EQUIVANTAGE HOME EQUITY LOAN ASSET BACKED CERT SRS 1997-02 T
8-K, 1997-09-08
ASSET-BACKED SECURITIES
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                       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 :  August 25, 1997

(Date of earliest event reported)

Commission File No.:  333-23141


Equivantage Acceptance Corporation, 
Home Equity Loan Asset-Backed Certs., Series 1997-2 Trust

New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)


PENDING
(I.R.S. Employer Identification No.)

11000 Broken Land Parkway
Columbia, MD                                                          21044
(Address of principal executive offices)                         (Zip Code)


(410) 884-2000
Registrant's Full Telephone Number


(Former name, former address and former fiscal year,
               if changed since last report)
<PAGE>

ITEM 5.  Other Events

On August 25, 1997 a distribution was made to holders of
Equivantage Acceptance Corporation, 
Home Equity Loan Asset-Backed Certs., Series 1997-2 Trust.

ITEM 7.  Financial Statements and Exhibits

(c)  Exhibits

Item 601(a) of
Regulation S-K
Exhibit Number                       Description

(EX-99.1)      Monthly report distributed to holders of Home Equity Loan
               Asset-Backed Certs., Series 1997-2 Trust, relating to the August
               25, 1997 distribution


Pursuant to the requirements of the Securities Exchange Act of                  
1934, the registrant has duly caused this report to be signed on                
its behalf by the undersigned hereunto duly authorized.                         

Equivantage Acceptance Corporation, 
Home Equity Loan Asset-Backed Certs., Series 1997-2 Trust


September 3, 1997     by Norwest Bank Minnesota, N.A., as Trustee
                      /s/ Sherri J. Sharps, Vice President


                                 INDEX TO EXHIBITS



Exhibit Number                       Description

(EX-99.1)      Monthly report distributed to holders of Home Equity Loan
               Asset-Backed Certs., Series 1997-2 Trust, relating to the August
               25, 1997 distribution



<TABLE>
<CAPTION>
Equivantage Acceptance Corporation
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date:             31-Jul-1997
Distribution Date:       25-Aug-1997

EHELT Series 1997-2

     Customer Service
     Norwest Bank Minnesota, N.A.
     Securities Administration Services
     11000 Broken Land Parkway
     Columbia, MD 21044
     Telephone:(410) 884-2173
     Fax:(410) 884-2369
                                        Certificateholder Distribution Summary
                                                                                                                        
                              Certificate     Certificate      Beginning                                     Current    
                                 Class        Pass-Through    Certificate     Interest       Principal      Realized    
Class          CUSIP          Description         Rate          Balance     Distribution   Distribution       Loss      
<S>     <C>                 <C>             <C>             <C>            <C>            <C>            <C>            
A-1          29476YAV1            SEQ           6.57500%      23,358,085.25     127,982.84     837,472.56           0.00
A-2          29476YAW9            SEQ           6.80000%      15,600,000.00      88,400.00           0.00           0.00
A-3          29476YAX7            SEQ           7.27500%      11,683,000.00      70,828.19           0.00           0.00
A-4          29476YAY5            SEQ           7.00000%       5,675,000.00      33,104.17           0.00           0.00
A-5          29476YAZ2            SEQ           5.90750%      42,486,312.30     216,128.46   1,095,047.73           0.00
FSA          FSA97002X            FSA           0.16000%               0.00      13,013.97           0.00           0.00
RL           EHT9702RL             RL           0.00000%               0.00           0.00           0.00           0.00
RU           EHT9702RU             RU           0.00000%               0.00           0.00           0.00           0.00
B            EHT97002B            SUB           0.00000%       1,269,894.12           0.00           0.00           0.00

</TABLE>
<TABLE>
<CAPTION>
                                        Certificateholder Distribution Summary (continued)

               Ending                          Cumulative   
            Certificate          Total          Realized    
Class         Balance         Distribution       Losses     
<S>     <C>                 <C>             <C>             
A-1            22,520,612.69      965,455.40            0.00
A-2            15,600,000.00       88,400.00            0.00
A-3            11,683,000.00       70,828.19            0.00
A-4             5,675,000.00       33,104.17            0.00
A-5            41,391,264.57    1,311,176.19            0.00
FSA                     0.00       13,013.97            0.00
RL                      0.00            0.00            0.00
RU                      0.00            0.00            0.00
B               1,554,971.28            0.00            0.00

<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator
on behalf of the Trustee.
</FN>
</TABLE>
<PAGE>

