EQCC HOME EQUITY LOAN TRUST 1998-2
8-K, 1998-11-30
ASSET-BACKED SECURITIES
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                                    UNITED  STATES
                      SECURITIES  AND  EXCHANGE  COMMISSION

                             WASHINGTON,  DC  20549


                                    FORM  8-K

                                 CURRENT  REPORT

                  PURSUANT  TO  SECTION  13  OR  15(D)  OF  THE
                       SECURITIES  EXCHANGE  ACT  OF  1934



    DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): NOVEMBER 16, 1998


                       EQCC HOME EQUITY LOAN TRUST 1998-2
                       ----------------------------------
              (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)




                                                      59-3521397
      DELAWARE               333-48053                59-7126186
      --------               ---------                ----------
      (STATE OR OTHER        (COMMISSION FILE         (IRS EMPLOYER
      JURISDICTION OF        NUMBER)                  IDENTIFICATION NO.)
      INCORPORATION


                        EQCC HOME EQUITY LOAN TRUST 1998-2
                            10401 DEERWOOD PARK BLVD.
                           JACKSONVILLE, FLORIDA 32256

                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
                    ----------------------------------------

     REGISTRANT'S  TELEPHONE  NUMBER  INCLUDING  AREA  CODE:  (904)  987-5000

<PAGE>
ITEM  5.               OTHER  EVENTS
                       -------------

               THE  REGISTRANT  HEREBY INCORPORATES BY REFERENCE THE INFORMATION
               CONTAINED  IN  EXHIBIT  99  HERETO IN RESPONSE TO THIS ITEM 5.


ITEM  7.               FINANCIAL  STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND
                       ---------------------------------------------------------
                       EXHIBITS
                       -------

(C)     EXHIBITS

99               TRUSTEE'S  REMITTANCE  REPORT  IN RESPECT OF THE NOVEMBER 1998,
                 REMITTANCE  DATE.

<PAGE>
                                   SIGNATURES

PURSUANT  TO  THE  REQUIREMENTS  OF THE SECURITIES AND EXCHANGE ACT OF 1934, THE
REGISTRANT  HAS  DULY  CAUSED  THIS  REPORT  TO  BE  SIGNED ON ITS BEHALF BY THE
UNDERSIGNED  HEREUNTO  DULY  AUTHORIZED.

                    SERIES EQCC HOME EQUITY LOAN TRUST 1998-2
                    -----------------------------------------
                                   (REGISTRANT)

                        EQUICREDIT CORPORATION OF AMERICA
                        ---------------------------------
                                AS REPRESENTATIVE


DATED:   NOVEMBER 30, 1998         BY:  \s\ James B. Dodd
         -----------------              -----------------
                                   NAME:    JAMES  B.  DODD
                                   TITLE:   VICE  PRESIDENT  / GENERAL COUNSEL
                                           (DULY  AUTHORIZED  OFFICER)


<PAGE>
                                INDEX TO EXHIBITS
                                -----------------



EXHIBIT
NUMBER                         EXHIBIT
- ------                         -------

99          TRUSTEE'S  REMITTANCE  REPORT  IN  RESPECT  OF  THE  NOVEMBER  1998,
            REMITTANCE  DATE.

<PAGE>

<TABLE>
<CAPTION>
                                                                                             EXHIBIT 99

                                       U.S. BANK NATIONAL ASSOCIATION
                                                 AS TRUSTEE

                                            REMITTANCE REPORT FOR

            EQCC  HOME  EQUITY  LOAN  ASSET  BACKED  CERTIFICATES,  SERIES  1998-2
- ----------------------------------------------------------------------------------

From        OCT.  15,  1998

To          NOV.  16,  1998



                                                                                             TOTAL
<S>       <C>  <C>                                                                       <C>
(i)           AVAILABLE PAYMENT AMOUNT                                                   13,343,456.71 
              Portions subject to bankrupty                                                       0.00 

(ii)          CLASS A-1F PRINCIPAL BALANCE (Beginning)                                  256,862,233.64 
              CLASS A-2F PRINCIPAL BALANCE (Beginning)                                   22,350,000.00 
              CLASS A-3F PRINCIPAL BALANCE (Beginning)                                  191,650,000.00 
              CLASS A-4F PRINCIPAL BALANCE (Beginning)                                   70,250,000.00 
              CLASS A-5F PRINCIPAL BALANCE (Beginning)                                   69,147,344.00 
              CLASS A-6F PRINCIPAL BALANCE (Beginning)                                   58,600,000.00 
              CLASS A-7F PRINCIPAL BALANCE (Beginning)                                   54,400,000.00 

