Bank of America Mortgage Complaint

Bank of America Mortgage department,

Home equity loan or line of credit Application, originator, mortgage broker California

I recently applied for a HELOC ( home equity line of credit ) with Bank of America ( " BOFA '' ) and they quoted me a $100000.00 HELOC at variable rate. Before asking me to run my credit, they told me their desktop appraisal provided a value for my property sufficient to cover a $100000.00 HELOC. I agreed to have them run my credit based upon the interest rate they quoted me and based upon the property value they quoted me. Had the interest rate they promised and the property value they quoted me been less than as represented by BOFA, I wuld never have allowed them to run my credit. BOFA informed me that my application had been approved and also opened up a web portal for me to submit paystubs and w-2s. After I spent significant time and energy, they informed me that they had re-reviewed my application and that suddenly I did not qualify for the HELOC as represented and that they suddenly needed more information to review the property value on my home. After a couple of days, they contacted me and told me that I did not qualify for my HELOC suddenly and a few days later, I received a letter informing me that I had been denied credit. BOFA is engaging in a bait and switch process that has now hurt my credit because the credit inquiry remains on my credit reports. This is fraudulent conduct and I am demanding that BOFA remove the credit inquiry they conducted based upon false pretenses. Had they not told me that my property qualified for a HELOC ( based upon value ), I would never have allowed BOFA to run my credit. BOFA 's credit inquiry should be removed from my credit report.