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HELOC abusers and lenders face day of recast reckoning

By golfplan18   Follow   Tue, 24 Jul 2012, 7:02am   736 views   12 comments
In Irvine CA 92620   Watch (1)   Share   Quote   Permalink   Like   Dislike  

http://ochousingnews.com/news/heloc-abusers-and-lenders-face-day-of-reckoning

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1. golfplan18 Follow Befriend (2) 519 threads 114 comments Irvine, CA

   1   7:03am Tue 24 Jul 2012   Share   Quote   Permalink   Like   Dislike

2. Oil Can Follow Befriend 21 threads 128 comments Oil Can's website

   2   7:03am Tue 24 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike   I know people with over $100,000 in principal HELOC balances paying very little. That is going to change.

3. golfplan18 Follow Befriend (2) 519 threads 114 comments Irvine, CA

   3   7:04am Tue 24 Jul 2012   Share   Quote   Permalink   Like   Dislike

4. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

   4   7:58am Tue 24 Jul 2012   Share   Quote   Permalink   Like   Dislike   Protected   Mo Money, Mo Money, Mo Money!

5. PockyClipsNow Follow Befriend 19 threads 1,534 comments Los Angeles, CA

   5   10:01am Tue 24 Jul 2012   Share   Quote   Permalink   Like   Dislike   I think HELOC turned into, over time, a 'helicopter drops of free $ to the little people' from the fed reserve. Didnt they adjust the law in CA to declare any heloc over 150k is basically a non secured loan?

6. Goran_K Follow Befriend (4) 25 threads 1,520 comments Laguna Beach, CA Premium

   6   10:19am Tue 24 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   $50 Billion in HELOC money outstanding by 2015? That's 25x bigger than the total cash reserves of FHA. How many BMWs does America need?

7. Oil Can Follow Befriend 21 threads 128 comments Oil Can's website

   7   1:44pm Tue 24 Jul 2012   Share   Quote   Permalink   Like   Dislike   Goran_K says How many BMWs does America need? Now that funny.

8. everything Follow Befriend (2) 3 threads 552 comments Madison, WI

   8   2:08pm Tue 24 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   The trick is to roll the heloc into one loan, keep refinancing at a lower rate and just pay interest only. I know a couple of people doing this, they seem just fine with it. Some younger people are saying, never pay off your home loan, it's only a couple of percent, you can do better elsewhere investing the money, then one day use that to pay down your mortgage.

9. bmwman91 Follow Befriend (7) 37 threads 1,539 comments Mountain View, CA bmwman91's website Premium

   9   2:09pm Tue 24 Jul 2012   Share   Quote   Permalink   Like   Dislike   Protected   Goran_K says How many BMWs does America need? You rang?

10. bgamall4 Follow Befriend (14) 753 threads 2,589 comments 63 male Las Vegas, NV bgamall4's website Premium

    10   3:44pm Tue 24 Jul 2012   Share   Quote   Permalink   Like   Dislike   Protected   This started with easy money. Now it won't be rolled over, maybe and then you know what will hit the fan. But the lenders were primarily at fault.

11. PockyClipsNow Follow Befriend 19 threads 1,534 comments Los Angeles, CA

    11   3:48pm Tue 24 Jul 2012   Share   Quote   Permalink   Like   Dislike   The graph is hard to believe.

12. Goran_K Follow Befriend (4) 25 threads 1,520 comments Laguna Beach, CA Premium

    12   3:53pm Tue 24 Jul 2012   Share   Quote   Permalink   Like   Dislike   Protected   bmwman91 says You rang? E92 M3 please. I'll HELOC my dog's house if I need to.