CHRIS DURAN

If getting a great deal is your main goal, look for foreclosures, which typically sell for at least 20% to 30% less than market value, according to foreclosure-listing website RealtyTrac. Because these homes are sometimes abandoned and stripped, get a contractor to make a free estimate of the time and cost of repairs, and make sure they won't wipe out the amount you'd save.

Another economical option: short sales, in which bankers allow homeowners to sell for less than they owe. They can save you 10% or more. The seller typically still lives in the home, so it's usually in decent shape. One big drawback: The process can take up to six months and can fall apart at the last minute. If foreclosure is 30 to 40 days away, it's very unlikely that the short sale will happen first.

Home equity lines of credit were everyone's best friend just a few years ago. From buying a jetski to remodeling your bathroom, your HELOC was always by your side. Now that home equity line of credit is up for renewal and things aren't so rosy

These days, most borrowers just want the comfort of knowing they have a line of credit available should they need it for emergencies or big stuff like college tuition (which I generally don't recommend).

Home equity lines of credit also used to be fairly easy to get, back in the day. But nothing is easy in the current banking environment, and if you have a line of credit coming up for renewal you should take steps now to make sure you'll be able to keep it.

Know the big 3's

1. It's all about the housing market. You'll need to be realistic about how much your house is worth in this environment. Internal rules have changed -- a credit-line specialist with Wells Fargo said that although they used to finance up to 100% of the home's value, now they are only lending "up to 70% or 80%, depending on what part of the country you live in." If the value of your house has dropped, so has your ability to borrow against it.

2. It's all about the equity. Even if your home value hasn't changed much, many lenders are getting more conservative about the size of line they'll let you have (just like credit card companies these days, too). If you don't have much equity in your house, you might not be able to renew your credit line.

3. It's all about your debt-to-income ratio. Your bank will pull your credit info and look very carefully at the total picture of what you owe. The general rule of thumb is that your total debt (monthly payments on car, student and other loans, mortgages, and credit card minimum payments, etc.) should not exceed 36% of your take-home pay. So, let's say you take home $4,000 a month, then your debt payments shouldn't go over $1,440 (or $360 for every $1,000 of pay). Everything will be scrutinized, along with your current income and your ability to service all of your debt. And no more "stated income" or other "approximations" -- you'll have to show them the goods, so to speak.

My big 3 tips i can give into renewed of your HELOC

1. Get a clear-eyed view of the value of your home
2. Pay down your debt
3. Be proactive and start now

Just like we have an overdraft protection in our credit cards, why can we have it for our mortgages account? I think that it should be some source of a mandatory escrow account as part of the mortgage plan. A 12 months prepaid cash down payment would be required just in case the home owner default on their account (more like an insurance). Of course rates must be adjusted to meet a affordable payments on the account. In situation like lost of employment, death in the family, divorce, fire, etc. would give the home owner enough time to gather their life together and most likely prevent foreclosure. This is just an idea.

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I wanted to know, why is America pounding on President Obama so much? The man just step into his oval office not even two months ago, give him a chance. This mess that we place our self into for the past 8 years can't be clean over night, TIME will be needed. Many Americans are blaming Obama for the continuous drop of the economy when indeed is not his fault. Just imagine if you were at a baseball game and both team are tied. Bush is the pitcher, bases are loaded and Obama is on deck to pitch. Bush gets relief and Obama gets to the mount, pitches the ball and the batter hits a single. Who is responsible for this run?