We received notice that our Home Equity Line of Credit was closed due to a "substantial decline" in comparable property values.
This is a mistake, the line of credit was opened less than a year ago and property values in our neighborhood have actually risen slightly or at least have stabilized. For certain, they haven't dropped 30% in a year, that's just absurd.
We have no idea where they got their data from and they won't tell us. We can only assume that the individual doing the assessment was lazy and was cutting corners or maybe is simply unqualified to do this work and doesn't understand the data they are looking at.
We are not the typical spend-beyond-your-means people that created the financial mess our country is embroiled in. Rather, we live within our income, carry no balances on our credit cards, pay our bills on time, have only one car loan and actually have money in the bank. Further, their form letter was insulting and suggested we were behaving irresponsibly.
My wife, who is always professional and patient called them and got some sniity youg girl in customer service who basically told her that don't give a damn whether we remain customers or not.
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