I've been reading and hearing about how the home equity lines are being taken away from consumers. I understand the reason the banks are doing this - basically the banks are going bankrupt. That is horrible news for a lot of people though. For some, its a line of credit that they rely on. Many Realtors keep their HELOC for the leaner months.
I'm interested to know first hand stories of people who may have had this happen to them. What banks are the main culprits? How much notice did they give you? Do you think this was done in a fair manner? Thanks for taking a minute to give me your feedback!!
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Susan,
I wrote about this a couple of weeks ago check out my blog Don't Get Burned by the HELOC Freeze hope this helps
I do a lot of short sales and it usually starts with to much loans and not enough equity. I am thankful the banks are finally protecting themselves and therefore their consumer.
Havent heard about this situation. But I can understand why it is happening.
Havent heard about this situation. But I can understand why it is happening.
I heard about this today! Yep the credit thing again!
Hi there,
Yes, I've been hearing for a while that this is going on. And like a few others, I think It's more of an equity issue than banks going bankrupt. With declining equities, lenders are obviously worried about their position.
Lynda, that is a great point - just a basic lack of CA$H could be a big reason why a bank is doing this. SM