More about our HELOC
I was looking at the letter we received suspending our HELOC, and the numbers didn't add up. That is, the amount they say the house is worth now (i.e., the "declining market value") is MORE than the credit line plus the amount we refinanced our mortgage to last year by about $45k.
So I called the mortgage company. The person who answered the phone kept reading me canned responses that didn't seem related to my questions. Me: Our line of credit plus our current mortgage is for LESS than the new lower value of the house. Her: We suspended your line of credit because of the declining market, not because of what you borrowed. Etc. The only useful piece of information I learned is that they will waive the penalty for closing the line early (which was NOT in the letter).
Am I missing something here?
It just ticks me off that they apparently lumped all of their customers together without making any effort to keep the good ones.
We're looking into taking our business elsewhere -- like to one of our credit unions. Both of them have better HELOC deals.