My HELOC was just yanked.

[EconProf]

BobS
The HELOC was a 90% LTV on a house, rented, with WaMu. It was not unexpected, and not unjustified.
I am still curious, as may be other readers about to face this situation, as to what would happen if I had fully tapped out my HELOC one week ago in anticipation of this.
Anybody know the answer?

[hipmatt]

you aren’t the only one…..
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/22/AR2008022202987.html

[hipmatt]

you aren’t the only one…..
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/22/AR2008022202987.html

[hipmatt]

you aren’t the only one…..
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/22/AR2008022202987.html

[hipmatt]

you aren’t the only one…..
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/22/AR2008022202987.html

[hipmatt]

you aren’t the only one…..
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/22/AR2008022202987.html

[Wickedheart]

One of the local news stations ran a story last week about Countrywide checks written on Helocs bouncing. Many of their customers had complained their credit lines were yanked without notice.

One woman was in the middle of a kitchen remodel when her check to her contractor bounced. She was left with a demolished kitchen, she still owes the contractor for the work done and she has no money to finish the project. I imagine the contractor will put a lien on the house. Kind of a sucky position to be in.

[Wickedheart]

One of the local news stations ran a story last week about Countrywide checks written on Helocs bouncing. Many of their customers had complained their credit lines were yanked without notice.

One woman was in the middle of a kitchen remodel when her check to her contractor bounced. She was left with a demolished kitchen, she still owes the contractor for the work done and she has no money to finish the project. I imagine the contractor will put a lien on the house. Kind of a sucky position to be in.

[Wickedheart]

One of the local news stations ran a story last week about Countrywide checks written on Helocs bouncing. Many of their customers had complained their credit lines were yanked without notice.

One woman was in the middle of a kitchen remodel when her check to her contractor bounced. She was left with a demolished kitchen, she still owes the contractor for the work done and she has no money to finish the project. I imagine the contractor will put a lien on the house. Kind of a sucky position to be in.

[Wickedheart]

One of the local news stations ran a story last week about Countrywide checks written on Helocs bouncing. Many of their customers had complained their credit lines were yanked without notice.

One woman was in the middle of a kitchen remodel when her check to her contractor bounced. She was left with a demolished kitchen, she still owes the contractor for the work done and she has no money to finish the project. I imagine the contractor will put a lien on the house. Kind of a sucky position to be in.

[Wickedheart]

One of the local news stations ran a story last week about Countrywide checks written on Helocs bouncing. Many of their customers had complained their credit lines were yanked without notice.

One woman was in the middle of a kitchen remodel when her check to her contractor bounced. She was left with a demolished kitchen, she still owes the contractor for the work done and she has no money to finish the project. I imagine the contractor will put a lien on the house. Kind of a sucky position to be in.

[patientlywaiting]

I can see using a Heloc to purchase a car. It’s purchase you would make anyway so you might as well get a tax deduction.

But why would you spend money you don’t have. People shouldn’t do kitchen remodels on credit if there’s not cash to back it up. It’s not something that is necessary you she should’ve saved the money for it.

But credit is how most business and household operates.

Nightly Business Report had an interview of the Office Depot CEO (stock is down 60%) who said that small businesses have no money to spend. Small business owners were funding operation using equity withdrawals.

The reductions in Heloc will remove untold billions from the economy.

[patientlywaiting]

I can see using a Heloc to purchase a car. It’s purchase you would make anyway so you might as well get a tax deduction.

But why would you spend money you don’t have. People shouldn’t do kitchen remodels on credit if there’s not cash to back it up. It’s not something that is necessary you she should’ve saved the money for it.

But credit is how most business and household operates.

Nightly Business Report had an interview of the Office Depot CEO (stock is down 60%) who said that small businesses have no money to spend. Small business owners were funding operation using equity withdrawals.

The reductions in Heloc will remove untold billions from the economy.

[patientlywaiting]

I can see using a Heloc to purchase a car. It’s purchase you would make anyway so you might as well get a tax deduction.

But why would you spend money you don’t have. People shouldn’t do kitchen remodels on credit if there’s not cash to back it up. It’s not something that is necessary you she should’ve saved the money for it.

But credit is how most business and household operates.

Nightly Business Report had an interview of the Office Depot CEO (stock is down 60%) who said that small businesses have no money to spend. Small business owners were funding operation using equity withdrawals.

The reductions in Heloc will remove untold billions from the economy.

[patientlywaiting]

I can see using a Heloc to purchase a car. It’s purchase you would make anyway so you might as well get a tax deduction.

But why would you spend money you don’t have. People shouldn’t do kitchen remodels on credit if there’s not cash to back it up. It’s not something that is necessary you she should’ve saved the money for it.

But credit is how most business and household operates.

Nightly Business Report had an interview of the Office Depot CEO (stock is down 60%) who said that small businesses have no money to spend. Small business owners were funding operation using equity withdrawals.

The reductions in Heloc will remove untold billions from the economy.

[Author]

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