drawing funds: LENDERS FREEZING HELOCS: WHAT DOES IT MEAN TO YOU?
- 02/28/08 07:36 AM
One of the consequences of the continuing decline in home values across the country is that lenders are beginning to feel a little uneasy about their portfolio of Home Equity Lines of Credit (HELOC). As a result, several major lenders have begun freezing access to the untapped portion of their borrower's HELOC's, which can be a major hardship for those using their HELOC as a regular part of their financial plan. HELOC's are 2nd mortgages taken out on a property that provide a revolving line of credit that homeowners can access as needed, much like a credit card. Many borrowers use these … (0 comments)
My first effort at blogging is intended to provide readers with timely, relevant, and occasionally entertaining information about a variety of topics, including mortgages, real estate, and whatever else I happen to be interested in at the moment. I hope you enjoy it!
One of the consequences of the continuing decline in home values across the country is that lenders are beginning to feel a little uneasy about their portfolio of Home Equity Lines of Credit (HELOC). As a result, several major lenders have begun freezing access to the untapped portion of their borrower's HELOC's, which can be a major hardship for those using their HELOC as a regular part of their financial plan.;)
;)
