Add AmTrust Bank to the list of lenders freezing HELOCs. An unspecified number of AmTrust customers have recently received HELOC freeze notices in the mail.

Here’s what the bank had to say, in a written statement to news station WKYC:

“AmTrust Bank promotes responsible lending, and as home values have declined in many areas, we want to make sure homeowners don’t become over extended, causing undue risk to both parties. That is the reason why we took the precautionary step of suspending additional home equity credit to certain homeowners. Data for the home valuations was provided by a third party hired by AmTrust Bank. As a part of the notification, we encourage customers to request a review for reinstatement.”

Their decision to freeze HELOC lines is not unexpected, as the majority of other major banks have already done so.

See Also:

Which Lenders are Sending HELOC Freeze Notices?

What to Do if You’re Hit by the HELOC Freeze

Tags | AmTrust, Heloc, heloc freeze, lenders