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Real Estate Agent with Berkshire Hathaway Home Services Beach Properties of Florida

well some disappointing news this week...... The home equity line of credit I had on my house, that was only being used in the case of an emergency! SHUT DOWN yesterday! I am soooo mad. Its not like we were using it for stupid stuff or running it up and using it all up. But we had it "Just incase" we needed it. Afterall We have 6 kids, 2 in college. Something always comes up. Thank goodness there are still homes that need to be sold in our market and a few buyers out there looking. It is not the same as a couple of years ago but we are still able to keep our heads above water. But that was our security blanket. and now its gone.

Got a letter from Country wide and it said our house is not worth what it was when we took out the credit in November. I don't see it. We are coming down in price yes but come one. I bought my house over 5 years ago so there is quite a bit of equity in it still.

Better sell a few more and put it in the bank!

Terry Rasner-Yacenda
Broker,Owner - Dreams Realty - Reno, NV
"Dreams Realty"

Hi Scott and Jennifer -- ironically and sadly, you are facing what many of the sellers and buyers are facing in the marketplace, and gulp, it's one of the dominant themes in my REO business, which is very brisk!  Hoping for sales for you!

Jul 02, 2008 02:56 PM
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

In Fort Worth, the HELOCs... Home Equity Lines of Credit... were going up to 80% of the tax value according to the county tax assessor.  I am sure that the percentages are even less now.  It has become just too risky for lenders to do.

Jul 02, 2008 06:38 PM