Answers
I will have foreclosure and my mortgage bank will take over my condo, what will happen to my HELOC?
The bank can only place liens against any real property you have, and "real" property means land, a house, a condo, etc. So no, a car doesn't count. If you still end up owing money on your mortgage after they repo your condo, the best they can do is try to garnish your wages, but that's a long, drawn-out process and in some states it's illegal.
. So they said, well, we're willing to lend you up to 75% of the value of your house. So what's 75% of the value of my house? So let's ...
I have not missed a mortgage payment in 2 years, but my credit cards are in default, and I have one line of credit that has had late payments. Will this affect my mortgage renewal, and would I be able to shop around for a different mortgage lender?
Mortgage renewal? No such thing. Are you talking about a refinance? Yes, a refinance will be heavily damaged by problems with credit in other areas.
The LLC and I are both in New Jersey. I know a judgment is eventually put on my credit, but what does that allow the bank/creditor to "do" to me personally?
Take possession or put a lien against everything you own until the debt is paid off, they can even garnish your wages. Plus you won't be elligible for any new credit until the judgement is taken off your credit report.
I have a line of credit and the bank suspened it because I have received just received a late notice or default on a different loan not in any whey connected to this loan.
The answer could vary by person.It is alway a good idea to hear the suggestion from different sides and try to choose the best one.Here http://www.DebtFreetips.info/debt-free.h tm is a good one i recommend.
And will it affect any other open lines of credit I have, like interest rates, credit limits, etc? My student loan is just too much, I cant afford it, I dont know what to do, any advice would be appreciated?
It will definately effect your credit negatively. What you need to do is get intensly focused on paying off your debt. Check out www.daveramsey.com. He wrote a book called the total money makeover. I recommend that you do to. I paid off 53K in less than 2 years using his plan.
On Goldman's (and Now Morgan Stanley's) Deceptive Synthetic CDO ...
Goldman is trying to diffuse the increasingly harsh light being turned on its dubious practices in the collateralized debt obligation market, with the wattage turned up considerably last week by a story in the New York Times that described how a synthetic CDO program called Abacus was the means by which Goldman famously went “net short” subprime. We’ve mentioned Abacus repeatedly because AIG wrote guarantees on at least some of the Abacus trades.
One of the things that has been frustrating in watching this debate is the peculiar propensity of quite a few observers to defend Goldman and its brethren, and to argue, effectively, caveat emptor. Contrary to the fantasies of libertarians, that is not in fact how markets, particularly securities markets, operate. In virtually every market in the world, when someone represents his wares as being sound and safe and they turn out to be “bad” and dangerous, the seller is considered to have some responsibility for the damage. Remember those Pintos that turned into fireballs when rear-ended? The pets that died from pet food laced with melamine from China? No one suggested that the buyers of those products were at fault.
...News
Credit Counseling Debt Consolidation Does Affect Your CreditPR-inside.com (press release) - Dec 30, 2009
Credit.com NewsA consolidation loan provides a line of credit to the consumer in which all their other unsecured debts can be transferred and combined for the convenience 28-year-old guilty of largest credit card theft in US historyall 141 news articles »
Wall Street Journal - Dec 30, 2009
Washington PostSpreads in the credit default swap market for Lehman, despite massive short-selling, showed very little alarm by investors until just before the fateful Christmas presents for bankersall 1,571 news articles »
Seeking Alpha (blog) - Dec 30, 2009
Rising Default Rates and Declining Real Estate Prices: Mortgage reset rates, already set to rise, would become that much higher, bringing that many more and more »Westlaw Business Currents - Dec 30, 2009
The amendment removes a provision permitting Orion to request an increase in the line of credit and modifies: limitation on borrowings,PR Web (press release) - Dec 30, 2009
dollars to Bank A on their first mortgage, and $100,00.00 dollars to Bank B on their second mortgage and/or equity line of credit also known as a HELOC. and more »
Press-Register - al.com (blog) - Dec 30, 2009
Global shipping group CMA CGM, a minority partner in the company operating the $300 million Mobile Container Terminal, has announced a new line of credit,
Wall Street Journal - Dec 29, 2009
Yet cards also lost $4.5 billion during that same period, making it the worst-performing Bank of America business line. It also had a default rate higher and more »