Many lenders slash the maximum about of credit available in home equity lines of credit when the value of the underlying collateral, the house, falls.
Kevin Hall of Carlsbad discovered his home-equity line of credit had been reduced from $206,000 to $72,000 after he had begun a major remodeling project.
August 21, 2008 by Realtor John Wake
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John Wake
Born in Phoenix, trained as an economist and now a licensed Realtor, John uses hard data from the real estate market to help his clients -- buyers and sellers of residential real estate -- uncover their best choices for finding the right home or finding a buyer for their current home.
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