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Line of Credit |
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I took out a "home equity line of credit" with Countrywide last Spring for $50,000. I paid approximately $2000 in closing costs, and have not used the money. I wanted to have it "just in case". I just received a letter from Countrywide telling me that they may have "over estimated" the equity in my home and I am no longer able to draw on the line. They have $2000 of my closing costs, and I have nothing in return. Is this legal? Do I have any recourse?? |
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I don't know. That's a good question for the New York Superintendent of Banking, 2 Rector Street, New York NY 10006. Their consumer hotline is 1-800-522-3330. Let me know what you find out; I'm interested. |
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Edith
Originally published on February 5, 2008 |
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