Renovators in Limbo

208153 Resource 199230 199384 199384 1214749713693 1214945410857 Controlled Home Equity Harder to Access

Credit Crunch

Most people have probably heard a story or two on the challanges of home equity lines of credit.In my own circle of friends, colleagues, and clients, the stories have been rampid.As banks deal with the credit crunch they are reducing exposure to massive amounts of home equity lines throughout the United States.  Borrowers who never missed a payment, have great credit, solid employment, and good liquid assets, are receiving these termination letters on their home equity lines of credit.Borrowers are reacting in different ways.  People with remodeling plans have taken large draws off the line and deposited the funds into an interest bearing account to ensure funds are available when necessary.If remodeling plans are in your future, be sure to research the project completely and don't over improve or highly personalize the project.  As the project becomes over improved or highly personalized, your total return will be reduced.<a href="http://online.wsj.com/article/SB121485425173316871.html?mod=djemRealEstate">Click Here</a> for some suggestions if you received a freeze letter.See the link below for the story.Don't Miss the Bus! TM© RepoHomeTourChicago.com - All Rights ReservedTrademark & Patent Pending 9 application/xml false banks freeze credit lines credit crunch home equity line of credit home equity lines of credit Renovators in Limbo Banks Freeze Homeowners' Credit Lines http://online.wsj.com/article/SB121450401158307823.html?mod=djemRealEstate Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; .NET CLR 1.1.4322) 127.0.0.1 127.0.0.1 wdiehl 67.154.19.138 false true false false true 199303 false false true false false false true 199230 blog blogsite/RepoHomeTourChicago/web