<TABLE>
<CAPTION>

                                           Principal Distribution Statement

                                                                                                                        
              Original         Beginning       Scheduled      Unscheduled                                     Total     
                Face          Certificate      Principal       Principal                     Realized       Principal   
Class          Amount           Balance       Distribution   Distribution     Accretion      Loss (1)       Reduction   
<S>     <C>                 <C>             <C>             <C>            <C>            <C>            <C>            
A-1            23,800,000.00   23,358,085.25      837,472.56           0.00           0.00           0.00     837,472.56
A-2            15,600,000.00   15,600,000.00            0.00           0.00           0.00           0.00           0.00
A-3            11,683,000.00   11,683,000.00            0.00           0.00           0.00           0.00           0.00
A-4             5,675,000.00    5,675,000.00            0.00           0.00           0.00           0.00           0.00
A-5            43,242,000.00   42,486,312.30    1,095,047.73           0.00           0.00           0.00   1,095,047.73
FSA                     0.00            0.00            0.00           0.00           0.00           0.00           0.00
RL                      0.00            0.00            0.00           0.00           0.00           0.00           0.00
RU                      0.00            0.00            0.00           0.00           0.00           0.00           0.00
B                 969,071.84    1,269,894.12            0.00           0.00           0.00           0.00           0.00

<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
                                           Principal Distribution Statement (continued)

               Ending           Ending         Total      
            Certificate      Certificate     Principal    
Class         Balance         Percentage    Distribution  
<S>     <C>                 <C>           <C>             
A-1            22,520,612.69    0.94624423      837,472.56
A-2            15,600,000.00    1.00000000            0.00
A-3            11,683,000.00    1.00000000            0.00
A-4             5,675,000.00    1.00000000            0.00
A-5            41,391,264.57    0.95720051    1,095,047.73
FSA                     0.00    0.00000000            0.00
RL                      0.00    0.00000000            0.00
RU                      0.00    0.00000000            0.00
B               1,554,971.28    1.60459856            0.00

</TABLE>



<TABLE>
<CAPTION>

                                        Principal Distribution Factors Statement

                                                                                                                        
              Original         Beginning       Scheduled      Unscheduled                                     Total     
                Face          Certificate      Principal       Principal                     Realized       Principal   
Class (2)       Amount           Balance       Distribution   Distribution     Accretion      Loss (3)       Reduction   
<S>     <C>                 <C>             <C>             <C>            <C>            <C>            <C>            
A-1            23,800,000.00    981.43215336     35.18792269     0.00000000     0.00000000     0.00000000    35.18792269
A-2            15,600,000.00   1000.00000000      0.00000000     0.00000000     0.00000000     0.00000000     0.00000000
A-3            11,683,000.00   1000.00000000      0.00000000     0.00000000     0.00000000     0.00000000     0.00000000
A-4             5,675,000.00   1000.00000000      0.00000000     0.00000000     0.00000000     0.00000000     0.00000000
A-5            43,242,000.00    982.52421951     25.32370681     0.00000000     0.00000000     0.00000000    25.32370681
FSA                     0.00      0.00000000      0.00000000     0.00000000     0.00000000     0.00000000     0.00000000
RL                      0.00      0.00000000      0.00000000     0.00000000     0.00000000     0.00000000     0.00000000
RU                      0.00      0.00000000      0.00000000     0.00000000     0.00000000     0.00000000     0.00000000
B                 969,071.84   1310.42309515      0.00000000     0.00000000     0.00000000     0.00000000     0.00000000

<FN>
(2) All classes are per $1,000 denomination.
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>

                                        Principal Distribution Factors Statement (continued)

                                                            
               Ending            Ending          Total      
            Certificate       Certificate      Principal    
Class (4)      Balance          Percentage     Distribution  
<S>     <C>                 <C>             <C>             
A-1             946.24423067      0.94624423     35.18792269
A-2            1000.00000000      1.00000000      0.00000000
A-3            1000.00000000      1.00000000      0.00000000
A-4            1000.00000000      1.00000000      0.00000000
A-5             957.20051270      0.95720051     25.32370681
FSA               0.00000000      0.00000000      0.00000000
RL                0.00000000      0.00000000      0.00000000
RU                0.00000000      0.00000000      0.00000000
B             1,604.59856103      1.60459856      0.00000000

