Open Question: Investment problem?

I have a house paid for free and clear. How much will a lender allow me to take out on a Home Equity Line of Credit? My friend told me only 40% of the value of the home. Is that true?

Open Question: Can you help me ($ problems)?

I found my dream house and I was approved for a home equity loan to buy it. Then, my bank said they no longer give out equity loans to buy property because all of the forclosures. I need $30,000 for a down payment. I own four investment properties besides my own home but my primary bank will not allow me to use my line of equity. Also, no banks are willing to be secondary lenders so they are making it very difficult for me. This is the first time Ive run into this problem so if you have any ideas or suggestions, please let me know. This means the world to me and my family and I am willing to try anything!!

Open Question: Is there a way to have my home equity line of credit included in my bankruptcy (payments are current)?

I have current payments on my home. The value of my home is now about the value of my first mortgage.
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