              POOL PRINCIPAL BALANCE (Beginning)                                        723,259,577.64 

(iii)         MORTGAGES:
              NUMBER OF PRINCIPAL PREPAYMENTS                                                      190 
              PRINCIPAL BALANCE OF MORTGAGES PREPAYING                                    8,406,896.25 

(iv)          AMOUNT OF CURTAILMENTS RECEIVED                                               140,220.87 

(v)           AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
              MONTHLY PAYMENTS RECEIVED                                                     958,859.09 

(vi)          INTEREST RECEIVED ON MORTGAGES                                              6,090,319.06 

(vii)         AGGREGATE ADVANCES                                                          4,441,445.07 

(viii)    a.  DELINQUENCY INFORMATION (INCLUDES
              BANKRUPTCY & FORECLOSURES & REO):
              MORTGAGE DELINQUENCIES 30-59 DAYS:
              NUMBER                                                                               248 
              PRINCIPAL BALANCE                                                          12,985,013.61 
              % OF PRINCIPAL                                                                      1.82%

              MORTGAGE DELINQUENCIES 60-90 DAYS:
              NUMBER                                                                               129 
              PRINCIPAL BALANCE                                                           6,565,627.07 
              % OF PRINCIPAL                                                                      0.92%

              MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
              NUMBER                                                                               207 
              PRINCIPAL BALANCE                                                          12,313,386.44 
              % OF PRINCIPAL                                                                      1.73%

          b.  MORTGAGES IN BANKRUPTCY (TOTAL)
              NUMBER                                                                                77 
              PRINCIPAL BALANCE                                                           4,254,149.61 
              % OF PRINCIPAL                                                                      0.60%

              BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
              BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
              NUMBER                                                                                10 
              PRINCIPAL BALANCE                                                             917,479.87 
              % OF PRINCIPAL                                                                      0.13%

              BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
              NUMBER                                                                                 7 
              PRINCIPAL BALANCE                                                             422,812.31 
              % OF PRINCIPAL                                                                      0.06%

              BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
              NUMBER                                                                                21 
              PRINCIPAL BALANCE                                                           1,249,249.95 
              % OF PRINCIPAL                                                                      0.18%

          c.  MORTGAGES IN FORECLOSURE (TOTAL):
              NUMBER                                                                                74 
              PRINCIPAL BALANCE                                                           4,673,633.20 
              % OF PRINCIPAL                                                                      0.65%

              FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above)
              FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
              NUMBER                                                                                 3 
              PRINCIPAL BALANCE                                                              81,487.11 
              % OF PRINCIPAL                                                                      0.01%

              FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
              NUMBER                                                                                 2 
              PRINCIPAL BALANCE                                                              53,699.35 
              % OF PRINCIPAL                                                                      0.01%

              FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
              NUMBER                                                                                68 
              PRINCIPAL BALANCE                                                           4,432,432.03 
              % OF PRINCIPAL                                                                      0.62%


          d.  MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii)a. above):
              NUMBER                                                                                 0 
              PRINCIPAL BALANCE                                                                   0.00 
              % OF PRINCIPAL                                                                      0.00%

          e.  MORTGAGE LOAN LOSSES                                                                0.00 

(ix)          ENDING CLASS A-1F PRINCIPAL BALANCE                                       247,356,257.43 
              ENDING CLASS A-2F PRINCIPAL BALANCE                                        22,350,000.00 
              ENDING CLASS A-3F PRINCIPAL BALANCE                                       191,650,000.00 
              ENDING CLASS A-4F PRINCIPAL BALANCE                                        70,250,000.00 
              ENDING CLASS A-5F PRINCIPAL BALANCE                                        69,147,344.00 
              ENDING CLASS A-6F PRINCIPAL BALANCE                                        58,600,000.00 
              ENDING CLASS A-7F PRINCIPAL BALANCE                                        54,400,000.00 

(x)           WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS                                       186.79 
              WEIGHTED AVERAGE MORTGAGE INTEREST RATE                                            10.29%


(xi)          SERVICING FEES PAID                                                           355,348.90 
              SERVICING FEES ACCRUED                                                        357,794.34 

(xii)         SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.

