Heloc Freezes What does it mean to you
Millions of Americans Waking Up To The Reality
That Their Homes Have Lost Value.
Major mortgage lenders have been mailing letters to home
Owners telling them that their Home Equity Lines Of Credit (HELOC) have been shut down.
Lenders have been quietly accessing and reappraising home values. Lenders are now exercising their rights to ‘shut off' or in some cases terminate existing HELOCs. They do this when they believe that the property has lost value. This is happening across the country to borrowers with stellar credit as well as those will troubled credit.
When this happens there is no clear path to regaining access to your HELOC. All those expense closing costs and points for that HELOC you thought you had....lost.
This is a partial list of the Mortgage Lenders who are sending Heloc freeze letters now.
Bank of America- Heloc Freeze pending
Countrywide- Heloc Freeze already sent
Chase- Heloc Freezes Sent
CitiGroup- Heloc Freeze under review
National City- Heloc Freeze Sent
Suntrust- Heloc Freezes
USAA Federal Savings- Heloc freeze status unknown.
Washington Mutual- Heloc Freeze Likely as acquisition by chase nears
If you need the HELOC money for some upcoming expense we suggest you take it out now before its too late.
How Can My Lender Freeze My HELOC?
What Can You Do Now........
You just received notice in the mail that your Home Equity Line Of Credit is frozen or best case the amount you can borrow is just reduced.
The money in your HELOC was going to go to pay for college tuition, a new car or maybe health expenses. You paid hundreds and sometimes thousands to secure the HELOC in the first place...
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