According to recent numbers, J.P. Morgan (the company that purchased Washington Mutual) now has the highest percentage of 2nd lien loans such as home equity lines of credit (HELOCs). A recent Seeking Alpha article reports: “For now, let’s realize that the JPM/WaMu combo has the highest concentration of 2nd lien loans (and Option ARMs) in [...] [...more]
If you’re one of the lucky few who can still qualify for a HELOC, congratulations on your good financial management. Take a minute to pat yourself on the back, and then get to work. Choosing a HELOC is no easy task. It may seem that most home equity lines are pretty much the same thing. [...] [...more]
Applying for a HELOC loan is extremely difficult in today’s market. Lenders have already trimmed lines and they’re anxious about taking on new borrowers, especially those without a stellar financial record. NY Daily News reports: “Looking to get a loan for school? A car? A house? Fat chance. Billions of dollars have flowed into bank [...] [...more]
A recent study shows that 1 in 6 Americans now owe more on their mortgages than their properties are worth. Zillow reports: “As home values declined through 2008, more American homeowners have become underwater on their mortgages. At the end of the year, one in six (17.6 percent) of all homeowners had negative equity. This [...] [...more]
According to new reports, a whopping 40% of banks recently reduced home equity lines of credit. The Associated Press explains: “Many banks have made it harder for borrowers to obtain all kinds of loans over the last three months despite a $700 billion federal bailout program and a flurry of other bold moves to stem [...] [...more]
