Bank of America Mortgage Complaint

Bank of America Mortgage department,

Home equity loan or line of credit Credit decision / Underwriting Illinois

I refinanced my home equity line of credit with Bank of America in -/-/-. This year they contacted me to advise that under a new program I can qualify for a lower interest rate. I applied. In - they advised that they were not able to approve the application because " loan to collateral value ratio exceeds lending guidelines ''. Verbally I was told that I could qualify for $40000.00 less then my present balance. I assume they are saying that my house went down in value at least $40000.00 in - year since they refinanced me in -/-/-. The property was reassessed for -/-/- by - - -, and the assessed value increased by thirty-three percent ( 33 % ) since the last reassessment. I write to Bank of America on -/-/-, to request information as to how they can justify their determination. To date I have not received a response.