San Diego Home Equity Credit Cancellation Lawyer
Banks Will Reduce or Cancel Home Equity Lines of Credit without a Valid Basis
Banks often will reduce or cancel a borrower’s home equity line of credit and give the excuse that the borrower’s home significantly declined in value. Many banks do not want to spend the time or resources to go through the process of actually determining a borrower’s home value.
Haphazardly determining the value of a person’s home is a serious form of negligence that can severely impact the homeowner’s life. You do not have to stand for this. The San Diego consumer law attorney at AMartin Law can help you hold banks accountable when they try to devalue your home without a proper evaluation.
How Banks Take Advantage of Homeowners
If a bank believes that your home has already dropped in value, they may not perform a proper evaluation. Instead, they rely on questionable instruments that only evaluate general home values in a large geographical area, and will then reduce or cancel a large number of home equity lines of credit in a particular area or zip code.
The problem with this method is an overall decline in home values in a particular area, doesn’t mean a particular borrower’s home had declined in value. The bank’s practice of reducing and canceling home equity lines of credit without assessing whether each borrower’s home had significantly declined in value is unlawful.
Call Today for Trusted Legal Help
If a bank reduced or canceled your home equity line of credit, you should seek consultation to make sure the bank’s actions were lawful. You should not blindly accept a bank’s representation that your home had declined in value or that your home’s value had been appraised.
Call (619) 268-6585 to request a free consultation with our experienced home equity credit cancellation lawyer in San Diego.