Home : Blogs : Susan Manning : Susan 's Blog for Southern California

Home Equity Line Yanked?

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!!

Posted by Susan Manning on 03/04/2008 10:45 PM

Comments (7)

surviving in the market

This post has been included in California Information Riverside County, CA Information Temecula, CA Information

7 Comments on Home Equity Line Yanked?

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

03/04/2008 11:15 PM

by Jeff Pickering (Pickering Group)

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.

03/04/2008 11:16 PM

by Debbie Holmes (Gold Key Real Estate)

Havent heard about this situation. But I can understand why it is happening.

03/04/2008 11:27 PM

by Coldwell Banker Sky Ridge Realty

Havent heard about this situation. But I can understand why it is happening.

03/04/2008 11:27 PM

by Coldwell Banker Sky Ridge Realty

I heard about this today! Yep the credit thing again!

03/04/2008 11:40 PM

by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta)

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.

03/04/2008 11:54 PM

by Orange Co. Real Estate~Lynda Eisenmann, Broker-Owner, CRS,CRB,GRI,SRES, Brea, CA (Preferred Home Brokers)

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

03/05/2008 12:51 PM

by Susan Manning (Rancon Real Estate)

Leave a response…

Name:

Notify me of new comments:

Comment:

What does the graphic say?