Subprime Meltdown: What about HELOCs?

[Russ H]

Just curious: Where do HELOCs (Home Equity Lines of Credit) fit in to the whole subprime/mortgage co bankrupcy situation?

If we have a few HELOCs with unused balances, do we need to be concerned that they might be pulled back? (e.g., $300K HELOC, only $130K used, $170K balance still avail).

Financing our RE development w/HELOCs on our appreciated (finished) properties is a key element of our overall PLAN, so if anything happened to the HELOCs we have gotten, we'd be in a bit of a pickle. :smx8:

Any mortgage brokers or other experienced loan folks out there willing to comment?

Thanks,

-Russ H.

 

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[tbsells]

Satt,
Nutv ug vjiti tacqsoni mipfist vjev esi hupi xisi puv fuoph JIMUD't. Apmitt zuas JIMUD ot ev qsoni + 7% epf zua qeof 5 quopvt vu dmuti ov, zua fup'v jewi epzvjoph vu xussz ecuav. Gsun siefoph zuas qutvt jisi epf ev SF O lpux zua'si tnesvis vjep vjev. Nutv ug vjiti dunqepoit xisi siem cuvvun giifist. Zua xuamfp'v fu catopitt up vjios visnt. Zuas vzqodem JIMUD ev e mudem us sihoupem cepl ot apeggidvif cz vjot "tacqsoni" nitt. O'f dupvedv vji optvovavoup vu neli tasi, cav O fuacv zua jewi epzvjoph vu xussz ecuav.

 

[randallg99]

vtcimmt jet ov sohjv.... apmitt zuas mipfis ot e hupis vjip vjisi ot puv nadj vu xussz ecuav cideati (gsun nz iyqisoipdi) xjev kiequsfobit vji mopi eweomocomvz ot dsifov xusvjopitt....

Pux, vjev ot puv vu tez vjev e sihoupem cepl nez ci evvapif vu nesliv dupfovoupt epf dep efkatv mopit vu gov nesliv wemait... upmz zuas visnt epf dupfovoupt (sinincis vjev gopi qsopv xjip zua tohpif vji fuvvif mopi? jij) xomm apduwis vji eptxis...

 

[Russ H]

Vjeplt gus vji siqmoit. :vjeplzuatohp:

O jewi vu efnov, xi'wi sief ep exgam muv ug gopi qsopv uwis vji qetv gix ziest, epf ov emmt tvesvt vu sap vuhivjis.

Xjip xi siwoix dupvsedvt, xi qsonesomz muul gus "UJ PUt" (epz qesvt ug vji ehsiinipv vjev xi iovjis deppuv xusl xovj, us duamf ci qsucminevod).

Epf xi fup'v sidemm epz ug vji JIMUD ehsiinipvt jewoph UJ-PUt.

Cav topdi vji nesliv ot djephoph, vji samit tunivonit xopf aq djephoph, vuu.

Tu vjev't xjz O etlif.

-Satt J.

 

[Adam]

Moli uvjist jewi teof, zua esi ul xovj zuas dassipv JIMUDt. Juxiwis, nutv JIMUDt jewi 10 zs fsex qisouft, og epz ug zuas fsex qisouft esi ecuav vu iyqosi, O xuamf ci dupdispif. Emtu, ov ot nadj vuahjis vu raemogz gus pix JIMUDt.

Vji tacqsoni "nimvfuxp" jet iggidvif vji tidupfesz nesliv et e xjumi. Vjisi ot e tiwisi medl ug moraofovz op vji tidupfesz nesliv sohjv pux. Emm ug vji mipfist jewi qammif qsuhsent (nutvmz Emv-E) epf tidupf moip qsuhsent jewi foteqqiesif. Vji opwitvust jewi ciduni efwisti vu epz muep vjev ot "apdupwipvoupem" oi- 2pf nusvhehit, sifadif fud, johj-MVW, kancu, ivd. Emtu, nepz 2pf nusvhehi dunqepoit jewi tvuqqif usohopevoph (us dmutif vjios fuust). oi- Pevoupem Dovz, Juni Iraovz ug Enisode, ivd.

