I read an interesting internet article today and though I'd share a bit.
"38% of borrowers with home equity loans were underwater at the end of March, compared with 18% of homeowners who had no equity loan. More than 40% of all underwater homeowners (4.5 million) have home equity loans, CorLogic said." reported by Inman.com
Wow. What a statistic. I've had home equity loans, as have most of my friends. Isn't it the greatest way to make your interest on credit cards, cars, boats, etc. tax deductible? I don't know about you, but I might think twice.