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Equity Home Loan Online Quote Article

Mark Walters

The rapid increase in home values has proven to be as good as

lottery winnings for homeowners in many areas. But look out -

old tricks may no longer fool anyone.

The real estate boom has bailed out many folks who have been

caught between higher bill payments and flat incomes. These

homeowners have been able to tap their increased home equity to

support a life style that they really could not afford. Home

equity has provided the juice that has been keeping our national

economy afloat.

Home equity loans have allowed home owners the chance to pull

out cash that they then spent on new cars, furniture, vacations

and other luxuries. Another boost to their life styles was

generated when home owners refinanced using adjustable-rate

mortgages that cut their monthly payments. They seemingly had

more ready cash to spend.

Consumers who had buried themselves under a mountain of credit

card debt have been able to evade foreclosure and bankruptcy by

quickly selling their homes. With the proceeds from the sale

they've been able to pay down at least some of their debts and

gain some financial breathing room.

All that was yesterday! Take a close look at what's happening

today. In many areas of the country real estate prices are

flattening out and even beginning to decline in some areas. With

little or no increase in home equity, or even vanishing equity,

home owners may find themselves in a tight spot. They just won't

have that reservoir of cash to fall back on.

Oh gosh, now it gets even worse. Because personal debt seems

nearly out of control the federal government has mandated that

credit card companies increase the minimum payment required on

credit card debt. For many people that payment will now be twice

what it has been in the past.

Wait, there's more! Energy prices are at an all time high and

health care costs are zooming out of sight. A growing number of

people are stretched thin and actually are spending more than

they earn. People who are living on the financial edge could be

in big trouble without any equity in their homes to use as

emergency cash.

This bad news is good news for real estate investors who are

looking to buy property just before foreclosure. Many homeowners

pulled out all their equity (sometimes as much as 110% of their

home's value!) and now values have declined and they are upside

down... they owe more than they can sell the house for. They

can't pay their debts and they can't find a buyer for their

home. Ouch!

Smart investors know how to help these folks and make a little

profit in the process. We are entering one of those rare times

when the opportunity in preforeclosure real estate will be mind

boggling.

About the author:

Mark Walters explains the exciting opportunity in preforeclosure

real estate investing at http://Foreclose.2freedom.com

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