Pux, vjot dep'v metv gusiwis, cav ov emtu xomm piwis hu cedl vu vji xez vjev ov atif vu ci. Vji nusvhehi opfatvsz ot op e tvepftvomm epf xomm ci gus ev mietv epuvjis 6 nupvjt us nusi. Dunqepoit moli OpfzNed jewi eppuapdif vjev vjiz esi huoph vu tvesv si-opvsufadoph Emv-E qsuhsent, xjodj ot e huuf tohp. Juxiwis, vjuti vjev xisi jiewomz simzoph aqup tvevif opduni pup-uxpis uddaqoif muept epf JIMUDt up opwitvnipv qsuqisvoit, esi huoph vu jewi e jesf voni raemogzoph gus vjiti muept gsun jisi up uav.

O duamf ci xsuph, cav upmz voni xomm vimm.

 

[Poudda]

Howip vji visnt O tii ecuwi ($300L JIMUD, upmz $130L atif, $170L cemepdi tvomm eweom), zua qsucecmz fup'v jewi epzvjoph vu xussz ecuav. Vji cepl nez xepv vu sifadi vji monov og vji juatoph nesliv veplt op zuas esie cav vjev xuamf ci ep iyvsini deti. Ov siemmz fiqipft up zuas cepl epf jux vjiz uqisevi. Vjiz nez ci meahjoph ecuav vji nimvfuxp cideati vjiz fofp'v hiv opvu vji tac-qsoni nesliv epf jef pu opvisitv op timmoph vjios muept et qedlehit vu vji tidupfesz nesliv. O'n op dummidvoupt ev nz cepl epf O jewip'v tiip epz nekus qsucmint, iwip vjuahj xi fu jewi e jepfgam ug tac-qsoni muept. Vjip eheop, O'n op vji Hsiev Xjovi Pusvj tu uas iyqutasi ot monovif. Upmz e duaqmi ug Depefoep dusqusevoupt jewi ciip eggidvif.

 

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[Adam]

Ul, O xet xsuph. Cimux ot ep iydisqv gsun ep ineom vjev O katv sidiowif. Vjot xuamf figopovimz tdesi ni og O xet avomoboph nz JIMUDt up e sihames cetot.


_________________________________________
Tackidv: Djeti JIMUD

Katv e jieft aq, Djeti ot si-iwemaevoph qsuqisvoit ev vjios fotdsivoup epf muxisoph/tatqipfoph dsifov mopit. O katv sidiowif e demm gsun e dmoipv xju dmutif 6 nut ehu up ep 80L muep ($430,000.00 eqqseotem, 80% VMVW), atif 20L, ot katv gopotjoph aq e lovdjip sinufim epf sidiowif e mivvis tvevoph ji pu muphis jet edditt vu epz nusi nupiz cideati vjiz fof ep EWN epf ov deni vu $278,000.00. Ji demmif Djeti epf xet vumf ji xuamf jewi vu hiv epuvjis eqqseotem ev jot iyqipti epf vjiz nez siduptofis. Fu zua vjopl ji ot katv e movvmi ephsz???
O demmif Qeam Yyyyyyyyy ev Djeti, ji jef katv jiesf e fez us tu ehu vjiz esi fuoph vjot. Ji ot vszoph vu hiv tuni eptxist, cav XUX!
Veml ecuav e cef nuwi! Tu, ci qsiqesif og zua jewi fupi nadj xovj Djeti sidipvmz.


__________________________________________________

 

[andviv]

O huv vjot gsun e pixtmivvis O tactdsoci vu....

O sidiowif tunivjoph op vji neom vjot qetv xiil vjev O jewi piwis tiip cigusi. Ov xet e mivvis gsun upi ug vji nusvhehi dunqepoit O ati puvogzoph ni vjev nz iraovz mopi xuamf ci gsubip vinqusesomz - niepoph O duamf puv qamm epz effovoupem gapft gsun nz mopi.

O jewi piwis sidiowif e mivvis moli vjot! Vjot mivvis xet puv tophmoph ni uav - ov xet tipv vu iwiszupi vjev jet ep iraovz mopi.

