Freelance writer Craig Guillot filed this special report from New Orleans

Lanvin LeBlanc, a Louisiana fisherman, watched his business come to a halt in early May when federal officials shut down his fishing waters due to the BP-Gulf oil spill. Though LeBlanc owns his own home, he has a home equity loan and wonders what will happen if the fishing situation doesn’t improve.

“I haven’t asked for a deferment yet because we’re getting paid by BP, but I can’t say what’s going to happen in the future,” said LeBlanc of Lafitte. “I’ve fished for 30 years, it’s all I’ve ever done…If I can’t fish, I can’t make a living.”

It may be too early to say how the oil spill fully impacts homeowners, but Fannie Mae and Freddie Mac authorized their servicers this month to suspend or reduce mortgage payments for Gulf Coast residents affected by the oil spill – a measure …

A recent report by American Express shows that 62 percent of American homeowners are deciding to do home improvements instead of selling their homes. The biggest reason is because they would rather wait until the market turns into a seller’s one when home prices are higher and competition is less.

How Much People Are Spending and How They Are Paying for Home Improvements

According to the same report, many of these homeowners will spend approximately 6,200 dollars on the home improvements and will use savings. While this is smart way to invest in your home, not everyone is financially stable enough to do this.

Instead, some homeowners will consider taking out a home equity loan to help pay for their home improvements. While this may make some homeowners nervous, since unemployment is still in recovery, it may be the only choice for many of them.

Using a Home Equity Loan

A home …

Are you drowning in debt? Do you need to make home improvements but can’t afford them? Are you looking to improve your future by going to college or need to buy a car so you can get to work? All of these reasons are valid ones to consider taking out a home equity loan.

How Home Equity Loans Help You with Your Personal Finances

Home equity is determined by how much your house is worth and how much you owe on it. Therefore, if your house is worth much more than what you owe on it, you have positive home equity to use as collateral to take out a home equity loan.

Let’s say you have the difference between your home’s worth and how much you owe is $50,000. This means that you have that much to borrow against your home. The home equity loan you receive is …