Feds to freeze IndyMac’s home-equity credit lines

Feds to freeze IndyMac’s home-equity credit lines July 13, 2008 | 6:43 pm The Federal Deposit Insurance Corp. today provided more guidance for IndyMac Bank customers who are awaiting the bank’s.

Lenders Freezing Some home equity loans.. inquire about the current status of your account and if the bank has any plans to send credit line freeze notices out to its customers. Often, this.

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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.

Picture this nightmare financial scenario: You’ve taken out a $150,000 home-equity credit line to remodel your house, you’ve already pulled out thousands to pay contractors and owe thousands more.

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What is a home equity line of credit? A home equity line of credit is a form of revolving credit in which your home serves as collateral. Because the home is likely to be a consumer’s largest asset, many homeowners use their credit lines only for major items such as education, home improvements, or medical bills and not for day-to-day expenses.

A home equity line of credit works similar to a credit card. You have an available line of credit, which you can use as you need it by writing a check or using a credit card that’s attached to your account, depending on how your HELOC is structured.

A HELOC differs from a conventional home equity loan in that the borrower is not advanced the entire sum up front, but uses a line of credit to borrow sums that total no more than the credit limit, similar to a credit card.HELOC funds can be borrowed during the "draw period" (typically 5 to 25 years).

That rate is closely tied to consumer debt, particularly credit cards, home equity. federal funds rate continues to go up, there’s no guarantee these rates will be available to you down the line,".

Reasons you should be cautious before taking out a HELOC or Home Equity. or home equity lines of credit. And be aware that banks can freeze your HELOC.