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Bank Of Americahome equity loan

1
M Review updated:

I have also been a loyal customer of Bank of America for the past 30+ years, having my mortgage, home equity line, credit card and checking accounts with them. Well, not anymore...the latest trick is reducing my line of credit with no notice whatsoever, and frankly they don't really seem to care! I live in a very desirable area of the country, my mortgage represents about 45% of what the property is worth, and BOA is telling me that they use their own proprietary software to determine that the value of my home is now equal to what I paid for it seven years ago! I don't know about the rest of you, but I am not taking BOA's BS any longer. I think I can find another banking system that still knows why they are in business!

Responses

  • T
      Aug 21, 2009

    My Line of Credit ($5, 000.00) has been blocked without any notification because the value of my house went down. I found it when I was checking my accounts on line. I was told that there were 2 options: Apply again with the new value of my house or apply for a credit card with "O" interest for 6 months.

    0 Votes
  • L
      Jul 14, 2010

    I owe just under $2, 000.00 on my 8 year old home equity loan and received a payoff demand statement on 7/12 stating I owed a little more than what my balance I check regularly on line stated. I went to the bank and asked a loan officer what this meant as I had not been late but one time in the last eight years (and that was paid within 15 days of the due date). At first she said this was a standard letter sent out stating the pay off. When she called, she found out the loan was a balloon loan and should have been paid off May 10th. I explained that I may have gone over my due date (of which I was unaware of since I had never received a letter until the month of July) because I had used 2 or 3 budget saver coupons that were included in my yearly equity loan coupon book. I explained I had taken those to the bank in person to make sure I could pay only $5.00 for the month and skip my usual $734.00 monthly payment. I was assured each time that I was able to use the budget fitter coupons and there would be no problem with my credit or anything like that. However, yesterday, I was informed those coupons should not have been sent to me since I had a ballon home equity loan. Now I have to pay off my balance and possibly have my credit ruined because of their mistake. I am not sure what to do. I am going to contact the attorney general's office, but I would also like to contact an attorney. Any suggestions?

    0 Votes

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