Comments on: Second Mortgages: Will a Run on Home Equity Lines be the 21st Century Version of a Bank Run? http://www.behindthemortgage.com/2008/01/second-mortgages-will-a-run-on-home-equity-lines-be-the-21st-century-version-of-a-bank-run.html?utm_source=rss&utm_medium=rss&utm_campaign=second-mortgages-will-a-run-on-home-equity-lines-be-the-21st-century-version-of-a-bank-run Alex Stenback | Twin Cities Blog on Mortgages, Rates, and Real Estate Thu, 05 Jan 2012 22:38:40 +0000 hourly 1 http://wordpress.org/?v= By: erin go bragh http://www.behindthemortgage.com/2008/01/second-mortgages-will-a-run-on-home-equity-lines-be-the-21st-century-version-of-a-bank-run.html/comment-page-1#comment-767 erin go bragh Thu, 07 Aug 2008 12:40:27 +0000 http://dev.multiplycommunications.com/btm/?p=667#comment-767 Chase Bank AZ. Heloc!!!!!! We took a heloc on our home in AZ. We had an original loan of 40K the heloc amount was 170K. The value of our home has not changed neither up or down! We were told we were getting a 80/20 LTV on the loan by our bank rep. We have never ever been one day late on any payments. Our loan officer suddenly quit???? We did not find out from company until approx 10 days after our loan amount was reduced!!! It just so happened to be reduced to almost the exact amount we owed!!!! Bank loan officer quit on the day we accidentally found out what was happening...We had a few checks written on the account promised they would clear by bank VP. The president was suddenly on vacation. Our loan officer made a call to us from his cell phone as he was being fired!!!! Checks did not get paid...However since we had heard of problem unofficially we made payments from our checking account over the phone to cover the unpaid checks. Bank Vp called to try to work our problem. We sat there listening to her explain to her company who she was as she was put on hold and eventually hung up on!!! Was told by our loan officer the appraisal originally was260K.....now being told it was 365K!!! We certainly would have known that was impossible as we had just bought the home!! Never saw appraisal!!!! The bank VP after sitting for over an hour on the phone etc. said here is a special number I am not supposed to give out maybe you can find out more that way???? Are you kidding me!!! We were told we must get appraisal of over 365K!!!! None of their numbers even begin to add up. I was online and Chase sent an offer of Heloc to me. They realized after our online chat that we already had heloc!!! Suddenly disconnected given number to call with a fake name!!!! That gets you to nobody...we can not get thru to anyone who has a clue!!!!! This all seems to go against federal supposed guide lines!!!! Does anyone have any suggestions?? Chase Bank AZ. Heloc!!!!!! We took a heloc on our home in AZ. We had an original loan of 40K the heloc amount was 170K. The value of our home has not changed neither up or down! We were told we were getting a 80/20 LTV on the loan by our bank rep. We have never ever been one day late on any payments. Our loan officer suddenly quit???? We did not find out from company until approx 10 days after our loan amount was reduced!!! It just so happened to be reduced to almost the exact amount we owed!!!! Bank loan officer quit on the day we accidentally found out what was happening…We had a few checks written on the account promised they would clear by bank VP. The president was suddenly on vacation. Our loan officer made a call to us from his cell phone as he was being fired!!!!
Checks did not get paid…However since we had heard of problem unofficially we made payments from our checking account over the phone to cover the unpaid checks. Bank Vp called to try to work our problem. We sat there listening to her explain to her company who she was as she was put on hold and eventually hung up on!!! Was told by our loan officer the appraisal originally was260K…..now being told it was 365K!!!
We certainly would have known that was impossible as we had just bought the home!! Never saw appraisal!!!! The bank VP after sitting for over an hour on the phone
etc. said here is a special number I am not supposed to give out maybe you can find out more that way???? Are you kidding me!!!
We were told we must get appraisal of over 365K!!!! None of their numbers even begin to add up. I was online and Chase sent an offer of Heloc to me. They realized after our online chat that we already had heloc!!!
Suddenly disconnected given number to call with a fake name!!!! That gets you to nobody…we can not get thru to anyone who has a clue!!!!! This all seems to go against federal supposed guide lines!!!!
Does anyone have any suggestions??

]]> By: Chuck http://www.behindthemortgage.com/2008/01/second-mortgages-will-a-run-on-home-equity-lines-be-the-21st-century-version-of-a-bank-run.html/comment-page-1#comment-766 Chuck Sat, 02 Feb 2008 19:55:12 +0000 http://dev.multiplycommunications.com/btm/?p=667#comment-766 I don't think I'd say "balance sheet", I think I'd say "solvency". In the event of foreclosure, the 2nd loan lender and the HELOC lender lose 100% right? I'm surprised they're not restricting them more... I don’t think I’d say “balance sheet”, I think I’d say “solvency”.

In the event of foreclosure, the 2nd loan lender and the HELOC lender lose 100% right?

I’m surprised they’re not restricting them more…

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