..... After depositing checks, I also would then use the account to pay my
mortgage and HOA dues. All of this cash is now unavailable to me and causes me
extreme financial hardship.
The bank says it's due to a decline in overall
property values in my area. I received no notice of property-value reappraisal.
I received no advance notice in writing of any kind. I called the Citi HELOC
toll-free number and spoke with a customer service rep on 11/13/2009. I was
then transferred to Ben, employee no. 7472657, who informed me of the situation
and told me that Citi had the right to reduce my credit limit without notice.
He instructed me to write a letter appealing the decision, which I wrote and
mailed with delivery confirmation on 11/13/2009. I then went down to my local
branch (Pier Ave., Hermosa Beach, Calif.) on the same day and spoke with Manuel
(Manny), the loan officer on duty who basically reiterated what the others had
already told me, and provided the added detail that the property had been
subject to a blanket revalution -- from $500,000 down to $345,000, which I
vehemently dispute (the property is in Hermosa Beach). Manny helped me by
transferring the remaining eligible cash balance (approx. $630) from the HELOC
into my checking account. He then offered to make me a personal loan in the
amount of $10,000 at a much higher interest rate.
On 11/24/09, I complied with
the stipulations outlined in the Citi appeals process -- submitting to a $350
home appraisal by LSI, which valued the property at $415,000, and sending Citi
my most current mortgage statement showing the current first-loan balance of
$138,000. This puts my loan-to-value ratio at 64%. We'll see what happens next.
I'd like to get the credit line restored or, at the very least, to recover my
$17,250 so I may continue paying my living expenses.