http://blownmortgage.com/2008/02/28/aig-takes-11-billion-charge/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sat, 07 Nov 2009 02:53:18 -0700 http://wordpress.org/?v=2.8.3 hourly 1 http://blownmortgage.com/2008/02/28/aig-takes-11-billion-charge/comment-page-1/#comment-10277 Michael Sun, 09 Mar 2008 21:13:21 +0000 http://blownmortgage.com/2008/02/28/aig-takes-11-billion-charge/#comment-10277 I saw on TV news that some banks are sending out letters to entire zip codes in different parts of the country saying that those homeowners will not be able to access the remainder of their Home Equity Line of Credit. Banks are doing this in areas they fear have dropped in value so much that if the customer continued to borrow against their line, they would end up owing more then the property is worth. The advice from the TV expert, if you expect to need that HELOC then pull the money now before your bank contacts you telling you that you can't. I saw on TV news that some banks are sending out letters to entire zip codes in different parts of the country saying that those homeowners will not be able to access the remainder of their Home Equity Line of Credit. Banks are doing this in areas they fear have dropped in value so much that if the customer continued to borrow against their line, they would end up owing more then the property is worth. The advice from the TV expert, if you expect to need that HELOC then pull the money now before your bank contacts you telling you that you can’t.

]]> http://blownmortgage.com/2008/02/28/aig-takes-11-billion-charge/comment-page-1/#comment-10081 Candi Fri, 29 Feb 2008 06:40:31 +0000 http://blownmortgage.com/2008/02/28/aig-takes-11-billion-charge/#comment-10081 Has anyone heard that Wamu is cutting all current HELOC regardless of their LTV, FICO etc... A Wamu rep sent out an email stating to let your customers know if they plan on using their HELOC anytime soon they better check to see if they still have available credit because chances are they don't. No warning to the customer. Has anyone heard that Wamu is cutting all current HELOC regardless of their LTV, FICO etc… A Wamu rep sent out an email stating to let your customers know if they plan on using their HELOC anytime soon they better check to see if they still have available credit because chances are they don’t. No warning to the customer.

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