REALTORMag
In 2004, millions of home owners tapped into the equity of their homes through home equity lines of credit. Their 10-year grace periods are now done and they’ve had to start paying. And that’s why HELOC delinquencies are now suddenly soaring.
In March, second-lien HELOC delinquencies – those behind a mortgage on a property — climbed 87 percent compared to a year ago, Black Knight Financial Services’ reports.