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Posted by Regal953 on August 13, 2007, 8:44 pm
Please log in for more thread options Jeff Strickland wrote:
>
>> Ashley wrote:
>>> In light of the current situation in the mortgage and credit markets,
>>> do you think
>>> the availability of HELOCs will decrease as well?
>> HELOCS are dead due to equity reduction.
>
> There are lots of homes out there that are buried under a mountain of
> equity. Yes, a home that was purchased 2 or 3 years ago may not have any
> equity, but there are lots of home owners that have owned the house for
> 10 or 15 years, and might want to extract some equity for any number of
> reasons.
>
> To the extent that equity has dried up, HELOCs will not be available,
> that much is true. I also think that they (the banks) will tighten
> qualification guidelines too, if they haven't done so already, and make
> sure that only the best of the best actually get one of these loans.
>
>
>
>
I stand corrected, thank you.
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