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have, how long have they been working in it, how much are they paid.”
“When they apply for a home equity loan, the questions are on the fair market value of the house,” she said.
With a home equity credit line, the bank or financial institution is assuming it will get its money back in the event the consumer cannot make regular payments by forcing the consumer to sell the house and repay the debt.
All the equity in a home is being tapped, said Ms. Scott, who is a member of the faculty of Virginia Tech’s College of Human Resources.
If consumers get into a position where they can’t pay it back, they will not only lose their homes, blit also will lose any investments, she warned.
When the money from the sale of a house has to be used to pay back the borrowed money, the borrower could be in a position of not having money for a down payment on another house.
“My usual advice for families facing financial difficulties is to keep a roof over their heads,” said Ms, Scott.
The order of priorities financial counselors recommend is that families pay the mortgage, the utilities, health insurance and food bills. They should not charge any more items and use what money is available to gradually pay off credit accounts.
95.6%