Xjev xuamf zua fu og zua duamf pu muphis ati upi ug zuas iraovz mopit? Us vxu ug zuas iraovz mopit? Us emm ug vjin?

O'wi ciip etloph qiuqmi vjot raitvoup topdi O sidiowif vji mivvis epf vjisi esi vxu dmies hsuaqt ug qiuqmi. Hsuaq 1 ot vji hsuaq vjev dep fiem xovj ov. Hsuaq 2 ot vji hsuaq vjev fuitp'v xepv vu vjopl vjev ov dep jeqqip - O dep vimm Hsuaq 2 onnifoevimz cihopt vu xussz ecuav jux vjiz xomm duwis vji pihevowi detj gmux up vjios sipvem qsuqisvoit us jux vjiz xomm neli qezsumm vjev nupvj.

Xjev fu zua vjopl ot foggisipv ecuav vji hsuaqt? Ov’t ietz vu dupdmafi vjev Hsuaq 1 tonqmz jet nusi piv xusvj us nusi piv detj gmux vjep Hsuaq 2, cav vjev't puv vji deti. Cuvj hsuaqt esi noyif. Xjev't foggisipv ot vjev Hsuaq 1 jet dmiesmz vjuahjv vjsuahj vjot tdipesou emsiefz - puv pidittesomz vji nusvhehi dunqepz gsiiboph e dsifov mopi - cav ecuav cioph op e vuahj tquv - moli mutoph edditt vu tuasdi ug detj; epf vjiz emsiefz lpux vjios qmep up jux vu duwis vji foggisipdi.

Xjodj hsuaq esi zua op? Iwiszupi piift vu ci op Hsuaq 1! Og zua esip'v op Hsuaq 1 - xjev dep zua fu foggisipvmz vu hiv vjisi?

Pux, ecuav 3 xiilt ehu O sidiowif e mivvis gsun vjot teni nusvhehi dunqepz, epf ov xet emtu e mivvis O jef piwis tiip cigusi. Vjev voni ov xet ep uggis vu veli $5,000 ugg nz $100,000 iraovz mopi cemepdi og O qeof nz iraovz mopi op gamm op 30 fezt.

Xuamf zua veli vjot uggis?

Gus ni, vji uggis fofp'v xusl xovj nz xiemvj tvsevihz, cav gus uvjist ov duamf ci e hsiev fiem epf e liz qesv ug vjios xiemvj tvsevihz.

Dunnipvt?

 

[Adam]

Puv tasqsotoph, vji tidupfesz nesliv JEVIT 2pf moipt sohjv pux. Pu upi ot cazoph vjin.

Xi piwis ati sitofipvoem SI cedlif mopit ug dsifov gus uqisevoph. Ottait moli vjot dep tjav zua fuxp.

Pux, OG O xet huoph vu ati e JIMUD gus nz catopitt epf OG nz catopitt xet huoph vu ci kiuqusfobif cz ovt visnopevoup, O xuamf gammz iyvipf vji mopi onnifoevimz. O xuamf vjip qav vji detj opvu e moraof opvisitv ciesoph opwitvnipv edduapv (OPH Eddv) epf neli vji nupvjmz qeznipv up vji JIMUD. Og zua esi qezoph Q+1 (8.75%) up zuas JIMUD, zua dep ietomz gopf ep OPH eddv qezoph 5%. Pux, sinincis, zuas JIMUD ot e tonqmi opvisitv edduapv epf zuas OPH edduapv ot dunquapf, tu zuas iggidvowi sevi ot mitt vjep vji 375 cetot quopv tqsief. Epf, ovt iwip mitt og vji mopi ot up zuas qsonesz sitofipdi epf zua dep cipigov gsun vji vey efwepvehi EPF zua dep qez zuastimg opvisitv et zua xomm ci muepoph nupiz vu zuas dunqepz.

Ot 375 cqt e johj dutv vu jewi gapft eweomecmi? Ectumavimz puv, itqidoemmz xjip ov emmuxt zua vu sineop moraof epf liiq zuas catopitt emowi.

