What happens if you default on a HELOC or home equity loan?
Nothing good. The loss of your home, and a blow to your credit score.
David McMillin is a contributor to Bankrate covering personal finance, including mortgages, real estate, student loans and auto loans. From budgeting tips for individuals to funding strategies for aspiring business owners, his goal is simple: to help readers figure out how to save more and stress less. As a musician, he has spent a lot of time worrying about money, as well, and he applies the lessons he’s learned from that financial balancing act to offer practical advice for personal spending decisions.
McMillin studied writing at DePauw University. He is based in Chicago and loves to discover new places. He only needs to visit four more states (Alaska, Oklahoma, Utah and Vermont) to check all 50 off his list.
Nothing good. The loss of your home, and a blow to your credit score.
It means you’ve got financing to buy a home — probably. But it’s far from a done deal.
It requires not one, but two mortgages. But it can get you closer to that dream home.
Mortgage credit certificates aim to make owning a home a more affordable reality.
How do you pay back a reverse mortgage, and when is it necessary?
Actually, it’s more a question of how much rather than how soon.
It’s your biggest defense against housing discrimination.
While subprime mortgages exist today, they are subject to more oversight.
We appreciate your feedback
Thank you for taking the time to share your experience.