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The Pre-Recession Housing Problem That’s About to Slam Homeowners

The home equity line of credit (HELOC) had been around for many years before it became a hugely popular financial product in the early 2000s. When the financial crisis happened in 2008, drastically lower home valuations put a stop to the HELOC boom, and today we see far fewer being issued by lending institutions. However, …

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Should I Take Out a Home Equity Credit Line to Pay Off My Credit Card Debt? – Joni

“Dear Steve, Credit card debt about 30,000. I contacted you before but my computer crashed and I can’t locate your email. Own a home, never late on mortgage, pays credit cards on time. Interest rates are so high I’ll never catch up. I’m thinking on a home equity credit line to clear up this debt …

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I Have Had Two Homes Foreclosed On Me. Will I Be Sued? – Ana

“Dear Steve, Had my 2 homes foreclosed. One was already foreclosed and the second will be finalized on March 26th. I have equity line of credit loan’s and cosidering filing for bankcruptcy because I’ve heard that the bank’s will probably sue me for the amount’s owed on these loans. Help!!! Ana” Dear Ana, The banks …

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Donna Writes and Asks “What Is The Best Way To Become Debt Free The Fastest?”

“Dear Steve, We owe about $70,000 on our mortgage (we pay $100 extra each month), we have a $110,000 equity line and about $20,000 in credit card debt. We pay extra on each but don’t seem to be getting anywhere very fast. We want to be debt free. What is the best way to become …

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We Were Going to File Bankruptcy But Then Stopped to Negotiate With the HELOC Lender. – Dorn

Dorn “Dear Steve, We are filing for chapter 7 bankruptcy protection for our 50,000 in credit card debt. when we went to see a bankruptcy lawyer, he recommended that we also walk away from our home b/c we are upside down on the mortgage and heloc. At first it sounded great to do this and …

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I Used an IPO to Pay Off My Mortgage. Now I’m $450K in Debt. – Lynn

“Dear Steve, 6 years ago, with money from a high tech IPO, I paid off my house. Shortly thereafter, my husband and I started a business (with a HELOC). 4 years into the business, we had accumulated a $390K balance (maxed out) on our HELOC since the business was not profitable and neither one of …

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I Have a HELOC Loan Against My Brothers House. I Can’t Make Payments. – Junior

“Hi Steve, Last year I started the process to buy a house with my domestic partner but 4 days before the closing in nov. 2008 I lost my second job since then I been trying to find a second job (part-time/full time) without look, since then I have add about $20,000 in debt. but I …

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I Am Currently 4 Months Behind on My Mortgage and HELOC. What Do You Suggest? – Debbie

“Dear Steve, I am currently 4 months behind on my mortgage and my heloc. I have worked out a modification with my primary lender that I can live with, and I continue to work out a settlement offer with my heloc throuogh chase bank. what would happen if I just paid my first mortgage ? …

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