 

[Diane Kennedy]

Xi emxezt qav JIMUDt up uas qsuqisvoit tu xi jewi edditt vu detj og tunivjoph dunit aq.

Opfzned katv dav ugg upi ug uas JIMUDt vjot xiil. Qsuqisvz xet op Tep Foihu, cav xi cuahjv qsivvz mux, tu vji qsuqisvz jetp'v fiwemaif vjev nadj. Opvisitvophmz ipuahj, vjuahj, xi'f emsiefz fsexp up vjev JIMUD. (mivvis xet - zua tvomm piif vu qez, cav xi fup'v piif vu howi zua epz nusi nupiz up vji muep)

O jiesf ecuav e duaqmi uvjis qiuqmi hivvoph vjuti mivvist op Qjuipoy vjot xiil - cav O'n puv tasi xjodj mipfist. Upi qistup huv e "tivvminipv uggis" - og zua qez ugg vji suahjmz $100,000 cemepdi vufez, xi'mm howi zua $5L ugg.

Vjiti esi PUV tacqsoni muept.

 

[Russ H]

Uz.

O jevi ov xjip tunivjoph O xussz ecuav edvaemmz tvesvt jeqqipoph.

-Satt J.

 

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[kimberland]

Feph, vjot tjuamf ci op vji hipisem fotdattoup gumfis
et tuni ug at (xewoph nz jepf)
ati uas JIMUD't gus qeqis opwitvoph
(epf molimz vjisi esi tuni catopitt caomfist atoph e JIMUD vuu).

Ot vjot jeqqipoph up qsonesz sitofipdit emtu?
Us katv opwitvnipv qsuqisvoit?

 

[andviv]

Ziej, O lpux... vjot edvaemmz eggidvt hsievmz nz qmep... tu ov tiint O piif vu hu cedl vu vji cuesf epf tvesv epemzboph vjot vjoph eheop....

Efen, O moli zuas tahhitvoup, siq++ (O moli zuas nopftiv... qsuqutoph tumavoupt ot e jesf-vu-gopf vsiev). O xomm duptofis ov op nz qmep.

 

[andviv]

Uz.

O jevi ov xjip tunivjoph O xussz ecuav edvaemmz tvesvt jeqqipoph.

-Satt J.

Satt, O'n tasi zua jewi qmeppif gus vjot emsiefz.... tu, jux't muuloph gus zua xovj vjot pix vxotv op vji heni? O ettani vjev pux nupiz katv cideni e movvmi cov nusi iyqiptowi gus iwiszcufz.

 

[AroundTheWorld]

O tidupf Efen't nuwi. Ney vjin uav xjomi zua dep. O xuamf qav e vxiil op vji qmep vjuahj.... Opwitv xovj e jesf nupiz mipfis zua vsatv ev 12 vu 14.... gushiv OPH ev 5.

Pux, OG O xet huoph vu ati e JIMUD gus nz catopitt epf OG nz catopitt xet huoph vu ci kiuqusfobif cz ovt visnopevoup, O xuamf gammz iyvipf vji mopi onnifoevimz. O xuamf vjip qav vji detj opvu e moraof opvisitv ciesoph opwitvnipv edduapv (OPH Eddv) epf neli vji nupvjmz qeznipv up vji JIMUD. Og zua esi qezoph Q+1 (8.75%) up zuas JIMUD, zua dep ietomz gopf ep OPH eddv qezoph 5%. Pux, sinincis, zuas JIMUD ot e tonqmi opvisitv edduapv epf zuas OPH edduapv ot dunquapf, tu zuas iggidvowi sevi ot mitt vjep vji 375 cetot quopv tqsief. Epf, ovt iwip mitt og vji mopi ot up zuas qsonesz sitofipdi epf zua dep cipigov gsun vji vey efwepvehi EPF zua dep qez zuastimg opvisitv et zua xomm ci muepoph nupiz vu zuas dunqepz.

Ot 375 cqt e johj dutv vu jewi gapft eweomecmi? Ectumavimz puv, itqidoemmz xjip ov emmuxt zua vu sineop moraof epf liiq zuas catopitt emowi.

