My ILs took out a home equity line of credit when then did the extension on their home. They actually were given more money than they needed. The finished the extension and when the housing market started to take a down turn, the 'leftover' money was taken back.
lucamon
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Re: Banks calling in Home Equity Lines Of Credit?
Posted by DeeDee1013
My DH said that he saw something on the news about banks calling in Home Equity Lines Of Credit.
I haven't heard anything about it. In fact DH and I are in the process of taking out a Home Equity Line of Credit. *fingers crossed* BTW, the article you posted is over a year old.
Cutechef729
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Re: Banks calling in Home Equity Lines Of Credit?
Yeah my in-laws had this happen a few weeks ago. In order to get the credit line opened back up they could pay the fee to have the house appraised. They actually have had accounts at TFCU so if they needed a loan they would likely go there instead of dealing with the appraisal/other bank stuff. Good luck girls!
lucamon
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Re: Banks calling in Home Equity Lines Of Credit?
Posted by Cutechef729
Yeah my in-laws had this happen a few weeks ago. In order to get the credit line opened back up they could pay the fee to have the house appraised. They actually have had accounts at TFCU so if they needed a loan they would likely go there instead of dealing with the appraisal/other bank stuff. Good luck girls!
snwb08
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Re: Banks calling in Home Equity Lines Of Credit?
DH was telling me about this. His boss paid his line of credit and the bank CANCELLED it. he was piiisssed. My bank just sent me a letter saying they lowered the CC limit on my CC (um, by $10K) and I flipped out because i have awesome credit and I pay my ridiculous tuition on my CC and then pay it off within like 2 weeks when my company reimburses me.
so i think in general, banks are cracking down.
CD516
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Re: Banks calling in Home Equity Lines Of Credit?
Yes. The banks are freezing/cancelling lines of credit. The credit card companies are doing the same with limits on credit cards. My clients keep calling me to tell me that the bank took away their equity line, but theres nothing we can do. From what i hear, its only going to get worse for the next little while.
