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Not sure if this has been brought up on the site but banks, even the major ones are currently putting a freeze on HELOCs so that you can no longer get advances and all you can do from now on is to pay back what you owe. They explain they are doing this because home prices keep falling and they want to be sure the collateral is still enough to secure the loan.
I heard the rumors about it a couple of months ago but trusted my bank since I just did some research on their financial standing and it gave me some confidence. Big mistake, yesterday I just received the letter that I cannot access these fund starting on July 24th.
So, if you have one of these HELOCs and you are planning on using some of this money for whatever it may be in the near future you may want to take the money out asap and hide it under your mattress or somewhere safer cause this seems like is going to be a trend with financial institutions.
Rafael
Rafael,
Thanks for sharing this info.
Banks/Mortgage companies are nervous – as they should be. It’s really a good thing that they are taking measures to make the bank’s assets safer. You don’t want another Indy Mac happening in your backyard.
Jackie
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