Home equity delinquencies reach high
The housing industry has set yet another dubious record: The number of borrowers who have fallen more than 30 days behind on their home equity lines of credit has hit the highest level in mor ethan a decade. This news comes from the American Bankers Association.
During the first quarter of this year, the percentage of home equity lines of credit that were more than 30 days behind rose to 1.10 percent. Economists with the organization blamed the weak economy, falling home equity, job losses and rising food and energy costs for the increase.
I have one of the no doc loans.We are on the verge of financial collapse.I just took in my daughter who lost her home.We now have 15 people under one roof trying to survive.Most of our family consist of 11 children.Others have college debt ,no jobs,or laid off.No bail out here.