Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for miciver1

I just had my heloc suspended with out a warning. Can they do that? they said 70% was too high?

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 09 2009 - Victory Heights
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (7)

I guess 18 months of global financial meltdown and countless reports of credit tightening wasn't "Warning" enough?

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 09 2009
The thing that bothers me about this is the affect it will have on credit scores. If someone goes from having a 60k balance on a 120k line, to having a 60k balance on a 60k line, their scores will absolutely be impacted. And not in a good way either!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 09 2009
Profile picture for CORONA NICK
Yes, they can close it with pretty much whatever reason they have.... at prices continue to decline, more and more HELOC's will probably be frozen, reduced, or closed.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 09 2009
Profile picture for Clearpoint

Give it another hour and someone will tell you how you can modify that HELOC................

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 09 2009
The contract/agreement is unilateral and there is language allowing them to "cite" reasons for trimming/clipping/freezing the LOC.  FL got smoked all of 2008 and still more trimming/freezing in'09.  Just know this:  The rhetoric of "making credit available" is just that: rhetoric.. It is grandstanding political CNBC crap.  We all have torque wrenches and are tightening any and every thing in sight.  Try to refrain from DEPENDING on credit to make your lifestyle complete.  HELOCS, CC's, etc... all can be very shocking and saddening... even to excellent borrowers.  good luck and keep rockin'.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 09 2009
many lenders   have been  " freezing " or closing  or blocking access to  existing  home equity lines for the past 9 mos +  ( due to  the fear of the " decling market values )......I have heard that in some cases  the lender MIGHT  consider unfreezign a line  with an updated appraisal  paid for and presented to the lender for  review  and as long as the maximum line amount  fits into the  lenders  LTV  matrix correctly


FYI- the notorious " local " lenders  around Seattle that have been  doing this are  CHASE and  WASHINGTON MUTUAL  ( which are  actually the same entity now )
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 09 2009
Profile picture for Rob Cochems
if they have proper cause they can close a HELOC at any time. . .
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 09 2009
 
Related Questions
I have learned I will be awarded the house in a divorce will I also have to take the heloc and payit
Profile picture for Sam DeBord
Latest answer by Sam DeBord
February 25 2009 | 4 answers
I just had my heloc suspended with out a warning. Can they do that? they said 70% was too high?
Profile picture for Justin Sheftell
Latest answer by Justin Sheftell
February 09 2009 | 7 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 2129 NE 100th St, Seattle, WA Home For Sale
    2129 NE 100th St, Seattle, WA 98125

     For Sale: $460,000

    • Beds: 3
    • Sqft: 1830
    • Baths: 3.0
    • Lot: 8107
  2. 2738 NE 103rd St, Seattle, WA Home For Sale
    2738 NE 103rd St, Seattle, WA 98125

     For Sale: $695,000

    • Beds: 4
    • Sqft: 2720
    • Baths: 4.0
    • Lot: 9000
  3. 11539 16th Ave NE, Seattle, WA Home For Sale
    11539 16th Ave NE, Seattle, WA 98125

     For Sale: $729,000

    • Beds: 5
    • Sqft: 3000
    • Baths: 3.0
    • Lot: 8100