PLACERVILLE, CALIFORNIA

Real Estate

Day of reckoning approaches for HELOC borrowers

By From page HS3 | August 22, 2014

Mary’s $70,000 Home Equity Line of Credit, a HELOC loan, had prevented her from selling her home in Cameron Park. Although her home’s value had increased since 2008, she was still under water; her mortgages exceeded her home’s current value. Then she received a letter from her bank that could force her into a short sale or foreclosure. What had seemed sensible in 2005 had now become a serious threat to losing her home.

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