citibank suspended my HELOC!

I just got a nice little letter in the mail from my friends at citibank:
“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 suspending your account immediately.”

It continues:
“Please understand that this suspension of your account was not based on your payment record. Rather, this change is being made simply because your home value has declined, and citibank wants to help protect you from borrowing beyond the value of your home.”

OHH!!! THANKS FOR THE “HELP”!!! :bs

If anybody has any available credit on there lines and are using for investing in other proerties, I’d pull every nickel out sooner than later!

all the best,
BK

Countrywide did that to a bunch of eople last month and we will be seeing that from other banks as well until the RE market stabilizes.

Your suggestion of pulling out the cash now is a great one and one that I have been recommending to my clients as well.