In 2008 I became a Bank of America (BOA) customer. I own a rental property in FL and had a ballon note that was coming due. I've had several credit cards with BOA and decided to use them to refinace the rental house via a home equity line. The house had an appraised value of over 90K at that time. My credit is excellent. BOA bent over backwards to get me as a customer to the extent I even set up a checking account with them. My original credit line was for $79,000 and my balance was $43,000.
In 2009 I received a letter that BOA was cancelling available credit on all equity lines in Florida, due to losses they had suffered there. Although my loan had never been late or had any issues, mine was part of this group. I was told I could request a reinstatement of the equity line. I completed a form and sent it off.
Months later, after getting no reponse, I spoke with someone in equity loans who told me no one in FL was getting reinstatements.
I obviously felt dissed and then wrote a letter the the Chairman of the B oard at BOA. I actually got a couple telephone calls and a letter from a "consumer advocate" working out of the Chairman's office. He looked into the issue and in our second conversation said he agreed that it ws unfair. He suggested that he would try to get it rectified, but that it might mean having equity up to 80% of the value of the property. I undertood that and he was going to get back to me. Months went by without any any response.
When I tried to call him back, I was told he no longer worked with BOA.
In the fall of 2010 I made contact again, this time with the Home Equity Department. I was told to complete a reinstatement form and sent it in to Richmond, VA. I did so before Christmas of 2010. Today is May 24. I've never gotten a repsonse from about the reinstatement form from 2010. Today when I spoke to Home Equity again, they said they never recieved the form and that I need to refile a form. I suggested that this would be the 3rd time. I asked if there was a PERSON who I could send the form to viar registered or certified mail... To insure it gets received. The answer was no. I asked to speak to a supervisor, Iwas told he would have to call me back. When it takes 2 years... To try to try to recify a problem that seems so simple... Why would anyone want to bank with this institution? As I await the supervisor's call, I'm also checking other financial institutions to see if they want to give me a deal. As of right now... I've called 1 and they are willing to extend the credit to replace BOA at 75% of the value of the loan. Thats more than BOA has offered.
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