stated income eloc will be difficult to get for how many more years?

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I’ve been paying my mortgages on auto draft every month, had one that was in default but rcvd. a loan modification for that and have been paying for the past 6 mos. I tried for a line of credit on the home w/ the most equity I have in ca, but was denied b.c. the stated income guidelines are stricter these days (understandable so)…i’m just wondering if stated income is just non existant w/ the current market?????

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  1. Reply
    DannoREA
    February 6, 2011 at 12:18 am

    I would think that in this market, they will want to see at least 2 years of solid ontime payment history before they will give you a Home Equity Line Of Credit (HELOC)

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