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Home Equity Loans May Come Back to Haunt Borrowers & Banks | By: Fellow GDREIA Members

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Home Equity Loans May Come Back to
Haunt Borrowers & Banks

Last week we posted about the 3.3 million HELOC’s that were schedule to reset over the next few years.  Now we’re starting to see some of the data come in about those lines of credit.  According to a recent article on (which was also in the WSJ) the bill is coming due for many of those homeowners with payments increasing by hundreds of dollars per month due to these resets.  Interestingly, some banks have started taking additional steps to lessen risk by no longer permitting interest-only payments on new HELOC’s.

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