Answers
Can ANYONE get a Home equity line of credit in Michigan, or are they just not giving them to pepole in Michigan. I got perfect credit and want to add on to my home please help!!!
Many banks are just not loaning money on home equity lines right now due to the credit crunch facing the nations banks.
The problem may not be with your credit but the value of your home compared to what you want to borrow.
If you have a first mortgage and the mortgage amount is 80% of the value of the home you will find it difficult to get a second mortgage.
Suzy Orman gives her take on how a Home Equity Line of Credit (HELOC) and a Home Equity Loans (HELOAN) basically work. More info at ...
My husband and I have a house that is in his name only that we are going to do a "Deed in Lieu of Foreclosure" on. I don't want my credit to be affected. We have a home equity line of credit on this house that is in both of our names, and I don't want to default on. Can I continue to make payments as normal on the home equity line? I thought I read somewhere that if I lose the house, the total amount on the home equity line will become immediately due, but I'm not sure. Also, I live in Michigan.
The lender will not do a deed in lieu with a second lien attached to the property i.e. your home equity loan since the deed in lieu will not wipe out the second lien holder interest in the property, the first lender would take the property with the second lien still in place, so in your case short sale where all lien holders agree or official judicial foreclosure by the first lien holder in order to wipe out the second
Also note: home equity is a recourse loan, so no matter what you are personally liable for the loan amount if you default
Online Banking Info :Mercantile Bank of Michigan
Online banking has become a large part of Financial Services. Founded in 1997, Mercantile Bank of Michigan provides commercial and retail banking services primarily to small-sized to medium-sized businesses and individuals. Headquartered in Grand Rapids, MI, Mercantile Bank Corporation is the holding company for Mercantile Bank of Michigan. Founded in 1997, Mercantile Bank of Michigan provides commercial and retail banking services primarily to small-sized to medium-sized businesses and individuals. Headquartered in Grand Rapids, MI, Mercantile Bank Corporation is the holding company for Mercantile Bank of Michigan. It operates branches in and around Grand Rapids, as well as the college town...
News
Special Report: America's route to recoveryReuters - Dec 30, 2009
Special Report: America's route to recoveryFrom its peak in 2005 to the second quarter of 2009, US home equity fell 37 percent, or $4.7 trillion, according to the Federal Reserve. and more »
Fort Worth Business Press - Dec 07, 2009
Many area homeowners are 'underwater' . based on CoreLogic's methodology factoring in amortization and utilization rates for home equity lines of credit, or HELOC. and more »Wall Street Journal - Dec 23, 2009
Home-builder stocks climbed after November existing home sales surged 7.4% as federal aid lured buyers to the dotted line. With existing inventory a huge and more »Monroe Evening News - Dec 12, 2009
The math involves a federal government tax credit of 30 percent of the system cost. The remainder of the cost was covered with a home equity line of credit.USA Today - Dec 04, 2009
Consumers are still pulling back or dealing with paying off their credit cards, or what used to be home equity loans has now turned into a situation where and more »eCreditDaily.com - Dec 11, 2009
Hotly Debated 'Cram-Down' Lets Judges Redo MortgagesJohn Conyers, D-Michigan, chairman of the House Judiciary Committee, would allow bankruptcy courts to reduce mortgage interest rates, adjust principal and more »
Michigan Policy Network - Dec 05, 2009
The MI FUTURE tax credit will grant most Michigan high school graduates access to the post-secondary education necessary to prepare them for the new and more »