Bank of America Mortgage Complaint

Bank of America Mortgage department,

Home equity loan or line of credit Loan servicing, payments, escrow account Missouri

Bank of America reduced my HELOC from $50000.00 to $20000.00 saying in the letter only that it was " based on the decreased equity available in my home '' - no further explanation. When I called them they suggested that I could get money on a credit card cash advance. When pressed, they said that they had established a value of $480000.00 for my house which has a market value of at least $650000.00. Houses have been increasing in value in the last few years and typically sell on the first day they are on the market. I believe they are using arbitrarily and fraudulently low " estimates '' of value to freeze HELOCs and force customers onto high interest rate credit cards.