(xiii)        POOL PRINCIPAL BALANCE (ENDING)                                           713,753,601.43 

(xiv)         RESERVED

(xv)          REIMBURSABLE AMOUNTS:
              TO SERVICER                                                                         0.00 
              TO REPRESENTATIVE                                                                   0.00 
              TO DEPOSITORS                                                                       0.00 

(xvi)         NUMBER OF MORTGAGES OUTSTANDING (BEGINNING)                                       14,501 
              NUMBER OF MORTGAGES OUTSTANDING (END)                                             13,989 

(xvii)        AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS                            6,138,827.56 

(xviiii)      SUBORDINATED AMOUNT (REMAINING)                                            79,062,846.16 
              SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS)                                9,708,114.63 
              CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS                                     10,800.00 
              EXCESS SPREAD                                                               1,943,552.72 

(xix)         AGGREGATE MORTGAGE LOAN LOSSES                                                 10,800.00 

(xx)          TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES                            672,342.05 
</TABLE>

<TABLE>
<CAPTION>


                                                         U.S. BANK NATIONAL ASSOCIATION
                                                                   AS TRUSTEE

                                         EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
                                         --------------------------------------------------------------

            FROM:   OCT.  15,  1998
            TO:     NOV.  16,  1998

SECURITY                                   ORIGINAL            BEGINNING          PRINCIPAL           ENDING          INTEREST
DESCRIPTION   RATE        MATURITY           FACE               BALANCE           REDUCTIONS          BALANCE          PAYABLE
<S>         <C>        <C>            <C>                <C>                <C>                <C>                <C>
CLASS A-1F  6.235000%  APR. 15, 2008     286,685,000.00      22,350,000.00       9,505,976.21     247,356,257.43    1,334,613.36

CLASS A-2F  6.086000%  OCT. 15, 2008      22,350,000.00      22,350,000.00               0.00      22,350,000.00      113,351.75

CLASS A-3F  6.229000%  MAR. 15, 2013     191,650,000.00     191,650,000.00               0.00     191,650,000.00      994,823.21

CLASS A-4F  6.326000%  JAN. 15, 2022      70,250,000.00      70,250,000.00               0.00      70,250,000.00      370,334.58

CLASS A-5F  6.640000%  JULY 15, 2029      69,147,344.00      69,147,344.00               0.00      69,147,344.00      382,615.30

CLASS A-6F  6.159000%  APR. 15, 2008      58,600,000.00      58,600,000.00               0.00      58,600,000.00      300,764.50

CLASS A-7F  6.325000%  APR. 15, 2008      54,400,000.00      54,400,000.00               0.00      54,400,000.00      286,733.33

CLASS X                JULY 15, 2029               0.00               0.00               0.00               0.00
CLASS R                JULY 15, 2029               0.00               0.00               0.00               0.00
CLASS LR               JULY 15, 2029               0.00               0.00               0.00               0.00

                                      _________________  _________________  _________________  _________________  ______________
                       TOTAL             753,082,344.00     723,259,577.64       9,505,976.21     713,753,601.43    3,783,236.03
</TABLE>



<TABLE>
<CAPTION>

                           BALANCE       BALANCE      BALANCE       BALANCE
              CUSIP       PER $1,000    PER $1,000   PER $1,000    PER $1,000
<S>         <C>        <C>             <C>          <C>            <C>
CLASS A-1F  268917EN7    895.97374693  33.15826154   862.81548539  4.65533026

CLASS A-2F  268917EP2  1,000.00000000   0.00000000  1000.00000000  5.07166667

CLASS A-3F  268917EQ0  1,000.00000000   0.00000000  1000.00000000  5.19083333

CLASS A-4F  268917ER8  1,000.00000000   0.00000000  1000.00000000  5.27166667

CLASS A-5F  268917ES6  1,000.00000000   0.00000000  1000.00000000  5.53333333

CLASS A-6F  268917ET4  1,000.00000000   0.00000000  1000.00000000  5.13250000

CLASS A-7F  268917EU1  1,000.00000000   0.00000000  1000.00000000  5.27083333
</TABLE>





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