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Countrywide did this to us in Jan.of this year. I have always paid on time or early and have excellent credit. I called and asked why and they said prices had fallen in my area and unless I can send proof that my house is worth more they wont unfreeze my line of credit.When I asked how much they thought my house was worth they would not give me a answer. I had a local realator broker do a analisis and sent it off to them and only got a phone call rejecting her 30 years of experience and documentation.They said I would get a written responce when I spoke to them by phone but it never came. They did have the gal to ask me to refinace both my first and 2nd with them!I have never been treated like this in all my life. I own my own business and I used that HELOC to keep things going in these uncertain times. Now Im scrambleing to figure out how to raise capital to keep everything going.
By Lori
