If you depend on a home equity line of credit for your emergency fund, take some money out now and save it.

That's especially good advice for parents who know they'll need that money to pay college tuition this fall.

Home prices are now falling in most cities and banks are increasingly concerned that borrowers no longer have enough equity in their homes to warrant the credit lines they've been given.

That's led lenders, including Countrywide Financial, IndyMac, Chase, Bank of America, Washington Mutual and USAA Federal Savings Bank, to arbitrarily freeze 600,000 accounts nationwide.

If you live in what's considered a distressed housing market -- such as California, Florida, Arizona and Nevada, where prices have declined 10% or more -- you're particularly vulnerable to being cut off.

Yes, taking out the money now will cost you a little. If, for example, you borrowed $20,000 at 5% and put it in a CD earning 3.5%, you'd pay about $25 a month more in interest than you earned.

But you'll have peace of mind knowing that the money's there when you need it. Securing your emergency fund is especially important with a recession looming.

Once the mortgage crisis is over and homes begin to appreciate again, the threat of losing your line of credit will pass and you can pay off the loan.