I originated - PAID FOR - a HELOC about four years ago. I paid off that HELOC and left an available credit balance.
Homecomings Financial suspended my available credit based on their "automated valuation method" (AVM) not supporting my full line of credit. They want to make me pay for the chance to be reinstated by choosing an appraiser from their approved list and resubmitting all of my financials again.
I had a zero balance, so their suspension has denied me the HELOC for which I paid. It had 11 years left of a 15-year term. That available credit was part of my financial disaster plan.
My ability to pay has improved over already-great levels. The collateral has not lost significant value. The house next door sold three months ago for more than it sold for a year prior. There are no unoccupied houses in my neighborhood.
They will not show me their AVM. They will not review the balance of the first mortgage (also with Homecomings) compared to their AVM to see the difference.
I already paid for this loan once. I'm not going to pay for it again. I'm not suire I'll get anything, but I deserve a refund because they denied me the right to the HELOC 11/15ths through the term.
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