We’ve received a lot of emails from readers who want to comment on our HELOC posts, but don’t have a WordPress account. Starting today, we’ve made the blog comments section open to everyone. Comments can be created by clicking on the link following each post. Please feel free to share your opinions on the recent HELOC crisis, [...] [...more]
If your HELOC is recorded as a revolving line of credit, it may be difficult for you to take out a new mortgage or other type of loan. Holding a balance on a HELOC listed as a revolving line on your credit report will often reduce your credit score. USA Today explains: “…Watts says, “It isn’t always [...] [...more]
Borrowers planning on using the government housing bailout need to be aware of some restrictions placed on home equity lines of credit (HELOCs). CNN Money explains: “Before homeowners can get FHA-backed mortgages, they must first retire any other debt on the home, such as a home equity loan or line of credit. Borrowers are not permitted [...] [...more]
Keep an eye on your credit report this year - new research shows that thieves are targeting home equity line of credit borrowers. The New York Times explains: “A home equity line of credit is an ideal vehicle for criminals, according to Steve Bartlett, chief executive of the Financial Services Roundtable, a consortium of banking-related [...] [...more]
Home equity lines of credit (HELOCs) are not faring well these days. But, lenders like Wells Fargo have devised a way to make these bad loans look good to investors. ReportonBuisness.com explains: “Wells Fargo owns a huge pile (almost four times its total capital) of Home Equity Lines of Credit, or HELOC loans. HELOCs are second-lien loans, [...] [...more]
According to a new Freddie Mac report, homeowners took out less money from their home equity lines of credit this year than they did during the same period four years ago. CNN Money reports: “The amount of money Americans pulled out of their homes is at a four-year low as homeowners battle falling home values and stricter [...] [...more]
Government sponsored enterprises Fannie Mae and Freddie Mac may no longer be in trouble, thanks to a generous resolution passed by the House. The new bill gives these organizations access to an unlimited amount of money, which can be used to purchase mortgages from struggling lenders. Not everyone appreciates today’s decision. A Seeking Alpha blogger compares [...] [...more]
Here’s an interesting court case from New York. A couple facing foreclosure says that they were looking for a home equity line of credit to remedy their financing troubles. An investment group said they could provide a HELOC. But, after the papers were signed, the couple learned that the documents were actually a purchase agreement [...] [...more]
This week, the federal government made some important changes to Truth in Lending laws. Most notably, they created stricter regulations on high cost home equity loans. Housing Wire reports: “For loans defined as high-cost, the revamped TILA regulations will ban stated income and related lending practices, as well as forcing lenders to assess repayment ability based on [...] [...more]
A recent survey reports that 65% of applicants find it more difficult to take out a home equity line of credit this year. Deloitte reports: “According to those who have attempted to secure several types of credit and mortgage products over the past year, a majority found it to be more difficult. Deloitte’s survey revealed: Of those [...] [...more]
