Hi all,
Here in Southern Oregon prices have finally hit bottom! Jackson County has been taken off the "declining market" list. Many of my clients have had their credit lines (which were tied to their principal residence) cut way down or eliminated all across the board no matter where in the county they reside! I am appalled at such drastic measures by the lenders. Does any one have experience reinstating their credit line?
Hi Dee,
Welcome to Active Rain!
We've seen the same thing here in SoCal with declining values. I know of several who've had their's frozen. Especially some of the jumbo's in excess of $100,000. A few that I know of in the $250 range were frozen.
Another person told me that week that they (lenders) were also targeting r.e. professionals in particular, I'm not sure of that. Yet that's the rumor out there. As for reinstating, I would imagine it's based on equity and that won't change until the market turns around.
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