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  • This topic has 200 replies, 24 voices, and was last updated 16 years ago by Anonymous.
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  • February 23, 2008 at 6:28 AM #11899
    EconProf
    Participant

    Got a letter yesterday from WaMu slashing my home equity line of credit by two-thirds. Claimed it was allowed under our loan terms, as the value of their collateral (my house) had fallen (it has). This is being done in other hard-hit areas of the nation and will be another blow to consumer spending and worsen the fallout from the housing price decline.
    In my case, I had been planning on using the HELOC to invest in properties or trust deeds at the bottom of the cycle. Perhaps I should have drained the line of credit in advance, though I don’t know if they could then have demanded it back, giving me my own little liquidity crisis. Anyone else in this situation?

    February 23, 2008 at 7:33 AM #158124
    Pasadena Broker
    Participant

    It’s become very common. I’ve spoken to several clients that had their HELOC’s reduced by half or declined.

    Welcome to a brave new world.

    February 23, 2008 at 7:33 AM #158416
    Pasadena Broker
    Participant

    It’s become very common. I’ve spoken to several clients that had their HELOC’s reduced by half or declined.

    Welcome to a brave new world.

    February 23, 2008 at 7:33 AM #158424
    Pasadena Broker
    Participant

    It’s become very common. I’ve spoken to several clients that had their HELOC’s reduced by half or declined.

    Welcome to a brave new world.

    February 23, 2008 at 7:33 AM #158433
    Pasadena Broker
    Participant

    It’s become very common. I’ve spoken to several clients that had their HELOC’s reduced by half or declined.

    Welcome to a brave new world.

    February 23, 2008 at 7:33 AM #158506
    Pasadena Broker
    Participant

    It’s become very common. I’ve spoken to several clients that had their HELOC’s reduced by half or declined.

    Welcome to a brave new world.

    February 23, 2008 at 8:17 AM #158128
    GoUSC
    Participant

    They reduced it for a number of reasons. Including a decrease in your credit or that your home value has declined enough that the HELOC would have no equity behind it. This is completely justified.

    February 23, 2008 at 8:17 AM #158421
    GoUSC
    Participant

    They reduced it for a number of reasons. Including a decrease in your credit or that your home value has declined enough that the HELOC would have no equity behind it. This is completely justified.

    February 23, 2008 at 8:17 AM #158429
    GoUSC
    Participant

    They reduced it for a number of reasons. Including a decrease in your credit or that your home value has declined enough that the HELOC would have no equity behind it. This is completely justified.

    February 23, 2008 at 8:17 AM #158438
    GoUSC
    Participant

    They reduced it for a number of reasons. Including a decrease in your credit or that your home value has declined enough that the HELOC would have no equity behind it. This is completely justified.

    February 23, 2008 at 8:17 AM #158511
    GoUSC
    Participant

    They reduced it for a number of reasons. Including a decrease in your credit or that your home value has declined enough that the HELOC would have no equity behind it. This is completely justified.

    February 23, 2008 at 8:45 AM #158138
    bsrsharma
    Participant

    BobS,

    Can you tell what is/was HELOC limit & value of collateral?

    Thanks,
    BSR

    February 23, 2008 at 8:45 AM #158431
    bsrsharma
    Participant

    BobS,

    Can you tell what is/was HELOC limit & value of collateral?

    Thanks,
    BSR

    February 23, 2008 at 8:45 AM #158439
    bsrsharma
    Participant

    BobS,

    Can you tell what is/was HELOC limit & value of collateral?

    Thanks,
    BSR

    February 23, 2008 at 8:45 AM #158448
    bsrsharma
    Participant

    BobS,

    Can you tell what is/was HELOC limit & value of collateral?

    Thanks,
    BSR

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