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What exactly is a HELOC?
Let's first define what those letters stand for: Home Equity Line of Credit or Home Equity Line. A home equity line of credit (HELOC) is a revolving line of credit based on the equity from your home. Instead of borrowing money in one lump sum, you could open a credit account similar to a credit card. People prefer HELOCs because they offer high limits, low interest and allow you to draw as much or as little money as you need. How large a HELOC may be, depends on how much equity you have in your home. HELOCs are also tax deductible and have flexible payment terms. Common reasons people open a HELOC include home improvement, purchasing an auto, college funding or life events such as financing a wedding, paying off credit cards, or even for home remodeling. Homeowners love HELOC loans because you pay interest only on what you borrow. For example, say you originally bought your property for $225,000. Over the years it has gone up in value and it's now worth $300,000. Instead of refinancing your property for the $300,000 it is now worth, you take a HELOC loan. You get approved for $75,000. Along with the $225,000 on the first mortgage, you also have $75,000 line of credit. Generally, interest rates on these lines of credit are variable, with some offering borrowers the ability to convert to a fixed rate some time in the future.
Did you borrow against your house when times were tough? Are you now having difficulties with the sad reality that paying the minimum payment on this loan doesn't have any significant impact on the balance? Many Americans including the Author are going through the same psychological torture with the thoughts of when will I ever be done with this? If your income is down and your falling into a depression or have encountered a UFO (unidentified financial obstacle), you may be a perfect candidate for a workout solution.
We have extensive experience in dealing with all the major banks. We know the process and procedures ro procure a workout solution that is mutually beneficial to both you and your Bank. We help mediate a workout solution using your real Hardship and your actual Financial situation. Our methods are ethical and effective. With over 30 years of perfecting the Art of negotiations, we hone this skill and apply it to the economic condition n the USA. We will make a presentation that is geared to the procedure mandated by your lender.
We have great success in dealing with Chase, Bank of America, CITI Mortgage,, HSBC,, PNC/National City,, Wells Fargo, Sovereign and just about every major lender who underwrites equity lines of credit.
Call us immediately. Our process is simple. We will evaluate your case during a telephone consultation and will give advise you if we will accept your case.
In any case, as always,we will offer advice free of charge on how to deal with your current situation.
The Angels of Debt is known for their creative and successful methods in reducing mortgage debt.
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Purchasing a home is always a dream come true. It is however crucial that you understand your finances and the available options to ensure that the financing options you choose are ones that are best fit for you and one which you are able to effectively keep your commitments to.
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