No More Gauging Home Equity Lines!

In ANOTHER shocking story about the big banks in the U.S., at least 1 Million homeowners have had their home equity line cut.

What does this mean?

Imagine if you had taken out a home equity line of credit to remodel your house.  You’ve already taken thousands and thousands of dollars to pay contractors and then comes the letter from the bank.

The bank shuts down your credit line, the bank does not physically appraise the property but it did do an online evaluation and the property value has dropped.  If you’d like an appraisal, you can feel free to order one – AND PAY FOR IT YOURSELF to appeal the bank’s decision.

So now you can’t pay the contractors or touch the money that you thought that you had. 

1 Million homeowners from just one bank alone are in this situation.

A federal district court has approved JP Morgan Chase clients to proceed with a class action lawsuit.

Suits are also pending against Wells Fargo, GMAC, and Citibank.

The banks continue to utilize computer valuations which they admit to being grossly in error of true property value.

C’mon Banks, you wouldn’t allow those for a home purchase, would you!?  Let’s get it together…