Frances Hicks sent you this from abc7.com link:
Get help if home equity line is cut
During these tough economic times, banks are yanking people's home equity loans. That could mean trouble for those depending on them to help pay the bills.
http://abclocal.go.com/kabc/story?section=news/consumer&id=6444281
I made a financial decision which I call a "bump along the financial highway" for me it was a Chapter 7 filing. I am sure that the newscast needed the drama of what can happen to us, but I had other reasons for going BK. Seven years ago, I had to close down one of my two corporations to get into real estate.
At the time, the attorneys told me I couldn't BK because I had to many assets. For the past 7 years I had been diligently been making payment to get rid of some equity lines I uses to make payroll for my company. 7 years ago the bank wouldn't talk to me when I called to "settle" the line, as I had not been late on my payments. Now, that the market was devaluing the equity in my home, it gave me the opportuntiy to take this financial step. Of course, another reason popped up, much to my dismay, and that was a listing that I was double ending to save my seller some money, turned bad after the buyer saw the very poor appraisal. He used it as an excuse to cancel the escrow, only to do a 'bad thing' and that was to go directly to my seller and 7 days after our original escrow was to close, he closed the deal in another escrow.... did they really think that I wasn't going to find out?? We are headed to court. My fellow Realtors, if this doesn't go my way, we are all in a world of hurt. Stay tuned! Since I didn't get my anticipated commissions the end of July, added to the decision of a BK. By the way, a BK is a financial decision not a communicable disease. I had no problem adding to the drama of the interview.
Frances Hicks, e-PRO Realtor
Comments(0)