I did that (get a equity credit line) back somewhere around 2005. I didn't have any need for it, the bank I was doing some other business with talked me into it. The bank was Washington Mutual. After the crash they went under. Chase bought them but didn't honor the equity credit lines that WM initialized. I ended up with someone else having my title with no benefit from it. Luckily I didn't owe the credit line anything by then. I panicked and payed it off in about 9 months, I bought a new motorcycle with it.
Nothing scarier than using it and realizing your mortgage is deeper in debt. It sounded good at the time. It ended up costing me $65 to get the title back and close the account.
Depends on your needs but no one should put their home at risk for anything but absolute necessity. Get any other type of loan, protect your investment in your property. Without your property, your homeless.
Steve
On 3/21/2012 6:35 PM, Dale S wrote:
Home Equity Line Of Credit
Dale in the Flat Lands:----- I started out with nothing, and I still have most of it.
resawd2012 wrote:And a HELOC is??????
--- In DoIt_Yourself@yahoogroups.com, "bdbrant" <bdbrant@...> wrote:
>
> I know this is off topic, but was wondering if anyone could recommend any particular reputable institutions for acquiring a HELOC. If this question is not allowed here, please excuse me AND my question. Meanwhile, any helpful suggestions are greatly appreciated.
> Donna
>
No comments:
Post a Comment