Bank Of America / canceling home equity line of credit!
Last year, after remodeling our home, we were appraised by BofA and they approved a home equity line of credit based on the valuation of our home. Two days ago, we received a letter stating that our line of credit was canceled. The bank has randomly devalued our home by 67% based on a 'desktop model."
Iowa never has had a housing bubble and is very secure for debt, our family is financially responsible with excellent credit, no late payments and a great debt/ income ratio. Arbitrary devaluations to protect Bank of America from their own bad banking decisions should never be allowed! Think what this will do to the economy!
We are closing every account and credit card we have with them, along with moving our home loan!
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