REALTY Q&A
Unkind cuts
Here's what to do if your home-equity line is slashed
By Lew Sichelman
Last update: 7:26 p.m. EST Jan. 8, 2009
WASHINGTON (MarketWatch) -- Question: I had my line of credit cut in half and am having a very difficult time getting it reinstated. My facts are as follows: Appraised value at time the line was issued was $1.2 million, first mortgage of $960,000 (80%). My credit line was originally for $120,000 (10%).
I asked my lender to tell me what they believe the value of my house is or if they ordered an appraisal and they would not share this information. They said I could have the line re-instated if I paid for an appraiser that they select (they would not allow the appraiser that they had approved when the loan was originated). I guess the frustrating part of this is that they won't share the information.
Here's what to do if your home-equity line is cut - MarketWatch
