 2 of  3)
Distribution Date:                                                
                                                02/20/98

Accrued and Unpaid Inv. Servicing Fees Recv'd                     
                              0.00
End. Accrued and Unpaid Inv. Servicing Fees                       
                                    0.00
Number of Mortgage Loans Retransferred pursuant to 2.07           
                              0 
Cumulative Number of Mortgage Loans Retransferred pursuant to
2.07                                      0
Mortgage Loans Retransferred pursuant to 2.07 ($)                 
                              0.00
Cumulative Mortgage Loans Retransferred pursuant to 2.07 ($)      
                        0.00
Aggregate Investor Liquidation Loss Amount                        
                                          991,457.82
Investor Loss Reduction Amount                                    
                                                0.00
Beginning Pool Balance                                            
                                          581,551,317.88
Ending Pool Balance                                               
                                          563,934,012.67
Beginning Invested Amount                                         
                                          560,865,383.23
Ending Invested Amount                                            
                                          543,286,586.02
Beginning Seller Principal Balance                                
                                          20,685,934.65
Ending Seller Principal Balance                                   
                                          20,647,426.65
Additional Balances                                               
                                                1,088,753.33
Beginning Funding Account Balance                                 
                                          0.00
Ending Funding Account Balance                                    
                                    0.00
Ending Funding Account Balance % (before any purchase of
Subsequent Loans or release to Cert           0.00%
Ending Funding Account Balance % (after purchase of Subsequent
Loans or release to Certs.)               0.00%
Principal Balance of Subsequent Funding Loans Purchased in Period 
                              $0.00
Principal Collections to purchase Additional Balances and/or paid
to Cert.                            $0.00
Excess Funding Amount                                             
                                                $0.00
Beginning Spread Account Balance                                  
                                          2,100,714.00
Ending Spread Account Balance                                     
                                          2,100,714.00
Beginning Seller Interest                                         
                                                3.56%
Ending Seller's Interest                                          
                                                3.66%
Delinquency & REO Status
   30 - 59 days (Del Stat 1)
     No. of Accounts
     Trust Balance                                                
                                                1,413
   60 - 89 days (Del Stat 2)                                      
                                          49,377,581.82
     No. of Accounts                                              
                                                330
     Trust Balance                                                
                                          12,236,384.08
   90+ (Del Stat 3+)
     No. of Accounts                                              
                                                647
     Trust Balance                                                
                                          21,744,110.90
   270+ (Del Stat 9+)
     No. of Accounts                                              
                                                238
     Trust Balance                                                
                                                8,306,276.96
   REO
     No. of Accounts                                              
                                                      48
     Trust Balance                                                
                                                2,019,167.26
Rapid Amortization Event ?                                        
                                          No
   Failure to make payment within 5 Business Days of Required
Date ?                                    No
   Failure to perform covenant relating to Trust's Security
Interest ?                                      No
   Failure to perform other covenants as described in the
Agreement ?                               No
   Breach of Representation or Warranty ?                         
                                          No
   Bankruptcy, Insolvency or Receivership relating to Seller ?    
                                          No
   Subject to Investment Company Act of 1940 Regulation ?         
                                    No
   Servicing Termination ?                                        
                                          No
   Aggregate of Credit Enhancement Draw Amounts exceed 1% of the
Cut-off Balance and Pre-Fun   No

Servicer Certificate (Page 3 of  3)
Distribution Date:                                                
                                                02/20/98

Event of Default ?                                                
                                          No
   Failure by Servicer to make payment within 5 Bus. Days of
Required Date ?                           No
   Failure by Servicer to perform covenant relating to Trust's
Security Interest ?                 No
   Failure by Servicer to perform other covenants as described in
the Agreement?                      No
   Bankruptcy, Insolvency or Receivership relating to Master
Servicer ?                                No
   Trigger Event ?                                                
                                          No
Policy Fee Distributed to Credit Enhancer (Paid directly from
HFC)                                      N/A
Premium Distributed to Credit Enhancer                            
                                                0.00
Amount Distributed to Seller                                      
                                                1,313,166.21
Master Servicer Credit Facility Amount                            
                                                0.00
Guaranteed Principal Distribution Amount                          
                                                0.00
Credit Enhancement Draw Amount                                    
                              0.00 
Spread Account Draw Amount                                        
                                                0.00
Capitalized Interest Account Draw                                 
                                                0.00
Amount re-imbursed to Credit Enhancer (5.01(a)(vi))               
                                    0.00
Amount paid to Trustee                                            
                                                0.00
Cumulative Draw under Policy                                      
                                                0.00
Net Yield                                                         
                                                3.96%
Total  Available Funds
     Aggregate Amount of Collections                              
                                    23,985,141.93
     Deposit for principal not used to purchase subsequent loans  
                                    0.00
     Interest Earnings on the Pre-Funding Account                 
                                    0.00
     Deposit from Capitalized Interest Account                    
                                                0.00
     Total                                                        
                                          23,985,141.93
Application of Available Funds
     Servicing Fee                                                
                                                467,387.82
     Prinicpal and Interest to Class A-1                          
                                          20,356,028.48
     Seller's portion of Principal and Interest                   
                                                1,313,166.21
     Funds deposited into Funding Account (Net)                   
                                    0.00
     Funds deposited into Spread  Account                         
                                          0.00
     Excess funds released to Seller                              
                                                1,848,559.42
     Total                                                        
                                          23,985,141.93


