MrTed46 Posted June 19, 2008 Share Posted June 19, 2008 (edited) The economy is really going to poopy! I bought a house last year (11months ago actually) and I got a home equity line of credit with my monster mortgage through Chase. Well last week Chase froze my home equity line of credit because they did an electronic appraisal on my house and they appraised it at 7% less than what a real appraiser valued it a little under a year ago! I called to complain, and the very knowledgeable and helpful customer service told me that in his 20+ years in the business he has never seen a bank do electronic appraisals and freeze home equity loans. The only way to get my line back is to get my house appraised and prove to them it did not lose value. In my area (NYC - Queens) homes did NOT lose any value whatsoever and I even did some home improvements to my home since then. What sucks is that I have to pay for an appraiser to come do this and I dont know any. And if the house lost ANY value (which I doubt) I would not get my line back and lose the $ spent on the appraisal. I know a few people here live in NYC area so I figure I would ask here first and get this crazy story out. Edited June 19, 2008 by MrTed46 Quote Link to comment Share on other sites More sharing options...
Ramhock Posted June 19, 2008 Share Posted June 19, 2008 As the $hit hits the fan! An appraisal is gonna cost you between 350-550. F'em! If you are A-paper, I would just get in touch with another national lender and open one with a slightly lower limit, possibly with no appraisal or closing costs. Quote Link to comment Share on other sites More sharing options...
geeteebee Posted June 19, 2008 Share Posted June 19, 2008 If you go ahead with the appraisal, make sure they are on Chase's approved list. Most times banks won't accept them unless the appraiser is approved. Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted June 20, 2008 Author Share Posted June 20, 2008 If you go ahead with the appraisal, make sure they are on Chase's approved list. Most times banks won't accept them unless the appraiser is approved. They said any licenses appraiser Quote Link to comment Share on other sites More sharing options...
slambo Posted June 20, 2008 Share Posted June 20, 2008 My finance buddy set me up with a Chase equity line about a year ago. Then a couple of months back he calls up and warns me that Chase is freezing home equity lines in certain areas and if I needed any money it might be wise to make a draw. I didn't pull any money and my line is still open, hopefully it will stay that way. Sorry to hear of your misfortune, hope things work out for the best. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted June 20, 2008 Share Posted June 20, 2008 http://www.bizjournals.com/baltimore/stori...ml?ana=from_rss http://rds.yahoo.com/_ylt=A0WTTkrCL1tIjSkA...dit-freeze.html http://rds.yahoo.com/_ylt=A0WTTkrCL1tIjSkA...60%3fsource=rss http://www.jsonline.com/story/index.aspx?id=758990 all this week. some are saying this is the next bomb in the credit debacle Quote Link to comment Share on other sites More sharing options...
Atlanta Cracker Posted June 20, 2008 Share Posted June 20, 2008 The average real estate correction is 7 years. We are in about year 2.5. Even in good markets like yours.... Quote Link to comment Share on other sites More sharing options...
alexgaddis Posted June 20, 2008 Share Posted June 20, 2008 I think maybe you are overestimating the values in your area. Values are dropping EVERYWHERE. Also, I think most lenders determine this by county so even if your neighorhood is holding somewhat, others in the county might ber bringing it down. I had mine frozen in Maple Grove where new HUGH luxury homes are being built all over the place. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted June 20, 2008 Share Posted June 20, 2008 banks are hoarding cash nowadays. not going to lend it out unless its a lock they make money. Quote Link to comment Share on other sites More sharing options...
Ramhock Posted June 20, 2008 Share Posted June 20, 2008 They said any licenses appraiser Some licensed appraisers get on their $hit list. I used our "main guy" to appraise my buddy's home. He is fully licensed. They said they wouldn't accept his work. Whoever you were talking to at Chase, if you in fact you want to try and reopen it there, may not know it but they indeed want an appraiser from their approved list. Quote Link to comment Share on other sites More sharing options...
Missoula Griz Posted June 20, 2008 Share Posted June 20, 2008 Some licensed appraisers get on their $hit list. I used our "main guy" to appraise my buddy's home. He is fully licensed. They said they wouldn't accept his work. Whoever you were talking to at Chase, if you in fact you want to try and reopen it there, may not know it but they indeed want an appraiser from their approved list. Good info here. Make the call to the lender once an appraiser is chosen. Good luck to you... Quote Link to comment Share on other sites More sharing options...
alexgaddis Posted June 20, 2008 Share Posted June 20, 2008 It might just be leaking Freon.... Quote Link to comment Share on other sites More sharing options...
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