<FN>
(4) All classes are per $1,000 denomination.
</FN>
</TABLE>
<PAGE>

<TABLE>
<CAPTION>

                                            Interest Distribution Statement
                                                                                                                          
                                                                               Payment of                                 
                                                Beginning                      Previously                                 
              Original          Current        Certificate/       Current        Unpaid         Current     Non-Supported 
                Face          Certificate        Notional         Accrued       Interest       Interest       Interest    
Class          Amount             Rate           Balance         Interest       Shortfall      Shortfall      Shortfall   
<S>     <C>                 <C>             <C>               <C>            <C>            <C>            <C>            
A-1            23,800,000.00        6.57500%     23,358,085.25     127,982.84           0.00           0.00           0.00
A-2            15,600,000.00        6.80000%     15,600,000.00      88,400.00           0.00           0.00           0.00
A-3            11,683,000.00        7.27500%     11,683,000.00      70,828.19           0.00           0.00           0.00
A-4             5,675,000.00        7.00000%      5,675,000.00      33,104.17           0.00           0.00           0.00
A-5            43,242,000.00        5.90750%     42,486,312.30     216,128.46           0.00           0.00           0.00
FSA                     0.00        0.16000%     98,802,397.56      13,013.97           0.00           0.00           0.00
RL                      0.00        0.00000%              0.00           0.00           0.00           0.00           0.00
RU                      0.00        0.00000%              0.00           0.00           0.00           0.00           0.00
B                 969,071.84        0.00000%      1,269,894.12           0.00           0.00           0.00           0.00

</TABLE>
<TABLE>
<CAPTION>

                                            Interest Distribution Statement (continued)
                                                                              
                                               Remaining                      
                                               Cumulative         Ending      
                                 Total           Unpaid        Certificate/   
              Realized          Interest        Interest         Notional     
Class        Losses (5)       Distribution     Shortfall         Balance      
<S>     <C>                 <C>             <C>             <C>               
A-1                     0.00      127,982.84            0.00     22,520,612.69
A-2                     0.00       88,400.00            0.00     15,600,000.00
A-3                     0.00       70,828.19            0.00     11,683,000.00
A-4                     0.00       33,104.17            0.00      5,675,000.00
A-5                     0.00      216,128.46            0.00     41,391,264.57
FSA                     0.00       13,013.97            0.00     96,877,674.07
RL                      0.00            0.00            0.00              0.00
RU                      0.00            0.00            0.00              0.00
B                       0.00            0.00            0.00      1,554,971.28

<FN>
(5) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<PAGE>

<TABLE>
<CAPTION>

                                          Interest Distribution Factors Statement
                                                                                                                          
                                                                               Payment of                                 
                                               Beginning                       Previously                                 
              Original          Current       Certificate/       Current         Unpaid         Current     Non-Supported 
                Face          Certificate       Notional         Accrued        Interest       Interest       Interest    
Class (6)       Amount             Rate          Balance         Interest        Shortfall      Shortfall      Shortfall   
<S>     <C>                 <C>             <C>             <C>              <C>            <C>            <C>            
A-1            23,800,000.00        6.57500%    981.43215336       5.37743025     0.00000000     0.00000000     0.00000000
A-2            15,600,000.00        6.80000%   1000.00000000       5.66666667     0.00000000     0.00000000     0.00000000
A-3            11,683,000.00        7.27500%   1000.00000000       6.06250021     0.00000000     0.00000000     0.00000000
A-4             5,675,000.00        7.00000%   1000.00000000       5.83333392     0.00000000     0.00000000     0.00000000
A-5            43,242,000.00        5.90750%    982.52421951       4.99811433     0.00000000     0.00000000     0.00000000
FSA                     0.00        0.16000%    988.02397560       0.13013970     0.00000000     0.00000000     0.00000000
RL                      0.00        0.00000%      0.00000000       0.00000000     0.00000000     0.00000000     0.00000000
RU                      0.00        0.00000%      0.00000000       0.00000000     0.00000000     0.00000000     0.00000000
B                 969,071.84        0.00000%   1310.42309515       0.00000000     0.00000000     0.00000000     0.00000000

<FN>
(6) All classes are per $1000 denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>

                                          Interest Distribution Factors Statement (continued)

                                                                                    
                                                     Remaining                      
                                                     Cumulative         Ending      
                                   Total               Unpaid        Certificate/   
             Realized             Interest            Interest         Notional     
Class       Losses (7)          Distribution         Shortfall         Balance      
<S>     <C>               <C>                     <C>             <C>               
A-1             0.00000000              5.37743025      0.00000000      946.24423067
A-2             0.00000000              5.66666667      0.00000000     1000.00000000
A-3             0.00000000              6.06250021      0.00000000     1000.00000000
A-4             0.00000000              5.83333392      0.00000000     1000.00000000
A-5             0.00000000              4.99811433      0.00000000      957.20051270
FSA             0.00000000              0.13013970      0.00000000      968.77674070
RL              0.00000000              0.00000000      0.00000000        0.00000000
RU              0.00000000              0.00000000      0.00000000        0.00000000
B               0.00000000              0.00000000      0.00000000     1604.59856103

