Chase Manhattan
Takes Back Home Equity Lines Without formal notice, they took back my entire home equity line of credit

I called chase the other day to confirm that my rate was at prime as I was interested in using some money to do some things around the house. I was I mmmediately told that I had no money available to me. Thank God my balance was 0. They told me that I had previously been contacted by them notifiying me but I"m sure it was in an envelope which looks just like 99% of the junk mail we receive daily. I just didn't open it I suppose. We bought a home in 2003 and renovated it putting about $800,000 into the house. It had a value of over 1.2 mil when finished and I got a free LOC from Chase (thru my broker) at the time of closing) my mortgage was eventually bought by countrywide. I used it initially after wanting to do additional work to the house after mortgage was settled but soon transferred it to my corporate loc as the rate was. 25 under prime and chase was prime. Duh... Never should have done it... It was their chance (albeit, 4 yrs later) to pull my credit line in full. Now they don't give lines to 90 or 100 percent the value now they request a new appraisal and will loan up to 70% your value. Yes I live in florida and what once was 1.2 is now probably 750 but I still owe under a half. Is it worth going thru the hassle of establishing the loc of say screw them for what they did and go elsewhere.?

Has this happened to others and have there been positive outcomes?

Company: Chase Manhattan
Country: USA
State: New York
City: New York City
Site: www.chasemanhattan.com

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