- --------------------------------------------------------------------------------


                       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 (Date of earliest event reported) August 27, 1996


                  EquiVantage Home Equity Loan Trust 1996-3
            ------------------------------------------------------
            (Exact name of registrant as specified in its charter)


             New York                    33-99364          Application Pending
- ---------------------------------    ----------------   ------------------------
 (State or Other Jurisdiction of     (Commission File       (I.R.S. Employer
          Incorporation)                  Number)          Identification No.)

 c/o EquiVantage Acceptance Corp.,                                77040
      Attention: John E. Smith                          ------------------------
      13111 Northwest Freeway                                  (Zip Code)
           Houston, Texas
    -----------------------------
(Address of Principal Executive Offices)


        Registrant's telephone number, including area code (713) 895-1957
                  13111 Northwest Freeway, Houston Texas 77040
- --------------------------------------------------------------------------------
          (Former name or former address, if changed since last report)


- --------------------------------------------------------------------------------

<PAGE>

     Item 5. Other Events

     In connection with the offering of EquiVantage Home Equity Loan Trust
1996-3 Home Equity Loan Asset-Backed Certificates, Series 1996-3, described in a
Prospectus Supplement dated August 20, 1996, certain "Computational Materials"
within the meanings of the May 20, 1994 Kidder, Peabody No-Action Letter and the
February 17, 1995 Public Securities Association No-Action Letter were furnished
to certain prospective investors (the "Related Computational Materials").

     Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

     (a) Not applicable

     (b) Not applicable

     (c) Exhibit 99.1. Related Computational Materials (as defined in Item 5
         above).


<PAGE>

                                   SIGNATURES


     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this Report to be signed on
its behalf by the undersigned thereunto duly authorized.


                       EQUIVANTAGE ACCEPTANCE CORPORATION
                        as Sponsor and on behalf of

                       EQUIVANTAGE HOME EQUITY LOAN TRUST 1996-3
                       -----------------------------------------
                                Registrant


                                By:   /s/ John E. Smith
                                   -----------------------
                                  Name:   John E. Smith
                                  Title:  President


Dated:  August 27, 1996


<PAGE>

                                  EXHIBIT INDEX

Exhibit No.         Description                        Page No.
- -----------         -----------                        --------

99.1                Related Computational Materials       6
                    (as defined in Item 5 above).
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 3547}]
{"company-data": {"conformed-name": "EQUIVANTAGE ACCEPTANCE CORP", "cik": "0000933505", "assigned-sic": "6189", "irs-number": "760448074", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-87040", "film-number": "96624743"}, "business-address": {"street1": "13111 NORTHWEST FREEWAY", "street2": "STE 300", "city": "HOUSTON", "state": "TX", "zip": "77040", "phone": "7138951900"}, "mail-address": {"street1": "1311 NW FREEWAY", "street2": "SUITE 301", "city": "HOUSTON", "state": "TX", "zip": "77040"}}
- --------------------------------------------------------------------------------

                       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 (Date of earliest event reported) August 27, 1996

                  EquiVantage Home Equity Loan Trust 1996-3
            ------------------------------------------------------
            (Exact name of registrant as specified in its charter)

             New York                    33-99364          Application Pending
- ---------------------------------    ----------------   ------------------------
 (State or Other Jurisdiction of     (Commission File       (I.R.S. Employer
          Incorporation)                  Number)          Identification No.)

 c/o EquiVantage Acceptance Corp.,                                77040
      Attention: John E. Smith                          ------------------------
      13111 Northwest Freeway                                  (Zip Code)
           Houston, Texas
    -----------------------------
(Address of Principal Executive Offices)

        Registrant's telephone number, including area code (713) 895-1957
                  13111 Northwest Freeway, Houston Texas 77040
- --------------------------------------------------------------------------------
          (Former name or former address, if changed since last report)

- --------------------------------------------------------------------------------
Item 5. Other Events

     In connection with the offering of EquiVantage Home Equity Loan Trust
1996-3 Home Equity Loan Asset-Backed Certificates, Series 1996-3, described in a
Prospectus Supplement dated August 20, 1996, certain "Computational Materials"
within the meanings of the May 20, 1994 Kidder, Peabody No-Action Letter and the
February 17, 1995 Public Securities Association No-Action Letter were furnished
to certain prospective investors (the "Related Computational Materials").

     Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

     (a) Not applicable

     (b) Not applicable

     (c) Exhibit 99.1. Related Computational Materials (as defined in Item 5
         above).
SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this Report to be signed on
its behalf by the undersigned thereunto duly authorized.

                       EQUIVANTAGE ACCEPTANCE CORPORATION
                        as Sponsor and on behalf of

                       EQUIVANTAGE HOME EQUITY LOAN TRUST 1996-3
                       -----------------------------------------
                                Registrant

                                By:   /s/ John E. Smith
                                   -----------------------
                                  Name:   John E. Smith
                                  Title:  President

Dated:  August 27, 1996
EXHIBIT INDEX

Exhibit No.         Description                        Page No.
- -----------         -----------                        --------

99.1                Related Computational Materials       6
                    (as defined in Item 5 above).