Bank of America HELOC....watch out! - F-Body Road Racing and Autocross Forums

This morning I'm eating my eggs and toast while going through my mail. I open a B of A letter and it tells me that my $25,000 line of credit has been terminated. That pretty much ruined my breakfast.

I go online to find out that sure enough my available balance is $0.00. Long story short, the bank does these random assessments of home values and they decided that the value of my house (currently a rental) has gone down (no kidding). Because of this, they closed my account with no warning at all. I even had called them a few months ago asking how long my HELOC is good for. They told me the final withdraw date is 2016 and I can take money out, or put it back in as often as I'd like.

We were counting on that money. We currently are in the middle of renovating our home (one bathroom is gutted), and we're also going to be closing on a house in Charlotte after the holidays.

Anyway, I'm working with my local B of A to get the line of credit opened again.

I just wanted to warn everyone. This is something that I never saw coming.

Steve

Steve91T View Member Profile	Dec 8 2011, 07:06 PM Post #1
Experienced Member Group: Advanced Members Posts: 2,038 Joined: 3-March 10 From: Huntersville, NC Member No.: 9,105	This morning I'm eating my eggs and toast while going through my mail. I open a B of A letter and it tells me that my $25,000 line of credit has been terminated. That pretty much ruined my breakfast. I go online to find out that sure enough my available balance is $0.00. Long story short, the bank does these random assessments of home values and they decided that the value of my house (currently a rental) has gone down (no kidding). Because of this, they closed my account with no warning at all. I even had called them a few months ago asking how long my HELOC is good for. They told me the final withdraw date is 2016 and I can take money out, or put it back in as often as I'd like. We were counting on that money. We currently are in the middle of renovating our home (one bathroom is gutted), and we're also going to be closing on a house in Charlotte after the holidays. Anyway, I'm working with my local B of A to get the line of credit opened again. I just wanted to warn everyone. This is something that I never saw coming. Steve

trackbird View Member Profile	Dec 8 2011, 07:25 PM Post #2
FRRAX Owner/Admin Group: Admin Posts: 15,432 Joined: 13-February 04 From: Ohio Member No.: 196	Seems to be a side effect of the market tanking. I've heard other stories of similar accounts just going away one day. Hope they get it sorted out. There are just too many homes under water, REALLY under water these days. I'm afraid it's going to get worse before it gets better, but maybe we're closer to the bottom than I think.