Home-Equity Lines Squeezing Many Owners
Washington, DC, July 15, 2013 -- Homeowners with home equity lines of credit are struggling more than others.
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Just two loan categories tracked by the American Bankers Association saw delinquency rates rise: home-equity credit and mobile home financing.
Delinquencies in the home equity category rose to 1.91% from 1.85% last quarter.
With a home-equity line of credit, homeowners can often make interest-only payments the first few years.
But now that many are forced to pay principal, the payments can be overwhelming.