Equity Line Of Credit - Info...HELOC, loans, mortgage, rates, freeze...: March 2008

Sunday, March 2, 2008

Article : Home equity lines of credit yanked

Last Updated: Wednesday, Feb 20 2008 12:04 PM

About two weeks ago, real estate agent Lynette Madden was on the phone with a client who had just received a disturbing letter in the mail.

Countrywide Home Loans was suspending his home equity line of credit, the letter read, because the company believed the value of his property had significantly declined from the date when the loan was made. ...read all...

Article : Shelter from the Storm

By Maggie Gilmour Fri Feb 15, 8:08 AM ET

The numbers are grim, even if they seem familiar by now. In 2007, lenders filed foreclosure notices on 90,782 homes in Illinois, up 25.3% from a year earlier. That tally puts the state among the top 10 nationally in foreclosures, says RealtyTrac, an online real-estate database. The figures are likely to go even higher in 2008. Subprime mortgages with adjustable rates -- given to home buyers with less than pristine credit -- will become more costly in 2008 as teaser rates expire. The Center for Responsible Lending predicts that in the next two to three years, 25,000 people in the Cook County area will lose their homes...read all...