Warning to self-employed appraisers with Chase Heloc's

[Shelgard]

It appears that Chase is supending all Heloc's if you are self-employed, regardless of current income. I am even a Chase approved appraiser, normal years might do a couple hundred appraisals, no matter. I have a Heloc with Chase opened spring last year with 905 fica and 230K gross, home appraisal at $575,000, equity almost $300K. Just notified me that Heloc was "supended" because they checked my taxes for last year end because Im self-employed, and it showed a decline in income for 2008. (DUH). Even though current bank statements indicate current year-to-date income is almost twice ALL of last year (which was bad I admit), due to all the "Obama Bailout Re-fi's", they still wont re-instate loan and say I will need to "re-apply". Right.. They just want more points and a higher rate..If you are self employed with one of these loans-get your money out NOW or lose it. Problem with big banks, we are all just another number no matter how safe you think you are...Has anyone experienced this kind of poor treatment by their bank?

 

[redfish]

The big guys are gearing up for the huge losses they are about to realize once the foreclosure moratoriums wear off and delaying the inevitable isn't possible anymore. Good bye to the profitable first 2 quarters hello collapse.

 

[Mountain Man]

Your example is one of the major reasons I don't, and never have, banked with big box banks. I can still get investment and construction loans from local banks. Not gonna happen with the big guys.

 

[GCJim]

I always thought I was pretty well-informed. I now have to admit how naive I have been: This event (withdrawing your Heloc), and the events of the last couple of years have shown that, the bigger the bank, the more deplorable their behavior has been. They seem to operate in a moral vacuum at times. (Have you seen that warm & fuzzy commercial for Wells / Wachovia? ------ I think it is airing nationally ------It makes me want to puke.

 

[Carnivore]

They make there money off small fry like you and me. My current bank, centura, actually charges me a small fee if a check I receive from someone or some business bounces.

I am looking for a small hometown bank to do business with now. Never again will I bank with the likes of BOA, Wells or any other big box bank. They simply can not be trusted. Shame on me, I should have known better.

Support your Hometown Bank!!

 

[Scott Lanz]

I don't use big banks. Pay cash, it will solve all of these problems for life. If your making 230K gross, why would you be borrowing money?

Years ago, I started looking at my relationship with banks in a different light. When leveraged and paying interest, every day you are working for the bank. If you owe nothing and have a pile of cash in the bank, every day they are working for you.

To answer your question, yes. When I went to a big bank for a little business checking account they wanted cash flow, 15 pages of information and a signature allowing the release of all my data to their "affiliates", I passed. On my way home, I called my local credit union where I had an account and they set me up on my drive home. No fees, free checks, free debit card and no hassles. I am on a first name basis with my representative

 

[AJL118]

It appears that Chase is going thru a discovery phase with the WAMU mess they inherited and is trying to upright the ship by cleaning out portfolios. They just canceled my VISA card without cause, probably because I always pay in full and haven't paid them a dime in interest. I didn't realize it was canceled until I ordered a new laptop. Finally, got a written notice over a week later saying there was derogatory info on my credit report. Bull hockey. I agree with you guys. Go where you're appreciated.

 

[fifteen]

What do you mean they "suspend" them. I'm with Chase too and in Wa. What exactly am I expecting? They suspended your equity line of credit. Do you owe them money on it but have more equity to access? and that's why? They've been cutting the credit limit on all my Chase cards. Sounds like the same thing?

The thanks we get for bailing them out.

It appears that Chase is supending all Heloc's if you are self-employed, regardless of current income. I am even a Chase approved appraiser, normal years might do a couple hundred appraisals, no matter. I have a Heloc with Chase opened spring last year with 905 fica and 230K gross, home appraisal at $575,000, equity almost $300K. Just notified me that Heloc was "supended" because they checked my taxes for last year end because Im self-employed, and it showed a decline in income for 2008. (DUH). Even though current bank statements indicate current year-to-date income is almost twice ALL of last year (which was bad I admit), due to all the "Obama Bailout Re-fi's", they still wont re-instate loan and say I will need to "re-apply". Right.. They just want more points and a higher rate..If you are self employed with one of these loans-get your money out NOW or lose it. Problem with big banks, we are all just another number no matter how safe you think you are...Has anyone experienced this kind of poor treatment by their bank?

 

[Caligirl]

They don't want to lend you HELOC money, they need that money to pay their executives bonuses. I'm only half-kidding.

 

[Calvin the Airedale]

I have a friend that worked for Charter One. They laid him off two years ago and this past year froze his heloc for being self employed. The irony was that most of his SE income came from them.