I just had Wells Fargo approve my HELOC application under the same parameters as the Citibank line that was frozen back in April 2008. The Wells Fargo appraisal came in 4% below the appraisal Citibank based their HELOC on in February of 2007....Hardly what I would call "Substantual Decline in Value"
I worked with Sunny Kumar (858-457-6625 or email) who knows what he is doing and understands the shortcomings of the underwriters. He has been amazingly responsive and moved my application along at light speed.
Furthermore, anyone that feels they have incurred damages as a result of Citibank freezing their HELOC, I would encourage to contact attorney Brian A. Rishwain (310-770-2410 or Email)
I have sent a package to Citibank including my new appraisal in order to get Citi to drop the 3 year early termination fee....which is absurd!
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Have you heard any news about this lately? Is there anything we can do to close our accounts without the early termination fee? Citibannk waited until I paid my yearly service fee before they suspended my account one month later. They say they will not reimburse it. They also say I will be charged again next year. What can I do? This is surely a SCAM. If anyone can help, please email me at jhobrist@comcast.net Thanks
Same story for us. Perfect credit, huge LOC (over 400k) more than 50% equity. Got The Letter, applied for new HELOC with local credit union and quickly approved but Citi would not forgive the $4000+ early release fee. I sent them the current appraisal ordered by the credit union showing that we still had more than 550k in equity but they will only accept one from LSI. We are on the hook with them until May 2010 unless someone has a better idea. Has anyone used state or fed consumer advocacy with success? Thanks
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