Everyone is Behind...Even HELOC payments are late!

Wow!! We know the economy is in a pinch when even the Equity Line payments are falling past due. This is not a good sign for what is to come. Some people unfortunately have been living off of their equity lines and now they are all out of cash. We published an article on www.InvestSmarter.com about the best way to use the equity in your home. Now there are two problems, people have extended themselves too much and the value has gone down. so now what? See below for a few interesting points on the HELOC issue.

Also take some time to read through www.Panama-City-Beach-Florida-Real-Estate.com to see other examples and the disucssion forum of how to work around the issues relating to Panama City Beach and Panama City Florida Real Estate.

Home Equity Delinquencies Hit 11-Year High The number of borrowers more than 30 days behind on their home equity lines of credit hit the highest level seen in more than a decade, reports the American Bankers Association. The first-quarter 2008 data suggests that the economic pain being felt by homeowners is spilling over into a segment of consumer credit that usually is highly resilient in down cycles. That is because, at the risk of losing the roof over their heads, consumers who are financially pinched tend to pay their mortgages and home equity loans before car notes and credit cards, explains Naroff Economic Advisors President Joel Naroff. "That people are now having trouble making payments on home-equity lines is a clear sign of the extent of the pressure on the household budgets," he said in an article published by USA Today. Source: USA Today, Anna Bahney (07/03/08)

So now what do we do? It's time to call in the debt consolidation people and/or find some financial guidance from a professional. Don't let this ruin your credit long term. It can be frustrating, but there are options out there!!!

The condo market is seeing some similar issues and the Panama City Beach Condo market is no different. There is a list of things to consider at www.Panama-City-Beach-Florida-Condominiums.com and take some time to look at comparable properties in the area.

Let us know if we can be of any assistance today!!!