Many HELOC borrowers are surprised when they’re turned down for mortgage refinancing programs. Why are banks sending them away? Because a growing number of HELOC / second mortgage lenders are refusing to subordinate their loans (agree to be paid after the primary lender in case of foreclosure). The Chicago Tribune reports: “Find out if your second lender [...] [...more]
Some financial experts advise clients to take out a HELOC as a security against potential job loss. But, this strategy only works if the homeowner is currently employed when the equity loan closes. WalletPop reports: “That’s a possible step to take before you lose your job, but not after you’ve lost it. Why? You most likely won’t [...] [...more]
Many desperate homeowners are concerned that their HELOC lenders won’t give approval for their participation in the federal Making Home Affordable mortgage modification program. Good news: you do not need to get approval from your HELOC lender in order to apply or have your mortgage modified. The Daily Camera explains some of the qualifications necessary: “Your monthly payment [...] [...more]
Nationwide Bank is offering an extremely low rate on home equity lines of credit (HELOCs) right now. Their advertised interest: 3.25%. Bankaholic reports: “Nationwide Bank has about the best deal around on HELOCs — if you can get one… Its line of credit is available in all states, carries no annual fee, and pays the first $750 in [...] [...more]
According to recent statistics, home equity loan delinquencies have skyrocketed to a record number. Bloomberg reports: “Late payments on home-equity loans rose to a record in 2008’s fourth quarter as job losses and the deepening recession put a strain on borrowers, the American Bankers Association reported. [...] [...more]
In the current economy, many homeowners are worried about losing their jobs. Some experts suggest that taking out a home equity line of credit (HELOC) is a smart way to be prepared for a few months without any paychecks coming in. BankingMyWay reports: “One way is to get a home equity line of credit, or HELOC. It [...] [...more]
