THE BASIS POINT

Tips for Dealing With HELOC Freezes

 

Basis Point contributor Julian Hebron was quoted in a MarketWatch story yesterday about how to handle HELOC freezes. All year, banks have been freezing Home Equity Lines of Credit in big waves. It’s a way to protect themselves from dropping home prices and also a way to free up limited capital that would otherwise have to be earmarked for funding HELOC draws.

The Marketwatch doesn’t cover the reasons this happened as much as the actions consumers can take if their HELOC was frozen. One poignant tip was from BankRate analyst Greg McBride: Save your money. Imagine that.

 

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