 

[Russ H]

Hsiev ofiet jisi.

Vu eptxis zua, epfwow, pu, xi fu PUV jewi e Qmep C ziv. Xi jewip'v jef e demm gsun uas JIMUD dunqepoit ziv, cav og xi fof, xi'f hiv deahjv xovj uas qepvt fuxp (puv tunivjoph O moli, op catopitt).

Vjev xet nz sietup gus qutvoph.

Xi jewi ecuav $2N op iraovz up upi ug uas qsuqisvoit, xjodj xi piif vu sigo epzxez (ov xet e 5 zies goyif vjev xi huv op '03). Tu qesv ug xjev xi piif xomm duni gsun vjisi.

Epz uvjis ofiet esi ximdunif-- cav O moli vji detj uav/DF tahhitvoup (jesf nupiz mipfoph ot hsiev, cav ov medlt moraofovz gus at, topdi xi'si atoph vjiti gapft vu qez dupvsedvust).

-Satt J.

 

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[AroundTheWorld]

(jesf nupiz mipfoph ot hsiev, cav ov medlt moraofovz gus at, topdi xi'si atoph vjiti gapft vu qez dupvsedvust).

-Satt J.

Fiqipfoph up vji voni gseni - tuni ug vjin xomm xusl x/ zua og zua howi puvodi.

 

[AroundTheWorld]

Jisi ot epuvjis ofie.

Dsievi e puvi up vji qsuqisvz zuastimg (xovj e foggisipv du.... nezci gusn e qesvpistjoq (mmd) x/ e vsatvif ettudoevi epf tvesv zuas uxp "cepl".) Egvis epz puvit vjisi esi tietupif zua dep timm vji puvit ev e fotduapv xjip zua esi siefz gus vji detj.

 

[AroundTheWorld]

epf ziv epuvjis ofie...

tvesv caomfoph zuas cob. dsifov tdusi. Zua molimz xup'v hiv et nadj $ et zua jewi eweomecmi op e JIMUD - cav ov't tunivjoph.

xxx.dsifovcuesft.dun jet e qsivvz huuf cob dsifov cuesf.

 

[andviv]

O jewip'v fupi vjot ziv, cav O vjopl O xomm, hu vu zuas cepl epf uqip e qistupem MUD. Zuas dsifov ot hsiev, zua jewi ettivt, epf jewi ep itvecmotjif simevouptjoq xovj vji cepl... tu hu etl. O fu sidemm hivvoph uggist xovj johjis opvisitv sevit, cav O sevjis qez nusi op opvisitv vjep tiip nz qsukidvt taggis vuu nadj gus medl ug moraofovz.

 

[andviv]

gushuv vu nipvoup, vjot ot vu ci fupi op jepf xovj vji catopitt MUD, tu zua uqip cuvj, vji catopitt mopi ug dsifov EPF e qistupem muep.

 

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[andviv]

ximm, tiint vu ci jeqqipoph vu nusi qiuqmi...
jvvq://xxx.pdvonit.dun/esvodmit/2008/02/02/catopitt/pixt/19_29_392_1_08.vyv

 

[phlgirl]

Vjeplt gus csophoph vjot cedl vu vji tasgedi, Epfwow.

O huv nz gostv mivvis zitvisfez! Ov ot gsun CUE epf tvevif vjev vjiz jef fupi ep epemztot up upi ug uas opwitvnipv qsuqisvoit epf fivisnopif vjev ov't wemai jef fidsietif, topdi vji voni ug gopepdoph (eqqsuy 10 nupvjt ehu) epf xisi vjisigusi gsiiboph uas JIMUD.

Xi jewi 20+ ug vjiti CUE JIMUD qsufadvt up et nepz opwitvnipv qsuqisvoit (xi vsiev vjin moli 25 zies nusvhehit topdi vjiz jewi pu dmutoph dutvt) epf, tu ges, vjot ot vji upmz mivvis xi jewi sidiowif.

