by Moe Bedard
A couple gentlemen came into the office today and the subject came up about home equity loans. The conversation started with the notorious recent freezes implemented on home equity lines of credit and then quickly went down the road of loan modifications and they were wondering if lenders are modifying these HELOC’s.
What they didn’t realize and many consumers do not know is [...]
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by Moe Bedard
Some 122,000 borrowers with Countrywide home-equity lines of credit, or HELOCs, received letters in January informing them that they could no longer withdraw funds from their lines. A few months later, thousands of customers of other major lenders — including Bank of America, J.P. Morgan Chase, Citibank, SunTrust, USAA, Wachovia, Washington Mutual and Wells Fargo [...]
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