HELOC Loans Not Easy To Get..

By
Real Estate Agent with La Rosa Realty
Have you heard, lenders and closing the doors on home equity line of credit.  Why, according to reports in the Sentinel, lenders are also worried about real estate values, etc.  So for some who were depending on their equity to be there, it's now tougher than ever to find a lender willing to lend you some money.
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Location:
Florida
Groups:
REO
Tags:
heloc
home equity line of credit

Comments 7 New Comment

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Ambassador
781,000
Charlie Ragonesi
Homes - Big Canoe, Jasper, North Georgia Pros
AllMountainRealty.com
I have an equity line and as we pay it off we were going to use it for other things now who knows
April 17, 2008 06:32 AM
Rainmaker
563,605
Pam Joffe
Solaris Realty
Netta - This is all a sign of the tightening credit, credit was so easy in the past, now it is like the pendalum is swinging really hard in the other direction.
April 17, 2008 07:06 AM
Anonymous #5
Anonymous
Anonymous
Please call it what it is:  A SECOND MORTGAGE. 
April 17, 2008 07:09 AM
Rainmaker
298,489
Heather the Realtor Orlando, Lake Mary
First Time Home Buyers, Bank Owned Homes
LemonTree Realty
I have to agree with Jim people who have HELOCs then cant use the funds they were approved for because they freeze the account because the home wont appraise anymore. I got lucky and received my heloc, I fought for the thing with people in underwriting but by golly I got it.
April 17, 2008 07:12 AM
Rainer
61,206
Netta Blackwood
REO/BPO Expert
La Rosa Realty
I saw this coming back from last year and yes, I took advantage of the opportunity to take out some equity for emergency use.  I sure hope there will be some exception to this rule.  If not, if the thing the market is bad now, wait until the next couple of months when some who were counting on their equity now have no other alternatives.
April 17, 2008 09:07 AM
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Rainer
61,206

Netta Blackwood

REO/BPO Expert
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