Country Wide Home Loans cancels my home equity line of credit out of the blue. I have had this specific line of credit for approx just 4 months.
I have had my home with them for over 12 years and a line of credit for over 6 years. I have never missed or been late on any payment. Suddenly they cancel my line of credit stating it is due to the decrease in the value of my house. My house has not decreased in value from the day I bought it 12 years ago.
I noticed on the bottom of the letter Countrywide sent to me it noted:
"Countrywide is required by law to inform you that this communication is from a debt collector".
So it is not just country wide but most likely Bank of America stating "cut off everyones line of credits without regard to if they qualify for it or not".
I guess now people will be going to Bank of America and applying for an equity line of credit.
Any Lawyers looking into this practice to make sure its all legal and on the up and up?
Lets see:
1. Take over Countrywide.
2. Close all of the equity line of credit customer accounts.
3. Suddenly get new customers coming to your bank wanting to do buisness
with you at your rates since they have no other choice.
How will this appear and what effect will it have on peoples credit reports?
"Account closed by lender"?
Maybe taking over Countrywide isnt as silly as some think.
Welcome to
Country lied
stockton, California
U.S.A.
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