Bank of America
Artificially deflated the value of my home from over $ 200,000 to $ 40,000 within a year by creating a fantasy appraisal

In 2008 I applied for a Home Equity Line of Credit from BoA. They appraised my property at over $ 200,000 (1/4 acre lot, 3 BR, 2.5 BA, $ 30,000 pool). I don't have a mortgage on my home, it is completely paid off.

BoA granted me a line of credit of $ 187,000 and the contract was for 10 years. After about 1 year BoA blocked my line of credit without any explanations. I had never been late with any payments and complained at the branch. They told me to send a letter to the corresponding department and they answered several months later. They sent out an appraiser who told me that the value of the property had deflated from over $ 200,000 to $ 40,000 within a year. At the same time my property taxes went up because the county appraiser found that the value of my home had increased. BoA informed me that now my line of credit was reopened and reduced to $ 38,000, -

I feel that appraisers in this country don't have any professional ethics and just produce the numbers that the one who pays them needs.

If BoA had offered me a line of credit of $ 38,000 a year ago I would not have signed the contract. What I understand that this practice is illegal and i hope that there is going to be a class action. I know that BoA did it with almost everybody in order to reduce their exposure to the risks of lending.

Company: Bank of America
Country: USA
State: Nationwide
Site: www.bankofamerica.com

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