djc
03-26-2008, 04:09 PM
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So it came as a surprise yesterday when we got the letter from Citibank about our $168,000 line of credit: "We have determined that home values in your area, including your home value, have significantly declined. As a result of this decline, your home’s value no longer supports the current credit limit for your home equity line of credit. Therefore, we are reducing the credit limit for your home equity line of credit, effective March 18, 2008, to $10,000. Our reduction of your credit limit is authorized by your line of credit agreement, federal law and regulatory guidelines."
Reduced to $10,000!? Hello!? Please don’t f-ck with my house in Newport Beach…
Of course, I’m calling them today to dispute it. Why? Because unlike the Phoenix property, I believe I can prove our home has retained its value and hasn’t declined.
...
http://globaleconomicanalysis.blogspot.com/2008/03/citigroup-freezes-helocs.html
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I thought "Clueless" was a movie.
So it came as a surprise yesterday when we got the letter from Citibank about our $168,000 line of credit: "We have determined that home values in your area, including your home value, have significantly declined. As a result of this decline, your home’s value no longer supports the current credit limit for your home equity line of credit. Therefore, we are reducing the credit limit for your home equity line of credit, effective March 18, 2008, to $10,000. Our reduction of your credit limit is authorized by your line of credit agreement, federal law and regulatory guidelines."
Reduced to $10,000!? Hello!? Please don’t f-ck with my house in Newport Beach…
Of course, I’m calling them today to dispute it. Why? Because unlike the Phoenix property, I believe I can prove our home has retained its value and hasn’t declined.
...
http://globaleconomicanalysis.blogspot.com/2008/03/citigroup-freezes-helocs.html
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I thought "Clueless" was a movie.