About 4 months ago I bought a new house and accepted the lenders offer for a $61K HELOC in addition to the first mortgage. I have also made all my morgage payments on time and haven't dipped into the HELOC but wanted to have it for any opportunities that may come up. I just received notice that they are suspending my HELOC. When I called, they said that it is being reassessed and they could not tell me whether or not they would "unsuspend" it . Can they "cancel", or perhaps rescind the HELOC? I thought once I have it , its mine for the next 10 or so years. How would this affect my credit?? Thanks!
2007-10-16 08:26:27 · 2 answers · asked by frc930 1 in Business & Finance ➔ Renting & Real Estate
Yes they can and now that certain areas are being designated as "declining markets" the lender can do what ever she wants.
2007-10-17 13:25:09 · answer #1 · answered by Patrick G 4 · 0⤊ 0⤋
Read the closing documents. There may be some mention of it in there.
2007-10-16 18:00:51 · answer #2 · answered by Debdeb 7 · 0⤊ 0⤋