Blogging Broker

I have heard through the grapevine that the lenders will be placing freezes on HELOCs (Home Equity Lines of Credit) and this should come as no surprise since they were VERY liberal in the lines of credit that they offered.   I would guess that they are seeing a fair number of defaults and upside down equity situations with HELOCs.  So, if you have a HELOC don’t be surprised if your lender sends you a notice telling you that your limit has been reduced or frozen.

I think I mentioned this here awhile back, but a broker friend of mine from an office in an affluent North East part of town told me that many of the agents in her office are living off their HELOCs.  Very Scary!

Oh – and just so you know folks – If you’re buying or selling in the Fresno / Clovis area – don’t hesitate to call me.  I will do my level best not to disappoint!