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.
BOA Home Equity Line Suspension
April 5th, 2008 at 12:16 am