Warning to self-employed appraisers with Chase Heloc's

[Caligirl]

One large, class A office space in downtown SF was recently foreclosed after the property owners apparently could not afford to refinance. The largest tenant defaulted on their lease leaving the property at a reported 75% vacancy rate. I hope the bank enjoys paying the expenses and holding costs associated with that property while they try to find a buyer.

 

[AJL118]

You cannot blame Chase or any other bank for "taking away" something you never had. When you have a line of credit, the lender creates a phony sense that you have your very own piggy bank there that you can tap whenever you want to. However, this is subject to (who reads the fine print?) the bank's lending parameters at the time. The bank can move the cheese whenever it wants to (or is told to by the Fed). There is no entitlement here.

 

[panappr]

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.

Just went through this whole thing with Chase..... They first took away my credit cards (with no notice), but I had nothing on them, so I didn't really care, then I went on-line and they reduced my Heloc down to the exact amount (rounded) of my balance (was 200K to now under 5K), again no notice. Then they preceded to tell me the value of my home has fallen significantly. When they told me the value I almost threw-up. I insisted on some sort of documentation stating that that was the value of my home and they refused. But they did give me the option of paying for my own appraisal $425.00 and they would have an appraiser come out. Well I asked who the appraiser was that came up with the first value and they said it was what they call an AVM. Now they want me to pay their AMC to come up with a value and I will be able to keep the appraisal, but I can only use LSI, can not obtain my own appraiser.

I am also approved with Chase, but with this kind of mantality, I feel thay can do anything they want and get away with it. So I immediately closed all my accounts and went down the street where they immediately gave me 20K credit (7% cards) and told me I was the 25th person to walk-in leaving Chase.

They also did this to 2 of my neighbors.

 

[Laughing Heir]

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.

I'm a chip off of your block. I don't have any credit cards but mortgage, personal & business checking, and car loan are all through local banks.

We bought a house that needs to be completely gutted and rehabbed; construction loan is going through now with virtually no hassle from our local bank. I'm 28 and everyone in the bank knows me on a first name basis, what could be better than that? Big banks don't even really have a presence (except PNC) in our region so maybe that has something to do with my opinion on it.

 

[Esox]

Just went through this whole thing with Chase..... They first took away my credit cards (with no notice), but I had nothing on them, so I didn't really care, then I went on-line and they reduced my Heloc down to the exact amount (rounded) of my balance (was 200K to now under 5K), again no notice. Then they preceded to tell me the value of my home has fallen significantly. When they told me the value I almost threw-up. I insisted on some sort of documentation stating that that was the value of my home and they refused. But they did give me the option of paying for my own appraisal $425.00 and they would have an appraiser come out. Well I asked who the appraiser was that came up with the first value and they said it was what they call an AVM. Now they want me to pay their AMC to come up with a value and I will be able to keep the appraisal, but I can only use LSI, can not obtain my own appraiser.

I am also approved with Chase, but with this kind of mantality, I feel thay can do anything they want and get away with it. So I immediately closed all my accounts and went down the street where they immediately gave me 20K credit (7% cards) and told me I was the 25th person to walk-in leaving Chase.

They also did this to 2 of my neighbors.

Mine was frozen last week. Based on, I think the term was "accurate valuation" or something along those lines. An AVM, obviously. It's conservatively off by $125,000. They just want a reason to shut them down. My rate was so low it was like free money, though I haven't used it aside from a balance from doing some remodeling and the balance is low.

Kevin

 

[OSU Beavers]

Two more Chase are ****ers stories.

I took them up on a 3.99% fixed for life balance transfer offer a few years ago and never used the card for purchases. Have been paying the minimum on time for years. Got a notice that they were raising my monthly minimum payment by 150%. Why? The letter states "In order to maintain profitability". Well **** you Quantrix, my fees for you just went up by $100 "In order to maintain profitability". The hit was not too bad for me as the balance is low now, however some people can't afford a 150% raise in their monthly minimum payment so they will have to default. And Chase can then raise their interest rate, which was the plan all along.

Mrs Beaver had a Chase card with a huge limit, $50,000 for a housewife. No she did not run it up, but Chase cut the limit to just over her balance. Then they raised her rate to the default 29% because she "was too close to the limit". WTH! Again never late on anything, they just did it. So we cancelled that card and are looking for somewhere to transfer the balance to with a fixed rate.

 

[Lloyd Bonafide]

Just more examples of why the largest, insolvent banks should never have been bailed out. The TARP funds would have been put to better use liquidating these clowns, and selling their scrap parts to local and regional banks. You know, real banks.

 

[Shelgard]

Move the cheese

The bank can move the cheese whenever it wants to (or is told to by the Fed). There is no entitlement here.
__________________
But why move it when someone is paying you for it? Gee, I thought banks liked cheese too. How are they going to get any of mine if they wont lend me any of their's? The reason they exist is to loan money isn't it? It takes money to make money. If they wont lend, we will all be living in cardboard boxes someday and the banks wont have any damn cheese left.

 

[Jan Roseberry]

Oh Great!

My only account with Chase is a credit card (high limit, no balance) which they got when they bought Huntington Bank accounts (I did not sign with Chase) --get this call that they want to talk with me . . . Oh well, don't need that high of a balance and would rather do business with someone who does business with me but I've had that card since 1984! Let you know after my meeting with "Andy."

 

[Flygirl 152]

Chase yanked my HELOC too. We decided to consolidate a few credit card bills that had adjusted to high interest rates into our HELOC. Then our plan was to write one check to pay it off since I had just gotten an inheritance after my father passed away. Bam, the minute we consolidated that debt, they wrote us a letter saying they were/are yanking our HELOC. They said in the letter that it is due to our property value being lower than our line of credit. Baloney!......I know what my property value is and it is NOT lower than what my HELOC was. Our mortgage and the HELOC are far under the value of our house. Then again, what do I know?....I'm just an appraiser right?!