Joseph Slife is a contributing author and editor for SMI. He spent 15 years with Crown Financial Ministries, co-writing articles with Larry Burkett and serving as executive producer for broadcasting.

August 14th, 2009 11:26 AM ET

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5 tips for dealing with a home-equity-line freeze or reduction

In the April issue of SMI, we reported that even homeowners "with good payment records and strong equity levels in their homes" have had their home equity credit lines frozen, reduced, or closed during the economic downturn. "The fine print gives banks that option," we noted.

Last week, the Federal Reserve Board issued an updated five-point guide on what to do if your bank exercises its option to alter your credit-line agreement.

Read the Fed's five tips here - or download them in a PDF file.
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Joseph Slife is a contributing author and editor for SMI. Visit www.soundmindinvesting.com to learn more.