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Old 08-26-2008, 10:59 AM
 
66 posts, read 220,433 times
Reputation: 29
Default Has Your Bank Suspended Your Home Equity Line of Credit?

With the continuing turmoil in Florida's housing market I recently received a notice from my bank that I would no longer be able to borrow money against the equity in my home.

It has nothing to do with my credit - it is simply the bank reacting to the latest market appraisal data they have received.

I was absolutely shocked by the new value they were using to estimate the value of my home, but I subsequently learned that someone in our neighborhood sold their home for about $150,000 less than what most of us thought was fair market value.

Because our community is small (106 homes) that fire sale is a value that we will be living with for many years to come.

Has anyone else experienced the suspension of their home equity line?

How did you handle it?

Did you challenge the appraisal or use the opportunty to lock in the rate?

How has it affected your family and your immediate plans?

Does anyone think that equity line freezes will be the final shoe to drop before the Florida housing market recovers?
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Old 08-26-2008, 11:16 AM
 
710 posts, read 1,414,834 times
Reputation: 241
We took out an "emergancy" line of credit before we remodeled our house in CGables.
We haven't used it but it's still out there. (Thanks for reminding me that I need to kill it.)

Last winter, we refinanced too. The bank was VERY conservative with the value they placed on the house, but thankfully we were asking for WAY less than even that conservative number so there was no need to challenge the appraisal.
And because we were putting all of the extra refi back into the house via the remodel (& it's increased equity) and we have VERY good credit, the bank was all over us getting the loan at a VERY good rate.

I just got my tax bill for 2008 and Dade County lowered the value they had on my house by ~$100,00! It's probably about right from what we could sell TODAY (probably more than tomorrows value though), but still pretty nice. Tells something about just how ridiculous valuations had gotten if the County does that on it's own.

Last edited by planetsurf; 08-26-2008 at 11:37 AM..
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Old 08-26-2008, 11:56 AM
 
Location: Houston, Tx
3,644 posts, read 3,475,224 times
Reputation: 1585
Quote:
Originally Posted by planetsurf View Post
I just got my tax bill for 2008 and Dade County lowered the value they had on my house by ~$100,00! It's probably about right from what we could sell TODAY (probably more than tomorrows value though), but still pretty nice. Tells something about just how ridiculous valuations had gotten if the County does that on it's own.
I really hope you left a zero off of that price and you meant $100,000.00 and not one hundred bucks. If Dade County only lowered the appraised value of homes by a hundred bucks over the past year they are going to have a lot of angry citizens on their hands.
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Old 08-26-2008, 12:05 PM
 
710 posts, read 1,414,834 times
Reputation: 241
Quote:
Originally Posted by rogerbacon View Post
I really hope you left a zero off of that price and you meant $100,000.00 and not one hundred bucks. If Dade County only lowered the appraised value of homes by a hundred bucks over the past year they are going to have a lot of angry citizens on their hands.
You are correct --- ~$100,000.00

That lowered my prop taxes by $1,360-$1,600 (depending on "proposed budget").
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Old 08-26-2008, 12:16 PM
 
Location: Heartland Florida
8,327 posts, read 15,794,261 times
Reputation: 3809
Figures, Miami-Dade county left the "market" value on my parent's home EXACTLY the same. What a bunch of greedy good-for-nothing &*^%$#
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Old 08-26-2008, 12:56 PM
 
Location: Broward County
2,515 posts, read 6,863,849 times
Reputation: 1207
yeah, I got my proposed tax bill here in Broward County and their market value is WAAAYY off. This condo we live in now is worth 90K less than what their perceived market value is. Crooks indeed tallrick !
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Old 08-26-2008, 01:00 PM
 
710 posts, read 1,414,834 times
Reputation: 241
Not saying they're not crooks (or at least crooked) but remember that they place value on the property on January 1, 2008.
At lot of places have continued to drop since then.
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Old 08-26-2008, 01:33 PM
 
Location: Broward County
2,515 posts, read 6,863,849 times
Reputation: 1207
prices are declining on a WEEKLY basis.
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Old 08-26-2008, 01:38 PM
 
1,372 posts, read 2,327,212 times
Reputation: 411
Anyone have any stats on monthly or quarterly home sales in Miami/Florida?
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Old 08-26-2008, 02:46 PM
 
Location: Houston, Tx
3,644 posts, read 3,475,224 times
Reputation: 1585
Quote:
Originally Posted by big mean bear View Post
Anyone have any stats on monthly or quarterly home sales in Miami/Florida?
Earlier today I read (I think it was on Drudge) that sales in Miami (or was it prices?) were off 28.2% in the last quarter.
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