100 home equity loan
5 People In Custody For Scamming Homeowners
Three more people were indicted for allegedly bilking Southland homeowners by telling them they could avoid foreclosure, then pocketing millions of dollars in equity, prosecutors said Thursday. Cynthia Valenzuela, 23, of Downey, was charged Wednesday along with Vladimir Stefanovic, 35, of Lancaster, and Maria G. Juarez, 36, of Reseda. The three are charged with playing roles in a con prosecutors allege was masterminded by Martha Rodriguez and Edward Seung Ok, who ran real estate and escrow agencies in Downey and Seal Beach. Rodriguez, a 35-year-old Downey resident, and Ok, a 40-year-old Torrance resident, were charged in November in the case. Both have pleaded not guilty.In all, prosecutors allege the five skimmed off more than $12 million in equity by telling more than 100 homeowners they could stave off foreclosure with short-term loans and refinancing.
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A few options to lower costs of home equity line of credit
Lots of consumers have watched the rates double on their home equity lines of credit in two years.
Say you took out a credit line at the prime rate two years ago and borrowed $30,000 against it.
Back then, you faced a monthly payment of $100. Now that same loan at the prime rate costs $206 per month.
That's even more dramatic than the rise in gasoline prices.
If you have a home equity line of credit, or HELOC, you have at least five options:
Keep the credit line and pay down the balance.
Dennis Grundler of Henderson, Nev., manages his debts like a corporate chief financial officer, always seeking the best deal.
Not counting his mortgage, he has about $67,000 in debts, spread on various credit cards with low introductory rates.