We got a letter from Wells Fargo on Friday, informing us that our Home Equity Line of Credit was suspended due to the falling values of homes in our area.
On Saturday, we got a letter from the city, informing us that the improvements we made to our house (using the HELOC...) caused the value of our house to rise, and so our property taxes will now go up.
Sheesh.
Good thing we don't need to use the HELOC to pay our new property taxes.
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Wow, what a story. Maybe, depending on when your home was last assessed, you can call the city (county) and ask them to reassess your home, taking into mind the lower market values. Best of luck to you!
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