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Is your HELOC frozen or has it been reduced?
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Has the big freeze happened to you?
One of the side effects of the economic downturn has been the freezing or reduction of home equity lines of credit (HELOCs) by banks. It makes sense why banks would do that. If their borrowers are already in the hole and their home values are decreasing, why dig a bigger hole?
However, as a consumer, you were dreaming of that kitchen improvement and now that dream is slipping through your fingertips.
Here are 5 tips from the Federal Reserve on what you should do if your HELOC was frozen or reduced.
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