Bank of America taking away equity lines of credit

[pd off at bank of america]

We have had an equity line of credit from Bank of America for years. Went to use it the other day and they locked it. Said that our house dropped in value. They also said they just appraised our house and the value dropped. We asked for a copy of their recent appraisal and they said we could not have it! First off they did not do an appraisal and secondly the houses in our area are only going up in value!! This bank is in trouble financialy and doing this to alot of people. What can we do? We had to pay around 5000 dollars in closing costs for this equity line. Shouldn't they have to reimburse us?

[Petz]

Consult a lawyer and read over the fine print in your document you signed. Also document the representative you talked to and get a document number (or file number) for the appraisal since you can't look at it. These days it takes force to get things done sometimes.

[pd off at bank of america]

thank you

[bob]

There ought to be something legak you could do. We cannot keep letting these people get away with this

[pd off at bank of america]

doesn't anyone else have the same problem? We cannot keep letting thesepeople get away with things like this

[charmin]

You should call them back and give them hell! They cannot keep doing this to people

[pd off at bank of america]

hey petz, have you had any experience with this

[Petz]

While i do not have experience in this particular event i do have a small business that i run. On a daily basis i deal with the "Fine print" and legal/business issues.

The best advise i can give is read over the paperwork and if you don't understand it, take it to a lawyer who can advise you of your rights per the signed document.

Other then that start gathering up information and evidence in the event you go to court. BOA saying they did appraisal should be in their system as a specific document. Force them to show you through legal means.

[Bodha]

This reminds me of how they raise the interest rate on your credit card if your credit score goes down, even if you're making all your payments on time (http://stockquotesource.com/bankofamerica.php ). It's never to the consumer's advantage, but always to the bank's.

Clearly they've been burned from giving loans to people they shouldn't have, and now they want you to pay for it.

[chucky]

what do we do? quit getting unnessecary loans and keep cash on hand. F--- the banks! They probably are owned by the mafia!

[Me too]

This recently happened to me as well. I was told that my house's value has decreased. When I asked what the house was appraised for I was told that it was not specifically appraised but my "area"
was appraised and they feel my home value has fallen. I bought the house one year ago and have done substantial work to increase it's value. Unfortunately, when reading the terms and agreement for this loan, I found that they can in fact lock the loan if the home value falls. Darn! Now what? I sent a fax request to reinstate my loan since work has been completed and they have not done an appraisal. It seems as though I am forced to either wait to hear back on whether or not I can be reinstated or try to find another lender. If you've found any other information or a way of getting a better response please let me know. It further pisses me off that I did not receive a written notice of this until 3/12 and they locked the loan on 3/4.

[chucky]

THAT IS THE SAME THING. THEY SAID THEY SENT US NOTICE BUT THEY DID NOT! WE FOUND OUT WHEN WE TRIED TO USE IT!! LIARS!BANK OF AMERICA SEEMS TO BE THE ONE DOING THIS THE MOST. wE LVE IN AN AREA THAT KEEPS CLIMBING PLUS WE HAVE LAND IN AN AREA NO ONE CAN FIND ANY ACREAGE TO BUILD HERE.

[too bad]

what are we going to do about the scams the banks are doing. or are they okay in doing them since they are the government?

[ccrickett]

I have an Equityline with Bank of America. I have had it since 1998 I think. In the past 6(Six) years the account has been paid at least 35 days late and sometimes 90 days late. In April 2008 the bank had sent the account to legal for "Legal Action", but my ex paid the amount due and that was the end of that. But wait, there has never been a late fee accessed to the account or a change in the interest rate. I believe all you poor saps out there would be interested in this. I will give you my account number if you email me for the info. I hope this helps, remember they can't charge some people late fees and increase interest rates and not others. My email address is [e-mail]

[thirty something]

ccrickett wrote:

I have an Equityline with Bank of America. I have had it since 1998 I think. In the past 6(Six) years the account has been paid at least 35 days late and sometimes 90 days late. In April 2008 the bank had sent the account to legal for "Legal Action", but my ex paid the amount due and that was the end of that. But wait, there has never been a late fee accessed to the account or a change in the interest rate. I believe all you poor saps out there would be interested in this. I will give you my account number if you email me for the info. I hope this helps, remember they can't charge some people late fees and increase interest rates and not others. My email address is [e-mail]

did not understand what you meant

[radroden]

I have had 2 different HELOCS (Home Equity Line of Credit) with BofA. The first one they removed 95% of the credit line. I immediately requested a re-instatement along with supporting documentation of improvements as well as comparable sales to supporting documentation. I had to make a lot of calls and did not give up. They finally re-instated that line to 60% of the original amount. The second credit line was much bigger in 1st position on a property with plenty of equity. They attempted to cut it in half. I think they would have taken all of it but I had already borrowed 50% of the credit line. Went through the same procedures as well as removed some erroneous credit accounts to clean up our credit scores. Again had to make a lot of calls and did not give up on this. About 2 months later got this credit line 100% re-instated. In both cases I feel I had plenty of equity and credit to get them re-instated. I think they have been doing this across the board. So those of you who have a good argument to make do not give up.

[pd off at bank of america]

radroden wrote:

I have had 2 different HELOCS (Home Equity Line of Credit) with BofA. The first one they removed 95% of the credit line. I immediately requested a re-instatement along with supporting documentation of improvements as well as comparable sales to supporting documentation. I had to make a lot of calls and did not give up. They finally re-instated that line to 60% of the original amount. The second credit line was much bigger in 1st position on a property with plenty of equity. They attempted to cut it in half. I think they would have taken all of it but I had already borrowed 50% of the credit line. Went through the same procedures as well as removed some erroneous credit accounts to clean up our credit scores. Again had to make a lot of calls and did not give up on this. About 2 months later got this credit line 100% re-instated. In both cases I feel I had plenty of equity and credit to get them re-instated. I think they have been doing this across the board. So those of you who have a good argument to make do not give up.

that is exactly what they did to us. they said our value of our home has went down although they did not even do a appraisal on it!!! i hate them!! we did not know this till we went to the bank to get some money out to purchase equipment. they locked our line without telling us!!! as soon as economy is better we are switching to another mortgage lender!!!!

[BofA locked down my HELOC]

This happened to me to on December 11 right befor the Christmas holidays. I was planning to get hurricnae shutters--guess where i live- in south Florida--and now our money is on lock down. Never received any advanced warning notice. THis is outrageous and warrants legal attention nost definitely. We will not give up and I will continue to call them just like a bill collector--it works both ways!

[pd off at bank of america]

BofA locked down my HELOC wrote:

This happened to me to on December 11 right befor the Christmas holidays. I was planning to get hurricnae shutters--guess where i live- in south Florida--and now our money is on lock down. Never received any advanced warning notice. THis is outrageous and warrants legal attention nost definitely. We will not give up and I will continue to call them just like a bill collector--it works both ways!

i AM THE ONE WHO STARTED THIS POST. SAME EXACT THING HAPPENED TO US! THEY SAID THEY SENT A LETTER AND THEY DID NOT!!! BASTARDS ARE GETTING BIGGER TOO AND THEY ARE GOING TO MONOPOLIZE THE MORTGAGE INDUSTRY AND GOING TO BE ABLE TO SCREW ALOT OF PEOPLE!!! THEY SAID OUR PROPERTY WAS NOT WORTH WHAT THEY ORIGINALLY SAID IT WAS BUYT THEY DID NOT DO AN APPRAISAL!!! HOW CAN WE GET THIS WORD OUT SO CONSUMERS BEAWARE OF THEIR SNEAKY MALICIOUS WAYS?

[BofA locked down my HELOC]

Let's everyone scammed by BoFA set up YOUTUBE like the president -elect and BLAST BofA over the internet. That's how Obama announces everything to AMERICA.