[Steve91T]

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

[v7guy]

I will say, this is absolutely the time to buy a house! Another reason we are moving sooner rather than later. Rent out our current home and buy another house dirt cheap. $71 a sq/ft isn't too bad.

I've not ever heard anything good about BOA in the first place. Maybe you've had a good experience, but places like consumerist.com always has bad news about them. YMMV.

The only reason I was able to buy a house in this area is because the market has tanked. We would have never been able to afford it otherwise. BOA has been a disaster for me. I used them for years and the service had become so bad that I cut ties with them about three years ago. I moved on to Chase but they really aren't doing anything for me, the banks are nice and the customer service is decent but at this point I'm considering a local credit union.