Re: Home Equity Line of Credit

Posted by Why Chat (209.240.198.61) on October 04, 2003 at 07:56:08:

In Reply to: Home Equity Line of Credit posted by Need Improvements on October 04, 2003 at 05:37:45:

No, home equity lines of credit are NOT a "scam" if they are from your regular lender at reasonable rates and without hiden charges.

The scams are the heavily advertised "consolidation" debt repair companies that exchange unsecured credit card debt for high interest mortgage loans.

As long as you are not "behind" on your credit card payments, and do not "run them up again" and if you are careful about the "repairs" using qualified contractors who are NOT paid in advance, you will be OK.

The"scam" of HELOCS usually involves hgh pressure home improvement companies or debt consolidation compnies who leave a person worse off than before and lead to foreclosures.

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