HELOCs are no longer the popular commodity they once were. Now that tapped-out homeowners realize that property values won’t “always go up,” they’re more reluctant to apply for new lines. The recession has caused fewer homeowners to apply for HELOC loans and more people to curtail their spending (presumably, some of those spending reductions will [...] [...more]
Here’s an important reminder that could save you thousands: Always monitor your HELOC account, even if you’re not making any withdrawals. In recent years, HELOCs have become a major target for identity thieves. HELOC fraudsters have a scam that allows them to withdraw money from a homeowners HELOC without any notification going to the borrower. [...] [...more]
A lot of homeowners are drooling over recent rate cuts and considering jumping on the refinance band-wagon. If these low rates are tempting you as well, be aware that your home equity line of credit could impede your decision to refinance. In order to change the original loan, you need to get permission from the [...] [...more]
According to the National Association of Realtors, there was a 6.6% increase in home sales last month. CNN Money reports: “While focused in part on quarterly earnings and a report showing a drop in consumer confidence, investors also found themselves basking Tuesday in the afterglow of surprisingly positive data on the U.S. housing market. “When [...] [...more]
While most Americans are looking at their stock portfolios in horror, a few see today’s declining market as a prime time to invest. An increasingly-common question coming from these risk-takers is: should I use my HELOC money to purchase stocks? It’s true that HELOCs and traditional home equity loans are now offered with extremely low [...] [...more]
According to a recent Consumerist post, it seems that a new batch of borrowers recently received HELOC freeze notices from Countrywide. Banks are getting less selective about who they choose and are now cutting off access for people with good payment histories and existing equity. In today’s market, lenders are freezing HELOCs just because the [...] [...more]
There was a record number of foreclosures last year, concentrated in several metro areas. The Real Estate Bloggers report: “There is no surprise that the foreclosure activity has been focused in the states where real estate speculation was rampant. 26 percent of the foreclosures in the United States in 2008 were just in California. The [...] [...more]
Some experts predict that home values will continue decline throughout this year, not picking up again until 2010. The Associated Press reports: “We do expect ’09 to be the down year, to be the bottom,” David Crowe, chief economist for the National Association of Home Builders, said during a news conference at the International Builders’ [...] [...more]
Recent numbers show that HELOC delinquencies are at their highest level ever recorded. A US News and World Report blog shares this from the American Bankers Association: “In the latest sign that consumers are under financial stress, indirect auto loan and home equity lines of credit (HELOC) delinquencies reached their highest levels ever during the [...] [...more]
A growing number of homeowners are walking away from their homes, giving their keys and their worries to the bank. It’s important to note, however, that this isn’t aways possible for borrowers who have a HELOC. Homeowners living in a “recourse state” will still be responsible to pay off their home equity line, even if [...] [...more]