OFFICERS'S CERTIFICATE
All computations reflected in this Servicer Certificate were
made in conformity with the Pooling and Servicing Agreement.

The attached Servicing Certificate is true and correct in all 
material respects.

A Servicing Officer
<PAGE>
Statement to Certificateholders (Page 1 of 2)
Distribution Date:                                                
                                                 02/20/98

INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000)
Class A Certificateholder Floating Allocation Percentage          
                                                96.4430%
Class A Certificateholder Fixed Allocation Percentage             
                                                97.3651%
Beginning Class A-1 Certificate Balance                           
                                          556,663,956.23
Class A-1 Certificate Rate                                        
                                          5.793750%
Class A-1 Certificate Interest Distributed                        
                                          3.389852
Class A-1 Certificate Interest Shortfall Distributed              
                                          0.000000
Remaining Unpaid Class A-1 Certificate Interest Shortfall         
                                          0.000000
Rapid Amortization Event ?                                        
                                          No
Class A-1 Certificate Principal Distributed                       
                                          21.456450
   Maximum Principal Distribution Amount                          
                                          21.006722
   Scheduled Principal  Distribution Amount (SPDA)                
                                          20.246289
   Accelerated Principal Distribution Amount                      
                                          0.000000
   Aggregate Investor Liquidation Loss Amount Distributed         
                              1.210160
Total Amount Distributed to Certificateholders                    
                                          23.636141
Principal Collections deposited into Funding Account              
                                    0.00
Ending Funding Account Balance                                    
                                          0.00
Ending Class A-1 Certificate Balance                              
                                          539,085,159.02
Class A-1 Factor                                                  
                                                0.6580003
Pool Factor (PF)                                                  
                                                0.6580003
Unreimbursed Liquidation Loss Amount                              
                                          $0
Accrued Interest on Unreimbursed Liquidation Loss Amount          
                              $0
Accrued & Unpaid Interest on Unreimbursed Liquidation Loss Amount 
                        $0
Class A Servicing Fee                                             
                                                467,387.82
Beginning Invested Amount                                         
                                          560,865,383.23
Ending Invested Amount                                            
                                          543,286,586.02
Beginning Pool Balance                                            
                                          581,551,317.88
Ending Pool Balance                                               
                                          563,934,012.67
Spread Account Draw Amount                                        
                                                0.00
Credit Enhancement Draw Amount                                    
                              0.00
DELINQUENCY & REO STATUS
   30 - 59 days (Del Stat 1)
     No. of Accounts                                              
                                                1,413
     Trust Balance                                                
                                          49,377,581.82
   60 - 89 days (Del Stat 2)
     No. of Accounts                                              
                                                330
     Trust Balance                                                
                                          12,236,384.08
   90+ (Del Stat 3+)
     No. of Accounts                                              
                                                647
     Trust Balance                                                
                                          21,744,110.90
   REO
     No. of Accounts                                              
                                                      48
     Trust Balance                                                
                                                2,019,167.26
Aggregate Liquidation Loss Amount for Liquidated Loans            
                                          781,539.66
Class A-1 Certificate Rate for Next Distribution Date             
                                          To be updated
Amount of any Draws on the Policy                                 
                                                0.00
Subsequent Mortgage Loans
     No. of Accounts                                              
                                                0.00
     Trust Balance                                                
                                                0.00
     Cumulative No. of Accounts                                   
                                          3,249
     Cumulative Trust Balance                                     
                                          100,781,997.58

Statement to Certificateholders (Page 2 of 2)
Distribution Date:                                                
                                                 02/20/98

Retransferred Mortgage Loans pursuant to 2.07
    Number of Mortgage Loans Retransferred pursuant to 2.07       
                                          0
    Cumulative Number of Mortgage Loans Retransferred pursuant to
2.07                                0
    Mortgage Loans Retransferred pursuant to 2.07 ($)             
                                    0.00



© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission