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Borrowers Falling Behind on Seconds as Well.
Byline: Lew Sichelman
Austin, TX-Two years ago, 45% of homeowners who were experiencing difficulty paying down their home-equity lines of credit also were struggling to pay their first mortgages. Today, that figure has climbed to 61%, according to data also released last week by Equifax Analytical Services, Orange Park, Fla.
Worse, in California and Florida, the two states that have become synonymous with the housing market debacle, late payments on either HELOCs or home-equity loans are associated with late first mortgages "over 80% of the time," senior consultant David Whitin reported at the Consumer Bankers Association's annual Home Equity Lending Conference here.
Equifax also found that because lenders have all but shut down home-equity lending, bank card balances are starting to grow, and if economic conditions continue to drive consumers towards an increased reliance on their plastic, credit scores are likely to deteriorate. Mr. Whitin said home-equity lenders would do well to study the main attributes that drive loan performance and adjust their exposure ...
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Source: HighBeam Research, Borrowers Falling Behind on Seconds as Well.