Quote:
Originally Posted by SCORE-Cash
You must have some amazing score, or little no credit. I have a 777 with one heloc recently closed. No offers from any banks, as I used to get them several times a week, two years ago.
Now I'm considering tapping into the one heloc I do have, inorder to get as much cash out, as it is with Citi.
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I have to admit I have a great score and tons of credit (it's because I'm old
) Being self employed though I do everything I can to personally make as little money as possible, ergo I doubt a bank will even give me a free pen if I attempt to get an HELOC so I have equity sitting there because I wanted to make sure I was equity heavy, always thinking I'd be able to tap into if I needed it, but the way things are going bankingwise, I won't be able to.
PK, if you can grab equity money, I'd grab it now. One of my friends has well over 7 figures of equity in his house, had an open HELOC for a few hundred grand, and they froze it. I don't know what bank it is but I can find out.
Our little local banks are doing great - probably because they sell all their subprime loans. When I did my nodoc the guy was explaining everything as I signed it and one of them was "By signing here you acknowledge that we're going to sell this loan before the ink is dry."