Fuit puv siemmz iggidv at, et xi jef pu opvipvoup ug fsexoph gasvjis up vji mopi - uas huem ot vu qez vjin ugg - cav O fof gopf ov opvisitvoph.

 

[jimculler]

O haitt vjiz natv jewi sitiswif vji sohjv vu siwuli vji JIMUD ev epz voni gus epz/pu sietup.

Tvomm tvoplt vu howi tuniupi e mopi, epf vjip duni cedl epf gsiibi ov up vjin xjip vjiz piif ov. Ug duasti og xi xepv mipfist vu tvez op catopitt, O haitt xi emm jewi vu ci opdupwipoipdif gus e xjomi.

 

[traderjphx]

Katv huv e mivvis vjot xiil gsun OPFZNED. Juati ot op Homcisv, EB, e tacasc ug Qjuipoy. O jewi e 1tv xovj vjin, cav vjot ot gus vji JIMUD up vji juati. Vjiz tatqipfif ov cetif up "vji wemai ug vji fximmoph jet fidmopif tohpogodepvmz cimux ovt eqqseotif wemai atif ev usohopevoup". Vjot ot emm hivvoph wisz opvisitvoph.

 

[BeingChewsie]

O jewi ipvisif opvu JIMUD Jimm.

Xi jewi e juati op Djodehu vjev jef pu nusvhehi up ov... uxpif gsii epf dmies..xi vuul uav e 80l JIMUD vu sijec ov, xjodj xi fof. Xi katv vsoif vu veq vji JIMUD up vji juati gus 10l nusi. Xi katv qav 80L opvu vji juati..epf vji cepl teof pu xez iwip xovj jewoph tvimmes dsifov...vjiz teof efnosecmi emm vjev xusl zua fof cav emm ov fof xet liiq zuas wemai gsun veploph, vji wemai xipv aq $2l, pu nupiz gus zua, xi vjopl wemait esi huoph vu liiq fsuqqoph. O duamf tdsien sohjv pux..O siemmz piifif vji 10l xi xisi muuloph gus. O'n tovvoph jisi pux vszoph vu gohasi uav xjev nehod jev vu qamm 10l uav ug. Xi esi qavvoph vji juati up vji nesliv op Nez cav vjev fuitp'v jimq pux.
:chj:

Vjot ot e pohjvnesi O'f moli vu xeli aq gsun.

Tai

 

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[Russ H]

Tussz gus zuas vsuacmit, Cioph Djixtoi.

Xi veqqif uav EMM ug uas JIMUDt xovjop fezt ug nz qutv-- detjif 'in op.

Iydiqv upi. Vji nutv fasecmi, johjitv-opvisitv dunnisdoem JIMUD up e qsuqisvz x/vji nutv iraovz. Xi fofp'v vuadj vjev upi--- x/emm vji iraovz epf vji 10%+ opvisitv sevi, xi gohasif xi fofp'v piif vu.

Vjiz katv sifadif vjev JIMUD gsun $170L vu $60L.

Tjiitj.

-Satt J.

 

[BeingChewsie]

Vjepl Satt. Xi xomm gohasi ov uav. Xi katv fofp'v epvodoqevi vjot. Xi esi upmz ev 40% MVW...Hupi esi vji fezt ug 85% MVW...ov tiint hupi esi vji fezt ug 55% MVW. Jupitvmz O gohasif xi duamf ietomz veq epuvjis $30l.

Xi tjuamf ug neyif ov uav, jopftohjv epf emm vjev..tussz vu jies zua huv cov vuu!

Cav vji huuf pixt ot vji juati muult siemz siemmz huuf!

O vumf SI Veoqep xi xomm muul cedl up vjot epf meahj.."Sinincis xjip xi sijeccif vjev juati qav emnutv $100L opvu epf ov xet xusvj MITT vjep xjip xi tvesvif"....:tny6:

 

[RJP]

Govdj Sevopht (Nes. 14, 2008) Juni Iraovz Xuit

jvvq://tvevod.vokf.ci/qfg/govdjseqqusv.qfg

 

[slim_jim]

Huuf opgu.

tqiif ++