I am still writing for downstreet.net, former Daily Hampshire Gazette editor Ed Shanahan's on-line journal.
"The letter from the Bank of America freezing their line of credit came as a nasty surprise for the Plaza family in Shutesbury. Their personal banker at the Bank of America office in Amherst had very little information on what was going on. The decision had been made elsewhere, and the letter had been sent from their consumer loan center in Richmond, VA.
Jim Plaza is a career audio-visual technician at the University of Massachusetts and has been there for almost 25 years. His wife also works at the University. They pay all their bills on time, and have a credit rating in the high 700s (the national average is 675)."
2 comments:
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This is very disturbing and echoes what i have been reading online. i have both a mortgage [low balance, good rate] and a HELOC [totally empty, great rate], and when the bank wouldn't simply rewrite my mortgage deal, without a whole refi hassle, i thought about transferring the balance of the mortgage to the HELOC. but while it made sense on paper, running the numbers, i don't have any prepayment penalty clause in the mortgage, and there is that pesky language with the HELOC that allows BOA technically to call in that balance. on their whim, and because Lord knows, they probably have no clue where the hilltowns are, other than "Springfield" area.
my husband and i have credit scores of 825 and 830, and yet i somehow feel that will not matter if BOA decides to close that door to me. i have never abused that HELOC, using it for small repairs and paying it off very quickly.
and while i do understand one should not attempt repairs to the house without the total cash in hand, sometimes it's prudent to get started earlier, either due to necessity or due to the availability of the workmen. grrrr.
good work Mike.
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