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BOA Home Equity Line Suspension

April 5th, 2008 at 12:16 am

We received a letter yesterday from BOA stating that our equity line of credit was suspended due to declining home values in our community. It's funny, we never used our equity line of credit! We pay our mortgage one month ahead and put extra for the principal. I have been using all of the helpful advice from this pf blog and pf books to prepare our family finances. We saved to build our patio and garage storage units. We are saving for new carpets and wood floors. We are also in process of saving for our house emergency fund. At first I was bothered by BOA sudden suspension announcement. But, my DH reminded me that a lot of people have been using their home equity like piggy banks. He noted that we took the time to educated ourselves on not using our home equity. He also stated that we are not upside down on our mortgage and we are employed. Many folks are not as lucky and are going through a rough period. I still feel a little po with BOA but DH is right. He is a laid back guy whose approach about taking life as it comes balances my anxieties. I really do feel that we are better prepared just in case Murphy happens.

4 Responses to “BOA Home Equity Line Suspension”

  1. PauletteGoddard Says:

    No doubt BoA did this "primarily due to a widespread change in business practice in the industry".

  2. Managinglife Says:

    PG,

    I do realize that, "Cash is not trash but credit sure is." We have converted to living within our income. Thank you for the article!


  3. Jane Says:

    Hi,

    It is really chaking. Might be the changes in the industry is the cause. Get some financial advice through MA home Equity Loan provided by NMTW.

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