National City cancelled my home equity line

Be on the look out for a letter in your mailbox alerting you to the fact that your home equity line has been reduced or canceled. This is my second one that I have received in the last 30 days. The line on my rental property from Washington Mutual was reduced $20,000 and now my line on my home of $60,000 was completely taken away by National City. They may not honor any checks that were written so you need check on that. To answer the question, a bank can do this on a second mortgage? It is definitely in the provisions of their notes to reduce or suspend any credit line.

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How to Avoid Bank Fees

Banks now make a big piece of their revenue from those little fees they charge you here and there. A savvy consumer can get out of paying them. Most banks are making much of their money from inconvenience or convenience. More than a third of bank revenue now is generated from fees on consumer accounts. A wise customer can take advantage of the services banks are offering without paying fees.

Typically most of the heavy fees will show up on your checking account. You can negotiate with the bank to remove them. They do not want to lose you as a customer. So speak up you have nothing to lose. Worst case you can go to another bank.

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What's the deal, Wamu cut my credit line

The home equity fairies were at it again. Sadly they cut into my own heloc. I had a home equity line of credit with an original line of $27,500. Wamu just sent me a letter stating they are cutting my line to $8300. Second mortgage companies are positioning themselves against potential future loses. If you have a credit line now, don't count on it being there in the future. There are no guarantees that you will have it in the future. They can do this, it is written into their mortgage notes.

Don't be surprised if you find a letter in your mailbox stating that your line has been cut down. I have a rental property with a line from National City on it. I guess I will be getting a letter from them soon as well.

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