If Your Home Equity Line is Cut
from MarketWatch.com…
“‘Lenders can lawfully reduce or limit a consumer’s line of credit regardless of whether the consumer has made timely payments,” the Federal Reserve said in a news release. “However, the lender must send a written notice of the action no later than three business days after the freeze or reduction goes into effect. The notice must include information about any other changes to the HELOC.’
If you find yourself with a reduced line of credit, the Federal Reserve suggests these actions: ” Read Article