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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Got the same letter from BofA. I already pulled the money. Seems industry wide. (nt) Posted by david on April 07, 2008 at 4:11 PM In Reply to: Re: Got the same letter from BofA. I already pulled the money. Seems industry wide. (nt) posted by JK (the other JK) on April 07, 2008 at 2:39 PM : : : : Got a letter Monday from Countrywide saying that my available HELOC funds had been suspended effective immediately. A friend of mine got this same type of letter from Chase! : : : : The lenders are saying it's because of the drop in value of the underlying property securing the loans. : : : : If you have funds availabe and intend to use them ... draw your money out fast, before they're taken away! : : : : Jerry - Ca. : : So they have the right to freeze it clearly. Does anyone know if they right to actually call the loan? : Good question. I can't see a bank foreclosing on a performing upside down loan at this stage of the game. I've see some banks do some pretty stupid things but that would have to take the cake. I had to be out of town the day this original post was posted (4/4). After reading this last night I went to Washington Mutual today to withdraw my availability under my HELOC. I'm using real numbers here to illustrate the magnitude of this event. I currently have $0 borrowed and $224,000 available. Correction thought I had $224,000 available. I was informed today that as of Friday my line was reduced to $67,000. Yes they took away $157,000 of availability from me and the letter informing me of this is still in transit to me. My credit is over 800 so that matters naught. Pretty brutal I must say. The collateral is a condo in Brentwood, a town still pretty solid in values. Really sucks for me. Net upshot here? Don’t walk, run to your banks to draw on your lines if you think you may need that money in the near future. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : : : Got a letter Monday from Countrywide saying that my available HELOC funds had been suspended effective immediately. A friend of mine got this same type of letter from Chase! : : : : : The lenders are saying it's because of the drop in value of the underlying property securing the loans. : : : : : If you have funds availabe and intend to use them ... draw your money out fast, before they're taken away! : : : : : Jerry - Ca. : : : So they have the right to freeze it clearly. Does anyone know if they right to actually call the loan? : : Good question. I can't see a bank foreclosing on a performing upside down loan at this stage of the game. I've see some banks do some pretty stupid things but that would have to take the cake. : : I had to be out of town the day this original post was posted (4/4). After reading this last night I went to Washington Mutual today to withdraw my availability under my HELOC. I'm using real numbers here to illustrate the magnitude of this event. I currently have $0 borrowed and $224,000 available. Correction thought I had $224,000 available. I was informed today that as of Friday my line was reduced to $67,000. : Yes they took away $157,000 of availability from me and the letter informing me of this is still in transit to me. My credit is over 800 so that matters naught. Pretty brutal I must say. The collateral is a condo in Brentwood, a town still pretty solid in values. Really sucks for me. : Net upshot here? Don’t walk, run to your banks to draw on your lines if you think you may need that money in the near future. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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