so mad right now

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.

 

they ought to lower your mortgage payments then. correct me if i'm wrong...but they agreed that the home was worth xxx,xxx $'s when you applied for the loan, so they could ensure they got their money out of it if they forclosed, right? total bullsh*t on their part.

 

according to this banker guy, there was a small clause that they could do this I said, oh, in the 20 million word, size 2 font document I had to sign after signing 200 other papers

 

That sucks man. The economy is F'd right now It's causing companies/banks to do crazy things. A buddy of mine just had a 7% credit card go up to 24% with no warning. 24%.

 

So what you're saying is, is they won't give you access to YOUR OWN MONEY?? Thats a bunch of crap...

Hope you can get it worked out.

It's wrong when they are screwing the people who have good credit and bending over backwards to help those who are behind on their bills, even those that abuse their credit.

 

bankers...same A'holes the govt. just gave a sh*t-ton of OUR money to.

 

Even if you are NOT a sheep, they still try to shove you into the sheep herd They want you firmly on the "giving" end of the system..God forbid you should take some back!!

 

It's all a numbers game to keep making money off the average Joe



House prices have been falling for 2 years here and I keep expecting my property taxes to drop respectively but they continue to increase every year.
The way they keep scamming me as the taxpayer here is the new assessment is a drop of $10,000 on the house but the value of the land increased by $25,000 so I have a net increase of $15,000

they have had played that game on me 2 years in a row now