Answers
I am not employed and have trouble paying my equity line of credit ($25,000). My collateral is the apartment I live in and there is no debt on it. What happens with the debt if I file for bankruptcy?
It will be included.
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Lenders Start to Write Home Equity Lines of Credit Again : Trends ...
Although the credit crisis and the housing bust led to thousands of homeowners having their home equity lines of credit (HELOC) cut or frozen, as the economy and housing market are beginning to stabilize, lenders are starting to write lines again.
According to Money Magazine , even though HELOCs are not the bargain they used to be, with the cheapest rate being prime plus a point or so, a line of credit can still be a relatively cheap way to borrow for homeowners who have more than 20 percent equity in their home.
Because lenders are only writing half as many home equity lines as they did when the economy and the real estate market were booming, homeowners are advised to borrow less and to use whatever they do receive wisely.
...News
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