I agree with this post, because the exact same thing happened to me. I also entered into a HELOC with National City on good faith and with the understanding that NCB was a fair and reputable organization. Boy, was I wrong. Additional problems were that I have already entered into an agreement with a contractor in my area, and wrote checks prior to that stupid two-day rule, still NC did not honor them, and I am in damage control as well. Remediation following their procedures in the letter they sent, and a couple phone calls to useless, uninformed, apathetic Customer Service agents at National City is still open ended. However, they still want their payments from me on time.
What's worse is that I only took out a small equity loan. Even doing the math with their "automated value calculator" which they say they have a "high level of confidence" in, I still have over $100k in equity left in my home, still well enough to cover the small loan I took out with them. When I asked them about this, they told me they don't know how they get to that calculation, or where they determine a cutoff. The original contract I signed with them does say they reserve the right, blah, blah, blah, if there is a "significant" decrease in value, but what is considered significant? Is it $5000, is it $50, 000, no one seems to know, and apparently, they pull the number out of mid air, and cause us both and probably thousands of other unfortunate souls left out there to clean up the mess of their unprofessionalism.
At this point, I am so frustrated that I will for sure close this account, but you can be assured that I will be taking this to my attorney, the BBB, and to a few of the media outlets. I am not one who makes waves in most instances, but these unfair practices of NCB need to not go unanswered, and if it's going to hurt us, we of course have to do what we can to try and make it hurt for them.