[Nords]

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Originally Posted by liveitup Operating without an emergency fund is like playing Russian Roulette. Don't assume the HELOC will always be there to draw from.In this enviornment,it's here today and it may be gone tomorrow. Here's a story about a man who paid off his HELOC with all of his savings,only to have it frozen days later by Bank Of America.

Everyone who's worrying about this can send me their mailing address, and I'll be happy to forward the half-dozen attractive home-equity financing offers we're receiving in the mail every month. Our latest one came from somewhere in Florida. They weren't sure how to spell Hawaya but they were pretty confident that they could loan us a lot of money on it.

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Originally Posted by rayvt Last time I looked at my HELOC, they had the right to freeze it whenever in their sole opinion they were concerned about the collateral or my ability to pay. A few years back, I was in the branch the everning that a large local company had announced massive layoffs. The branch manager told me that they had automatically frozen every HELOC for customers who worked at that company until they knew who was going to be laid off and who wasn't.

With easy credit-union membership requirements and all the discount brokerages in the world offering HELOCs, I don't think I'll ever set foot in a bank again. Don't like the HELOC you have? Go find another one. I don't think it'd take long.