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08-13-2007, 09:43 AM
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#1 |
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Registered User
Join Date: Apr 2007
Posts: 47
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Can equity line of credit be denied?
I have a home equity line of credit that I can use for ten years. Are there typically any provisions in these agreements that would allow the lender to deny lending on the unused credit before the ten year period ends?
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08-13-2007, 11:50 AM
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#2 |
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Assistant to the Asst Mgr
Join Date: Nov 2006
Location: At the beach
Posts: 259
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As I'm sure there are as many variations on this as there are lenders, you'll want to read over your loan contract to be sure and maybe call the lender if you can't find it written.
I would think they'd have some sort of escape clause in case you turn into a poor credit risk or outright fraudster(?) |
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08-15-2007, 12:51 PM
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#3 |
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Registered User
Join Date: Jul 2007
Posts: 71
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if they deny you on the basis of having a poor credit rating, you can always refinance your mortgage somewhere else!
__________________
credit cards for people with bad credit |
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11-12-2007, 01:44 PM
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#4 |
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Registered User
Join Date: Nov 2007
Posts: 3
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Of course the note and possibly the deed of trust (or mortgage) are the keys to what the lender can do. Here, most LOC's do have an "acceleration clause" that allows the lender to call the line of credit pretty much any time. But, I have never heard of such a case yet.
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