I just wanted to report on a client of mine that just had their home equity line of credit closed. If you took out a high LTV or loan to value credit line or second mortgage you may be getting a letter shortly telling you that your line has been frozen or taken away. Banks that issued second mortgages are starting to get gun shy about leaving their credit lines open with declining property values and rising foreclosures. Do not assume that your line will always be there. If you are tapping into your equity every month to survive you may want to look for alternatives to get the cash that you need.
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