WARNING - Equity Line of Credits are being REDUCED

I don't know how much clearer I can make this statement, EQUITY LINE OF CREDITS ARE BEING REDUCED WITHOUT ANY NOTICE

If you have been using a home equity line of credit for any project don't rely on the Loan Amount that you were approved for. Banks are unilaterally reducing lines of credit because they feel that the underlining property values have declined that they are automatically reducing your line of credit.

Without notice they are causing 1000's of people to have projects on hold, causing bounced checks because individuals are relying on their available credit to write a check and then the bank is declining payment.

The public must be made aware of this tactic. Not the banks have done anything illegal, they haven't, but immoral you bet your last nickel. By them reducing lines of credit without any notification, causing people with good credit to bounce checks, and then saying that they are sorry and it is the first time in seven years when the bank had to do this.

The banks position and I quote is that they want to protect the consumer from being too much in debt secured by an asset that is falling in value. If this is not becoming a self fulfilling prophesy I don't know what is. The banks are using property comps for homes that were either foreclosed or sold as short sales, then they are saying that all properties are now lower because of the comps.

Now its not that the consumers are late, its not that the consumers havc problem loans, but arbitrarily without even an appraisal they are lowering lines of credit.

I could go on for hours as to the problems this has caused the 1000's of people who have been affected by this bank policy. Including me today!

PLEASE GET THE WORD OUT TO EVERYONE YOU KNOW ABOUT THIS. DO NOT LET THEM BECOME THE NEXT VICTIM OF THIS PRACTICE.

I am available for comment or to be interviewed about this. Please have any newspaper reporters, television reporters contact me. I can be reached at harlan@loanforbiz.com or858-592-0659 x 101