Be careful if you are counting on a home equity line of credit for any of your financial needs. Your access to those funds could be cut off in the near future.
Lenders have the right to close out your line of credit for an array of reasons beyond being late with payments … or even anything to do with you or your credit.
We’ve already seen this happen to thousands of people nationwide who were depending on access to those funds. The chances are good this trend will continue as lenders are trying to stay in business, and are worried about declining home values.
http://www.smartmoney.com/consumer/index.cfm?story=20080424-HELOC
