You can't really farm frozen soil so this guy bought and renovated a new rental house each winter, so I helped.

I had two frozen pipes that caused substantial damage this last month and neither were covered under my insurance. 

Few days after we initially saw the house, we had sent in our contractor to view the house and he noticed that house was not winterized. long story short.. house is now completely frozen and the bank is only now sending in a plumber to winterize the house.

One is liquid and real, and the other is frozen and virtual. 

In fact, almost every bank will allow the HELOC to be in first lien position which reduces your risk of having it frozen immensely.

Bad thing is he didn't have liability insurance on the property so once legal paperwork is filed his assets will be frozen (this could happen in a week or maybe a month). 

@Mike Roy  one of our main revenue sources in 08 to 09  ( and we did not have many) was doing loans for those that relied on heloc's for their working capital.. most all helocs got frozen.. and usually the borrower does not realize its frozen until they try to access it..  

By the time I found a homeless person I opened the trunk and the water was frozen.  

For reference my credit was frozen and I filed on March 31st. 

Another item talked about on BP.. when in fact i bet 90% of those folks who have a heloc never read the fine print  LOL and have no clue that their loan can be frozen or called.. in fact many could already be frozen.. you dont know it until you try to take an advance and the written letter letting you know its frozen gets to you about 30 days after the fact.On a contrarian side.. there could be a real flight to real estate that keeps prices firm.