So, I go to the bank that has my home equity line of credit. For those that don't know, it is like a credit card that you can take money out if you pay into it- basically a mortgage that you can get money out of when you need to.
The teller tells me there is no money available to take. I tell her that's impossible, there is at least 6K into it. Then a personal banker comes up when he can tell that I am a little upset.
He pulls up my info and says "oh, we re-appraised everyones house and your house came in at $280K, so, we can't give you any money since you owe more than your house is worth now"
I told him he was nuts because it just appraised 3 months ago for $350K. Well, apparently this is some computer generated program that values houses. Apparently they sent a letter out a couple weeks ago telling me about it
To make a long story short I would have to appeal it to get use of my funds. To appeal it I need my currenty mortgage statement, my current home equity statement, a letter by me, my info, and $200 refundable if it comes back above value.
I tell him that I don't even get statements in paper form since it's all online. I don't have a printer so I don't know what he want's me to do. He says I can email to him. When I told him that they could just call the stupid bank and see what the balance was, he told me that need it in paper form
Then the $200 would have to be a check or cash and they can't take it out of my HELOC. And...it would take 2 weeks min to get. I told him that's great, but I need the money NOW (for my kitchen remodel).
When I asked how many people get their values changed when they appeal, he said, get this 80-90% I said, if 90% are WRONG, then don't you think that maybe your system is WRONG. He had no answer.
God I am beyond pissed right now. I was paying extra every month and now I need the money and they won't give it to me. They make it rediciously a pain in the ass to appeal. I asked if they were going to pay me interest on the money they wouldn't give me, he said no.
When he asked me for money to re-appraise I got so mad. I just got up, took my stuff and told them that they were full of crap and a bunch of scammers. The guy is chasing me out the door saying it's not his fault, it's the bank. blah blah blah. It's bullshit is what it is. The banks don't want to pay out any money so they value everyones house at $0 and make it a rediculous process to appeal it. That's freakin stealing in my book.