With Real Estate prices continuing to drop more and more homeowners are receiving similar letters from their respective Home Equity Line of Credit Lenders…
That letter basicaly saying that since the equity in their real estate isn’t what it used to be… their line of credit isn’t what it used to be either!
Most borrowers are seeing their home equity lines of credit being dramatically cut or suspended all together.
I guess it’s better then losing yur real estate through foreclosure however…
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