<FN>
(7) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<PAGE>

<TABLE>
<CAPTION>


                              CERTIFICATE ACCOUNT

<S>                                                         <C>
Beginning Balance                                                      0.00
Deposits
     Payments of Interest and Principal                        1,693,473.82
     Liquidations, Insurance Proceeds, Reserve Funds                   0.00
     Proceeds from Repurchased Loans                                   0.00
     Other Amounts (Servicer Advances)                           826,188.66
       Realized Losses                                                 0.00
                                                            __________________

Total Deposits                                                 2,519,662.48


Withdrawals
     Reimbursement for Servicer Advances                               0.00
     Payment of Service Fee                                       37,684.57
     Payment of Interest and Principal                         2,481,977.92
                                                            __________________



Total Withdrawals (Pool Distribution Amount)                   2,519,662.49



Ending Balance                                                         0.00
                                                            __________________
                                                            __________________

</TABLE>
<PAGE>


<TABLE>

<CAPTION>


                             SERVICER ADVANCES

<S>                                                         <C>

Beginning Balance                                                      0.00
Current Period Advances By Servicer                              826,188.66
Reimbursement of Advances                                              0.00
Ending Cumulative Advances                                       826,188.66

</TABLE>

<TABLE>

<CAPTION>
                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<S>                                                         <C>

Total Prepayment/Curtailment Interest Shortfall                    6,070.60
Servicing Fee Support                                             (6,070.60)
                                                            __________________
Non-Supported Prepayment/Curtailment Interest Shortfall                0.00
                                                            __________________
                                                            __________________

</TABLE>
<TABLE>
<CAPTION>
                               SERVICING FEES
                
<S>                                                    <C>
Gross Servicing Fee                                               41,696.78
Trustee Fee                                                        2,058.38
Supported Prepayment/Curtailment Interest Shortfall               (6,070.60)
                                                            __________________
Net Servicing Fee                                                 37,684.56
                                                            __________________
                                                            __________________
</TABLE>
<TABLE>
<CAPTION>
  GROUP 1 MORTGAGE LOANS:  DELINQUENCY STATUS/LOSSES

                                            Percentage      Percentage
              Loans Count   Unpaid Balance  Loans Count   Unpaid Balance
<S>                <C>       <C>                <C>             <C>
                                                                            
  30 Days          11         827,172.26        1.24%           1.48%
  60 Days           2         131,950.00        0.23%           0.24%
  90+ Days          0               0.00        0.00%           0.00%
  Foreclosure       0               0.00        0.00%           0.00%
  REO               0               0.00        0.00%           0.00%

  Totals           13         959,122.06        1.47%           1.72%
</TABLE>
<TABLE>
<CAPTION>
  GROUP 2 MORTGAGE LOANS:  DELINQUENCY STATUS/LOSSES

                                              Percentage      Percentage
                Loans Count   Unpaid Balance  Loans Count   Unpaid Balance
                                                                               
<S>                 <C>          <C>            <C>             <C>  
  30 Days           0            0.00           0.00%           0.00%
  60 Days           4      255,074.13           0.82%           0.60%
  90+ Days          2      171,551.24           0.41%           0.40%
  Foreclosure       0            0.00           0.00%           0.00%
  REO               0            0.00           0.00%           0.00%

  Totals            6      426,625.00           1.23%           1.00%
</TABLE>
<TABLE>
<CAPTION>

                                                      Group 1                      Group 2
  Collateral Description                             FIXED                        ARM

<S>                                                                <C>                           <C>      
  Weighted Average Gross Coupon                                    10.862721%                    9.902044%
  Weighted Average Net Coupon                                      10.177721%                    9.217044%

  Weighted Average Maturity (Stepdown Calculation)                248                          355

  Beginning Scheduled Collateral Loan Count                       893                          496
  Number of Loan Payoffs                                            9                           10
  Ending Scheduled Collateral Loan Count                          884                          486

  Ending Actual Collateral Balance July 31, 1997           55,817,977.41                42,608,065.65

  Monthly P&I Constant                                        554,695.06                   378,211.55

Group Specified Subordinated Amount                         1,907,593.02                 2,576,595.92
Beg. Group Subordinated Amount                                175,627.62                 1,094,266.51
End. Group Subordinated Amount                                338,742.78                 1,216,228.50
Group Subordination  Increase Amount                          163,115.16                   121,961.99
Group Subordination  Reduction Amount                               0.00                         0.00
</TABLE>


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