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In the midst of all the HELOC freeze turmoil, most major lenders continue to advertise. Just today I received an email advertising home equity lines of credit from Wells Fargo. They say: “Rates are at their lowest levels in over 3 Years — there’s never been a better time to apply.” That may be true for borrowers [...] [...more]
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Recent data shows that home prices have made a record year-over-year drop, declining by a whopping 15.3%. This is bad news for HELOC borrowers who risk home equity line reductions from lenders. CNN Money reports: “The overall price declines reported by Case-Shiller have been remarkably consistent over the past two years. Prices on the 20-city index have [...] [...more]
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Earlier today the Federal Reserve noted that American home equity has fallen below 50% (the lowest it’s been since 1945). As a whole, homeowners owe more on their homes than they have paid off. Many news outlets have picked up the story, some indicating that the new statistic is a result of a declining [...] [...more]
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Home values in many metro areas are plummeting and HELOC lenders are beginning to worry. Over 100,000 homeowners have received notice that they will no longer be able to withdraw money from their HELOCs. How can this happen? Since a HELOC is based on the amount equity in the borrower’s home, most lenders reserve the right [...] [...more]
