Bakersfield.com

Navigation

Support

Report Violation

Are you sure you want to report the following content as a violation?
 Home-Equity Loans May Be Next Round in Credit Crisis   Experts say it is in everyone’s interest to settle these loans, but doing so is not always easy. Consider Randy and Dawn McLain of Phoenix. The couple decided to sell their home after falling behind on their first mortgage from Chase and a home equity line of credit from CitiFinancial last year, after Randy McLain retired because of a back injury. The couple owed $370,000 in total. After three months, the couple found a buyer willing to pay about $300,000 for their home — a figure representing an 18 percent decline in the value of their home since January 2007, when they took out their home equity credit line. (Single-family home prices in Phoenix have fallen about 18 percent since the summer of 2006, according to the Standard & Poor’s Case-Shiller index.) CitiFinancial, which was owed $95,500, rejected the offer because it would have paid off the first mortgage in full but would have left...
Please check the following violations, and include anything else in the comment box.
Offensive language
Threats
Inappropriate Content
Copyright violation
Other

Comment
Captcha



To protect users from spam, please enter the text from the image above.

Log In

No account yet? Register now for free.

Forgot password?


Spotlight

Cool new People



Find More People



Meet People Who Like ...

View Them All | Add Yours!


Advertisement: