Tuesday, June 16, 2009
I have been a client of Bank of America for 19 years. Through all their acquisitions, mergers with other banks and so forth.
I watch the news and constantly hear about all the financial trouble they are going through. Still, I stayed very loyal to them and have been riding the trouble out with them.
About a month ago I logged in to my Bank of America account. Only to find out, that without warning they had suspended my home equity line of credit to $0.00, from thousands.
Days later I received a letter in the mail, informing me that because of real estate prices falling, I no longer had the equity in my home that I had 5 years ago.
The equity falling is somewhat true, but since I only owe 15% of my home value, this means that I have more than enough to cover my home equity account.
Not only did they suspend it but also never checked what my debt or mortgage balance was, before so hastily suspending my home equity line of credit.
The very frustrating part about this is, that when you are dealing with them in regard of applying for a home equity line of credit, they know to make sure to check your credit history, how much your property value is and your income level.
But they can go ahead and suspend what you have been approved for, without re-evaluating any of the above mentioned criteria.
I now have a signed loan agreement for a home equity line of credit, that has an expiration date of 2018, but with absolutely no funds available.
All I have to say to this is:
WHAT DOES SUSPENDED MEAN!!!!
Should I stay or should I go?