Sentences with phrase «equity credit line frozen»
Not exact matches
But when housing values tumbled, many lenders froze those home equity lines of credit, still requiring the balance used by homeowners to be repaid.
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The Home Equity Conversion Mortgage (HECM or «Heck - um») line of credit is the one credit line that can never be frozen or closed while the borrower still has a remaining balance left on it.
In 2008 major home equity lenders including Bank of America, Countrywide Financial, Citigroup, JP Morgan Chase, National City Mortgage, Washington Mutual and Wells Fargo began informing borrowers that their home equity lines of credit had been frozen, reduced, suspended, rescinded or restricted in some other manner.
Most home equity credit lines bear the stipulation that the creditor can freeze your line under situations that are outlined in Regulation Z, under the Federal Reserve Board's codes.
This time around my emergency fund got frozen * inside my Home equity line of credit, basically leaving me with zero now.
Therefore, it is imperative that the marital assets, credit card bills, and home equity lines of credit be frozen during the separation period.
Tapping some home equity is another way to avoid taking retirement income from stock funds, but traditional home equity lines of credit can be frozen in certain market conditions.