The next housing crisis is underway!
Reset or Interest Only period ending soon on your HELOC? In 2003 through 2007 billions of dollars of HELOC (Home Equity Lines Of Credit) loans were originated. Most of these loans were made on 10 year interest only terms. Once the 10 years are up these loans get amortized to only 20 years at a higher interest rate. These loans coming due will accelerate through 2017 resulting in the doubling or tripling of payments; shorter term + higher rate = bigger payment. Ouch!
Should I stay or should I go now…?
1st mortgage loans can reset too, causing that payment to increase by 30%-70%! People will be forced to re-evaluate what payments to make. Most people cannot afford an increase on their 1st mortgage loan but will do so IF they want to stay in the property.
Banks will get squeezed
It is the HELOC loan payment that goes on the block, there are roughly $221 billion dollars in these HELOCS resetting starting from 2013 through 2017 with most occurring in 2016 and 2017! Once these loans “reset” the affordability factor comes into play…
Strategic defaults will start back up and banks fear this. (A strategic default is when you stay current on the 1st loan but stop making payments on the 2nd loan). Bi-Product: values decrease as foreclosures increase causing the 2nd loan holders to be underwater OR stuck as there is nothing they can do… or is there?
Seize the day
Christopher Lagerson, founder of Eliminate Your Equity Line offers an alternative solution by eliminating equity lines or second loans, making it a Win Win for YOU! It’s a 30-60 day process where in the end he can reduce your loan amount by 94%-85% potentially saving you $100,000′s in long run savings. Think about it, no more payments and improving your equity position. BOOM! Contact me to find out more.
100% Performance based!
This means ZERO up front fees! In fact, if we cannot settle your loan for 15% or less of your balance you can opt out altogether. You have everything to gain and nothing to lose, call to see if this works for you!
We are now free of our $196,000 HELOC and we settled for a mere $15,000! I’m so glad we did this and I would highly recommend this company. I just checked our credit report today and our Citi HELOC shows a zero balance/closed and settled for less than owed.
Chris is worth his weight in gold and I will definitely refer clients to him.
Saved $181,000 & $531 per month
Financial Planer from Stevenson Ranch, CA
Saved $133,000 & $1,089 per month
Business owner from La Habra, CA
Saved $99,000 & $239 per month
School Teacher from Pleasanton, CA
I was reaching a point of desperation. In the last several years, my income had dropped significantly and the value of my home had plummeted. I had a large HELOC with an adjustable rate. Although I was able to make my current monthly payments and was not delinquent, I was VERY worried about my ability to pay my HELOC if rates jumped.
I had contacted my lender personally attempting to refinance, combine my first with my HELOC and/or lock the rate on my HELOC. My lender was completely unhelpful. If you are current on your payments, have good credit and decent income, they are simply not interested in talking. That attitude is what helped me get over the “moral” struggle of not paying my debts.
I responded to the Eliminate Your Equity Line flyer and inquired about their process. I decided to give them a try thinking I had nothing to lose. I was asked to send them personal information and was reluctant to do so. I knew I had to so I actually signed up for an identity theft protection service, just in case. Thankfully I did not need it.
Saved $335,000 & $827 per month
Director UBS Wealth Management from Boulder, CO
Even then, I was doubtful. But when Chris convinced me that there were no up front fees, I decided to roll the dice, And I’m glad I did.
Frankly, it was an amazing experience. After completing the paperwork and copying the necessary documents (the biggest pain in the whole process), I sent the information to Chris and waited to get turned down but I didn’t. In less than a month Chris presented me with an offer for a 90% write down. Of course I accepted and now have an amazing story to tell my friends.
I’m sure most of you will say yeah, yeah yeah and I understand that. But I also understand fortune favors the bold; In my case a six figure savings!
Saved $147,000 & $358 per month Businessman from Scottsdale, AZ
Saved $77,000 & $179 per month
Retired Police Officer from Long Beach, CA
Consumers looking at obtaining a professional and ethical company for loan modification are usually at risk as many of the companies that advertise are either violating the law by charging upfront fees, or they are simply ineffective. Christopher is ethical and successful, I am a California lawyer, and I was very pleased to let Christopher represent me, I knew that I was protected as I would owe him nothing if he was not successful. He worked hard and never gave up, and the communication was excellent.
There is an excellent discussion on the State Bar website which warns consumers about unethical loan modification companies. Christopher complies with all of the legal requirements while offering a effective and competent representation. I would recommend him to anyone who is living under the burden of a HELOC. He will treat your confidential file with care, and done of your financial records will be revealed to anyone except the Bank you are dealing with.
Saved $559,000 & $2,346 per month
Attorney from Laguna Beach, CA
Saved $283,000 & $2,149 per month
Attorney from Stamford, CT
Saved $99,000 & $251 per month
Software Engineer from Trabuco Canyon, CA
Since he wasn’t going to charge for services until a settlement was finalized, the only other concerns I had were identity theft and what was his contract going to look like. Being in the real estate industry, I drilled him and realized he was too deep with knowledge about what he was promising to do that the chances of this being a scam were low. Then when I saw the contract, it was short and clean. We took a leap of faith and are glad we did. Now we are at ease with our property, and I am recommending him to friends in the same situation.
Saved $97,000 & $338 per month
Real Estate Broker from Danville, CA
Saved $138,000 & $400 per month
Vice President of SAIC from Escondido, CA
Saved $125,000 & $311 per month
Brand manager at Proctor and Gamble from Danville, CA
Saved $165,000 & $269 per month
Vice President of Wells Fargo Bank from San Ramon, CA
Saved $199,000 & $558 per month
Fire Fighter from Monrovia, CA
Saved 276,000 & $747 per month
Attorney from Orinda, CA
I am so glad I did this! I am a school administrator from Sacramento, this decision has dramatically changed my financial outlook and provided a huge relief for my family. We are so much more free and have financial peace. We saved $110,000 & $938 per month!
Saved $110,000 & $938 per month
High School Principle from Citrus Heights, CA