All Posts Tagged With: "HELOC"
Should The FHA Insure Luxury Condo Loans?
Last week Senator Charles Schumer (D-NY) announced an effort to increase the size of FHA builder loan guarantees for new housing units in major cities. Now Bloomberg News is reporting that FHA loans are being used to finance the acquisition of luxury apartments in New York.
“The Federal Housing Administration agreed in March to insure mortgages [...]
The Mortgage Modification That Hurts Borrowers
Our lender has modified our mortgage. That sounds pretty good because mortgage modifications are in the news and some people very much need new rates and terms.
But in this case, what’s happened is this: Out of the blue and without any other notice our lender has cut off our home equity line of credit (HELOC). [...]
Mortgages: Lender Cut-Off Goes To Court
A suit has been filed in Illinois against JPMortgage Chase alleging that the bank has cut off home equity lines of credit “in an attempt to limit their exposure to the risk of collapse in the United States housing market and rid themselves of less-profitable loans, Defendants have broken contractual promises to their HELOC account [...]
24Aug2009 | Peter G. Miller | 0 comments | Continued
Mortgages: Can You Stop Line of Credit Freezes?
The Federal Reserve has published a new guide to home equity line of credit financing — and what you can do if your lender reduces or freezes your HELOC.
To be polite, not a damn thing.
The Board’s 5 Tips for Dealing with a Home Equity Line Freeze or Reduction first tells us the following:
Late Notice
Your [...]
Will Your Home Equity Line of Credit Be There When You Need It?
If you have a home equity line of credit — what the industry calls a “HELOC” — you probably think of it as a financial safety net, quick cash you can access in times of emergency or when you face a big expense that can’t otherwise be paid all at once.
Unfortunately, HELOCs have been [...]
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