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: [...] [...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. Delinquencies increased to 3.03 percent of accounts in the [...] [...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]
