Did Countrywide Freeze Long Beach Home Equity?
2 comments »Yesterday, I heard that Countrywide was freezing Long Beach home equity lines of credit; I thought it was a remote rumor. I sniffed around the internet and found a lively conversation over on Yahoo Answers:
Countrywide just froze my HELOC
29-Jan-08 05:31 pm
came home today & in the mail is a letter from CFC saying that my house is worth less now so I can't access my HELOC anymore. NO appraisal, no nothing. They screw up and now it's my fault.
Not to fret, I have a solution if this happened to you. Call me.
Brian Brady
858-777-9751
| Laurie MannyLong Beach Realtor (562) 212-5420 |
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Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803 |
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Posted on January 30, 2008 07:07:49 by Brian.Brady
Permalink January 31, 2008 00:13:42
Permalink February 03, 2008 01:48:53
Comment from: Kevin Tomlinson [Visitor] 
· http://www.southbeachrealestateblog.com
· http://www.southbeachrealestateblog.comWow! I can't believe you just wrote this. When I was in NYC, aa big mortgage guy told me NOT to pay-off my HELOC because Citibank will most likely close it. He told me to just put that money in athe bank. I guess it was good advice, since all the interest is a deduction anyway.
Permalink January 31, 2008 00:13:42Comment from: Long Beach Resident [Visitor]
They freeze the helocs because home values are dropping and they are
protecting themselves.
If long beach real estate agents didnt push up the values to the moon then
we residents wouldnt be facing this problem. Period!
Permalink February 03, 2008 01:48:53Comment on this article
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