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Message
re: Wells Fargo suspends new HELOC loans
Posted on 12/5/23 at 6:25 pm to BlackPawnMartyr
Posted on 12/5/23 at 6:25 pm to BlackPawnMartyr
quote:
The economy is in a massive bubble that is about to pop
When exactly? I’m trying to plan properly
0
Posted on 12/5/23 at 6:32 pm to Ramblin Wreck
Glad you were able to get renewed at another bank. Let me know if you are looking at anything else!!
Posted on 12/5/23 at 6:34 pm to back9Tiger
quote:
I have an outstanding balance of a HELOC (renovations), but my home is paid off. What implications would that have.
You unpaid it off when you used it for collateral for your HELOC.
This post was edited on 12/5/23 at 8:55 pm
Posted on 12/5/23 at 6:44 pm to Tchefuncte Tiger
quote:
I have an outstanding balance of a HELOC (renovations), but my home is paid off. What implications would that have.
They’ll put a lien on it and recoup what you owe them plus interest once you sell.
They don’t want your house. Taking a house actually cost banks money once they take them. They’d rather you incur the expense in paying the insurance, taxes, maintenance plus commissions.
They just want your money.
Posted on 12/5/23 at 6:55 pm to stout
They do this frequently - as recent as last year.
How long does it take for the sky to impact? It’s been falling for 4 years now…….
How long does it take for the sky to impact? It’s been falling for 4 years now…….
Posted on 12/5/23 at 6:57 pm to stout
What I can’t wrap my head around is if home prices are rising- why are people going down with the ship?
Why not just easily unload your asset, maybe stack a little cake on the way out, and live to fight another day?
It’s a bit too hard for me to believe.
Why not just easily unload your asset, maybe stack a little cake on the way out, and live to fight another day?
It’s a bit too hard for me to believe.
Posted on 12/5/23 at 7:37 pm to SDVTiger
There isn’t going to be a big crash in home prices.
The uni party won’t allow it
The uni party won’t allow it
Posted on 12/6/23 at 12:41 am to stout
They suspended them over 2 years ago.
Posted on 12/6/23 at 12:48 am to stout
quote:
Wells Fargo suspends new HELOC loans
Big banks haven’t been approving them for a couple years, at least not many of them. My wife and I tried to go through BOA a couple years ago for a small HELOC of like $25k. Bath have 800+ credit scores, great income to debt ratio, a ton of equity in our home…denied after 2 months of waiting. Went to a local bank and got approved and closed for $150k in like a week.
This post was edited on 12/6/23 at 12:49 am
Posted on 12/6/23 at 1:37 am to stout
Translation:
Posted on 12/6/23 at 6:38 am to bad93ex
quote:
So will this stop people from flipping houses or will the housing market alone keep that from happening?
There has been and will always be a market for this
Posted on 12/6/23 at 6:49 am to BlackPawnMartyr
We aren’t gonna out run negative equity boom. It is coming.
A three/four year window of buyers and loc takers are gonna go backwards. Luckily most of them had reasonable credit.
A three/four year window of buyers and loc takers are gonna go backwards. Luckily most of them had reasonable credit.
Posted on 12/6/23 at 6:59 am to JoeDirt
quote:
What I can’t wrap my head around is if home prices are rising- why are people going down with the ship?
Why not just easily unload your asset, maybe stack a little cake on the way out, and live to fight another day?
It’s a bit too hard for me to believe.
You still have to pay to live somewhere. I could sell my house but why? I can easily afford to keep it and I don't want to go back to an apartment.
I bought my house 5 years ago before prices got insane and I have a 3.6% rate. No reason to leave.
Unless you are talking about the covid buyers.
Posted on 12/6/23 at 7:04 am to stout
Oof
Posted on 12/6/23 at 7:10 am to Ramblin Wreck
quote:
The decline from banks has nothing to do with my credentials or property, they all stated they are no longer offering commercial building loans at this time.
Covid and the "work from home" movement has killed commercial real estate (at lease, office space/occupancy). I would not want to be trying to sell an office building right now .
Posted on 12/6/23 at 8:14 am to stout
Stout, this looks like it has been going on for a while with Wells. I don’t see any articles online talking about a recent stoppage
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