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Now that home equity lines are more difficult to take out, college students are looking to other ways to make tuition payments. Mercury News reports: “The bursting housing bubble and tighter lending requirements makes it harder for parents to rely on home equity to foot tuition bills.“A lot of upper-income families, particularly in the Bay Area, [...] [...more]
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If your home equity line of credit has been frozen illegally, you may be able to appeal the decision. According to a recent Market Watch article, there are several ways to go about complaining. Here’s my summary of the options with additional links and phone numbers, which will hopefully be of use to a few [...] [...more]
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Don’t plan on taking out a home equity line of credit from J.P. Morgan anytime soon. According to MarketWatch, their HELOC originations dropped a whopping 77% when compared to last year: “Home equity loan origination dropped more dramatically, falling 77% on a year-to-year basis. “Declines reflect tighter underwriting standards and the overall reduction in liquidity in [...] [...more]
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A new program is being advertised to help lenders detect potential fraud in home equity lines of credit / loans. A press release for the FraudMark software claims that it can identify up to 60% of fraudulent loans by reviewing 10% of the total applications. “BasePoint Analytics(TM), a leading provider of [...] [...more]
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This has been the big question of the past few months. Some financial advisers suggest that borrowers cash out their HELOCs to protect against possible freezes. But, others are suggesting that panic-stricken withdrawals are a bad bet. KSN News reports: “If they are paying interest just to hold that money to me that’s counterproductive,” said Darryl Bauchert [...] [...more]
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If you’re relying on a home equity line of credit to keep you afloat during this economic crisis, you may want to reconsider that plan. The Boston Globe explains: “Some families don’t have any cash on hand, but are relying on a home equity line of credit (HELOC) if times get tough. The only problem with that [...] [...more]
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Choosing a home equity line of credit can be difficult. When speaking with HELOC lenders you may receive so many different terms and rates that it becomes practically impossible to keep track. This printable worksheet can help. Use it to organize the HELOC information lenders give you. By the time you’re finished speaking with three [...] [...more]
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Homeowners in almost every state are feeling the effects of the home equity crisis. Those who took out large HELOC loans are now struggling with upside down mortgages and the possibility of foreclosure. But, borrowers in one state are less exposed. Thanks to more strident state laws, fewer Texans are facing these problems. The Houston Chronicle explains [...] [...more]
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The mortgage crisis has created an entire new industry: the foreclosure review company. These organizations review clients’ loan documents looking for mistakes. If a mistake is found (which apparently is pretty commonplace with high-risk California loans), the client can use it as leverage to stop the foreclosure proceedings. One such company, CancelYourForeclosure.com, explains their work: “Let us [...] [...more]
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One of the advantages of borrowing money through a home equity line of credit is the possibility of deducting interest from your taxes. To put it simply: If your HELOC was used to improve your home, you may deduct interest on lines up to $1 million ($500,000 married filing separately). If your HELOC used for other [...] [...more]
