I have a HELOC (homeowners equity line of credit) with wells fargo. The first of august i inquired about paying the balance down with the intent of pulling the money back out in october. I asked the branch manager that i have known for decades about the odds of WF seizing the money. I was assured that since everything was current and i was meeting all of my obligations there was no problem. 45 days later wf sent a letter to the wrong address and "adjusted the HELOC down by the same amount that i had paid. (total HELOC was $200,000 interest only. I paid $125,000 from real estate proceeds. The HELOC is now at $75,000). This means that wf took 100% of the money without notice. Their comment is "we did it because we can". I'm self employed and cash is what keeps us afloat. I've not missed one payment on any of my accounts. FICO is about 740. Wf tells me the home is worth less than when they loaned the money. Their current value is about 50% of reasonable. There is no reasonable review process. It would be easier to get a new loan. The only way they got the money was that i trusted them with the cash. Otherwise i'd be making interest only payments with the money i should of put under the mattress.
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