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User Info	16.5% of Home Equity Loans Delinquent; entered at 2007-12-01 20:13:40
Pika-steph Posts: 51462 Registered: 2007-09-11 Live Free Or Die; US Army Est. 1775	Little has been said about the HELOCs. There are MANY people, like me who have very affordable firsts. The HELOCs may be modest...but....nearly ALL OF them were ARMS tied to prime. I was one of the 'smart' ones, or so I thought. I refinanced it into a FIXED 2nd. It was a higher interest rate than I WAS paying...but at least I wouldn't be raped each time the rate went up....and last year, it went up PLENTY. Wonder how many people thought to do that? My guess, far fewer than the number of people who were smart enough to refinance their primary ARMs. Storm - I don't know ANYONE, other than my father, who doesn't have a HELOC. CFC gave me one the last time I refinanced my house in 2003(NO CASH OUT - JUST TO LOWER INTEREST RATE) - and they gave it to me 'for free' - i.e. I didn't ask for it and didn't know I was getting one. I ended up using it when times got real tough here....it was plenty cheaper to use it than a CC and I'm sure that's what they were counting on. Unfortunately, that debt is now a lien on my house in the form of my new fixed 2nd. Last modified: 2007-12-01 20:17:14 by pika-steph 2007-12-01 20:13:40