Answers
We have outstanding credit and took out a Home Equity line of credit a few years but never used it. Citibank just lowered it from a few hundred thousand to 10,000 because they say all homes have gone down in value. We still have 200,000 in positive equity in our house so I am sure that Citibank is just trying to do a blanket lowering of all lending like alot of banks these days, either do to their TARP obligations or making more profit elsewhere. Any knowledgable folks out there that can recommend a new bank that is fair is their Home Eq lines of credit. I would like to do business with a different bank on my 1st mortgage as I can save 1% over my rate now and get the line of credit at the same bank. Recommendations, please.
Many banks are lowering or freezing home equity lines of credit right now because of all the foreclosures. When a home is foreclosed, the holder of a second lien (second mortgage or home equity line of credit) rarely collect anything when the home is sold.
My recommendation is to find a credit union and apply for a home equity line of credit with them. Typically, their interest rates are much lower and, often, they charge few or no closing costs. Their service is very good, too. Credit unions are now open to more people, where in the past, membership was usually restricted to the employees of a single company. And, credit unions are not-for-profit, meaning they don't have any shareholders (investors) to pay. The members of the credit union are the owners.
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I have an excellent credit rating and my property is worth more than I need, but I've been turned down twice for things that are beyond my control. Wachovia didn't like that I live on a 30 acre farm, and Citibank didn't like that my home is not stick built. Any suggestions on where else to try?
Thanks for the suggestion, but that won't help me.
Try these links for Farmers banks
http://www.google.com/search?hl=en&q =farmers+bank&btnG=Google+Search
BEWARE – Citibank Home Protection SCAM and Unethical Practices ...
Then the disastrous economy struck and had trouble finding a job in California. My second was an interest only variable, and though my husband and I could afford it, my concern was interest fluctuations. I wanted to consolidate my first and second and get a fixed rate loan. So I contacted Citibank’s Home Assistance group for help. That was back in March 2009.
Citibank was panic struck about home prices in California and did not think I could get approved for a loan consolidation, so instead offered the Loan Modification Home Protection program.
Great news! Karen Hernandez from Citibank 301-696-4567 said I qualified and was approved for a loan modification. I had to first make ½ my mortgage payment for 4 months, then my loan would be modified to 4% interest for 12 months, then 5% then next 12 months and finally back to my normal 6% rate. This would lower my payment by $500 the first year. Sounded great even if my equity line interest rate changed, I could handle it! I signed up.
...News
Success StoryUS Banker - Dec 29, 2009
He adds Geezeo has also built a cross-marketing platform for institutions - a bank that wants to offer a home equity line of credit in a targeted fashion,PR NewsChannel (press release) - Dec 23, 2009
If any homeowners would like to share a story about their HELOC experiences, they are encouraged to email KamberEdelson at HELOC@kamberedelson.com.The National Interest Online - Dec 16, 2009
When you compound this with increasing home prices due to easier credit, the inflation of the real-estate market was massive. Banks—in particular investment and more »The Claremont Institute (blog) - Dec 16, 2009
So while Citibank's stock is still down more than 90% from its high, Citibank's bonds are trading close to full face value. By advocating a new framework,