HELOCS, also known as home equity lines of credit, are one of the best things banks have ever offered to homeowners. But they are way too easily abused. When the market was on a tear, everyone used them as piggy banks to buy cars, rental properties, toys, along with spending massive dollars on home improvements. Today the piggy bank is nearly empty and many banks no longer offer them and in some cases, they actually "freeze" the current loan. As of January there were over $1.1 trillion dollars in HELOCS that were 30 days late and they are a big cause of foreclosure initiation. Learn how lenders are looking at these banking tools now and learn how to use them properly. You can also catch the show at www.normandmike.com and watch the live video feed
