HELOC Suspended Without Cause?

October 10, 2013

Important Information

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At A Glance

This Alert Affects
Individuals with a home equity line of credit (HELOC) or commercial line of credit.
Damages
It has been alleged that banks are decreasing, freezing or terminating these loans, violating its contracts and clients' rights in doing so.
Company(ies)
Lenders offering home equity lines of credit (HELOC) and commercial lines of credit
Additional Details
For a creditor to lawfully suspend a customer's line of credit, there must be a material change in the borrower's financial situation and the creditor must reasonably believe that the borrower will not be able to repay the loan as agreed.