Posted by LynnNC on 2/25/08 12:14pm
Msg #237061

Lenders cut off the home-equity tap

From MSN - "Lenders cut off the home-equity tap. Thousands of homeowners are getting notices that their lines of credit have been frozen, and it's harder to get new second mortgages. "

Fewer new home equity loans and lines of credit will affect our business.

Reply by LynnNC on 2/25/08 12:15pm
Msg #237063

The link to Lenders cut off the home-equity tap

http://articles.moneycentral.msn.com/Banking/HomeFinancing/LendersCutOffTheHomeEquityTap.aspx?GT1=10924

Reply by ME/NJ on 2/25/08 12:23pm
Msg #237065

Chase froze most of theres 3 weeks ago

They want to re-value the homes of current HELOCs to see if they still meet LTV ratios. I would think others would follow. HELOC business has been hot in this area until the last 2 weeks. CITI business just fell off the earth.

Reply by CJ/Alaska on 2/25/08 4:51pm
Msg #237108

Chase and other HELOC/ HE Loans

In my one year of doing these - only ONE of my deals was a Home Equity/Second.
And one borrower did a 1st and 2nd together. That lender did it that way to avoid
PMI - which NOW is actually a writeoff anyways..