HELOC Freezes Over

January 22nd, 2009 | Tags:

So you get a note from your mortgage company that they are freezing your HELOC (so you can’t draw any money against it) that you originally got as a part of your 80/10/10 loan.

  1. Given the current status of the banking system, and all of the questionable loans they made in the past, why are you surprised that banks are tightening down their lending requirements and stopping you from borrowing more?
  2. Since you weren’t planning on taking any additional money out of it, why do you even care?

Response to the Consumerist post on Countrywide Freezes HELOCs, Says “It’s Not You, It’s Your Home”.

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