Pasadena, CA - If you currently have a home equity line of credit, don't be surprised if you hear from your banker. Banks are reassessing the value of ALL Pasadena and Los Angeles County homes that have a Home Equity Line of Credit, otherwise known as HELOCs.
With Los Angeles County being considered by banks as a declining value market, banks are ordering new appraisals to see if the value of your home decreased.
Letters are going out daily to advise Pasadena home owners that their HELOC has been reevaluated to a lower amount. Some HELOCs have been lowered by hundreds of thousands of dollars.
Can the banks do it? Sure. When you signed your loan docs for a line of credit, language was already built into it allowing banks to reappraise the value of your home.
Don't be caught unawares!
If I can be of any assistance with your Pasadena Real Estate needs, please do not hesitate to email meor call me at (626)629-8439. Thank you!
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Thinking of selling your home? Interested in finding out the current market value of your single family home, condo or investment property? Then call Irina Netchaev at (626) 629-8439 to discuss what is happening in today’s Southern California Real Estate Market.