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Anita Luo

Home Equity Lines

A friend of mine try to purchase a property all cash, 50% of the fund is coming from a home equity line who he opened 2 years ago. 2 weeks before the closing found out the line is freezed by the bank?%#% 

If you have a equity line, check before you use it, most of the banks are no longer letting you use the line unless your income qualifies.  Especially WAMU, CitiBank, WellsFargo, etc.  Heard BOA is more flexible, but could change any day! 

Here's a recent article from Times. http://www.nytimes.com/2008/11/02/realestate/02mort.html?ref=realestate

 

 

Published Tuesday, July 1, 2008 2:25 PM by Anita Zheyu Luo

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