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Family Finds Credit Line Frozen For Home Patio

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Oct 3, 2008 6:58 am US/Mountain

Family Finds Credit Line Frozen For Home Patio

Reporting
Shaun Boyd
LITTLETON, Colo. (AP) ― A Littleton family learned the hard way this week that banks are reducing or freezing equity credit lines because of declining home values and worries about the credit markets.

Tin Kuykendall was caught off guard when she went to her U.S. Bank branch and learned the lenders had frozen their home equity line of credit without notice. Kuykendall said the bank told her the poor economy and declining home values were to blame.

"I knew real estate market going down, but didn't realize my property decreased $41,000 in last year," she said.

Kuykendall thought if anyone would be able to get out money, it was her. She was looking for cash to pay for a patio addition on the home.

"I've never had overdraft never late payment with them, I have no dings in credit," Kuykendall said.

"My advice to people is to pay attention to lines of credit, and if you have a project going, take out the money ahead of time."

Kuykendall and her husband are now using savings and borrowing from family to pay for the patio.

The credit crisis is also affecting people who use loans to help pay for college.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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