Robert
Irvine,#2Consumer Comment
Thu, June 05, 2008
A Home EQUITY Line of Credit(HELOC) is just that a line of credit that is tied to your home's value. So if your home value has depreciated then so would the line of credit. For the last decade or so having a house "depeciate" was almost unheard of so this never even came up. This is also the reason that a lot of people are in a mess now. They just assumed that their house would continue to appreciate at the huge percentages forever. All Citi(and other lenders by the way) are doing is that if you want to keep the HELOC that you get a new appraisal. This is no different than if you were going to apply for the HELOC for the first time. While it seems unfair, the costs you quoted is within the normal range of costs to get an appraisal, and does not appear to be a RipOff