Posts tagged as:

HELOC

Your home equity line of credit is not an ATM

December 11, 2008

Last August, I wrote about the “Speed Equity System,” a dumb idea centered around using a home equity line of credit as if it were a bank account. The basic idea is to deposit all your income into your HELOC, preventing as much interest from accumulating as possible. If you do, you can pay off [...]

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Update: save your money; Citibank will not reopen your HELOC even if you spend $600 on an appraisal

June 9, 2008

According to Glenda, she paid $600 to get her home re-appraised after Citibank suspended her home equity line of credit. All to no avail, as she has been unable to get Citibank to reopen her line of credit, even though the appraisal shows she has equity in her home.

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More on the HELOC freeze from SmartMoney.com

April 24, 2008

More on the HELOC freeze from SmartMoney.com (with a shout out to yours truly).

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Citibank’s HELOC freeze is causing more than just a few bounced checks

April 8, 2008

From the comments, it looks like Citibank’s HELOC freeze is causing more than just a few bounced checks. Reader Barbara Clark says Citibank reported the loan as suspended on her credit report, turning it into a major negative account and trashing her credit.

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Citibank freezes home equity lines of credit nationwide

April 7, 2008

I just spoke with a homeowner who bounced a check to her tree service because Citibank suspended her home equity line of credit before notifying her. When she finally received a notice from Citibank in the mail, it suggests that (PDF link) Citibank is apparently suspending home equity lines of credit nationwide due to [...]

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