Legal Question in Banking Law in New York

I have a Home Equity Line with Citibank. On November 2nd 2010 I had 19,500.+ i available Equity on my home. On November 3rd 2010 I had 0. I contacted Citibank immediately was told it was due to a change in my Credit Report. Contacted Identity Guard (which I have free of charge from Citibank because they used innappropraite mailing labels and mailed out customers info, SSI# dob etc, on labels). They confirmed that no changes or inquiries were reported on my credit. Contacted Citibank again and now was told I had to speak to a Line of Equity supervisor. She claimed that my home had lost its value, as many in the United States she claimed and added as I probably have heard. Bank did not do an appraisal on the house so I did last Friday. My home did not depreciate it, due to all the work I ve done on it, has appreciated by 225,000. since recieving my Line of Equity. Contacted Citibank again and was told I now have to speak to an "escalation agent" who now claims my line was eliminated because "it was a business decision". When I asked based on what information I was told Im not entitled to that info. I have yet to be notified by Citibank - if I had not checked my account I would not have known. I believe the only reason this was done is due to my sir name - Gonzalez - How could a bank make a decision to stop or limit my Line Of Equity that Ive been paying extra each month into without Notification and without any reason for doing so. I believe this is discrimination since the bank has gone from telling me it was my credit report - I checked - got back to them and then they claimed - your house depreciated (without doing ANY appraisal or based on any information they recieved) - got back to them that the house did not depreciate - they now are saying it was a business decision. There business decision - took all my equity that I built over the past three years and am now stuck in a variable loan since they also claim now I can not turn it into a fixed rate loan which was our initial agreement. How do I go about investigating Citibanks practices? Ive already filed with various Bank Complaint agaencies and HUD - I am awaiting word from them. But in the meantime shoiuld I get a Lawyer and press discrimination charges - theyve run out of excuses that I can check and now have just come up with "it was a business decision". Please assist.


Asked on 11/08/10, 7:39 am

1 Answer from Attorneys
Locksley Wade Law Office of Locksley O. Wade

You have no case against the bank. The bank has the unfettered right to close your equity line if in their opinion that the market value of your home has declined. This means that the bank has determined that -which is based on a market trend analysis that they do not have to disclose to you- if you were to attempt to sell you home it is not valued at the same price as when you received the equity line of credit.

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Answered on 11/20/10, 7:02 am


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