Comments on: Warning: Your home equity line of credit may evaporate in an emergency

By: Roundup and Link Love – Brain Surgery Edition

Roundup and Link Love – Brain Surgery Edition — Wed, 08 Sep 2010 20:04:19 +0000

[...] The Dough Roller gives us an example of how your home equity line of credit can blow up on you. [...]

By: Keep My IP » 7 Tips to Help Manage Your Finances When Out of Work

Keep My IP » 7 Tips to Help Manage Your Finances When Out of Work — Thu, 19 Aug 2010 00:19:49 +0000

[...] with a lot of debt. If you own a home and are lucky enough to have some equity in it, think about a home equity loan. Even if you find a job quickly, you can pay back what you have not used (be sure to inquire about [...]

By: DR

DR — Thu, 18 Mar 2010 17:19:41 +0000

I think it’s unlikely that wage garnishment matters would be addressed in the equity line documents. Wage garnishment is the result of a court order and typically involves having a portion of your wages taken from your paycheck, not your home equity line of credit.

By: Anonymous

Anonymous — Thu, 18 Mar 2010 17:14:28 +0000

Where in these equity line docs would I find anything on wage garnishment? Do they generally add something like this?

By: Anonymous

Anonymous — Thu, 18 Mar 2010 17:06:36 +0000

Where would I find information on my equity line of credit regarding wage garnishment? Is this even included? It’s with Bank of America

By: Scott

Scott — Fri, 25 Apr 2008 18:57:36 +0000

I had Bank of America do the exact opposite a few weeks ago. They wanted to increase my HELOC. It is not in the interest of bank’s and financial institutions to lower your HELOC or remove access to it. Banks want us to borrow more so they can earn more etc and repeat this cycle. My house value has fallen 300k in value from the high in 2006 and my bank want’s to increase my HELOC. Funny!

By: Mr Credit Card

Mr Credit Card — Fri, 25 Apr 2008 04:09:52 +0000

HELOC is not the only means to get access to emergency funds.

Your unused credit card lines and limits is also a source of emergency funds.

Having a Loan Margin Account with your portfolio in your brokerage is another source of liquidity.

Taking a loan against your insurance policy is another possibility.

By: Eric

Eric — Fri, 25 Apr 2008 01:00:28 +0000

Zoinks! I better track down my credit line docs and see what hidden surprises there are. I just got done worrying about the LIBOR rates….

By: DR

DR — Thu, 24 Apr 2008 01:17:55 +0000

I confess I do rely on my home equity line of credit for short term cash needs. I could always liquidate some investments, but the tax consequences would really sting.

By: Mrs. Micah

Mrs. Micah — Wed, 23 Apr 2008 17:29:00 +0000

It makes sense, since a HELOC is essentially the bank giving you a mortgage again. While it feels like you put your money in and should be able to get it back, the bank owes no one equity. It could be handy to have one, I imagine, but it’s not as secure as cash in hand.

Hope you don’t need yours for any emergencies.