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View Full Version : We got any aggressive attorney's on this board?




Dianne
11-26-2008, 09:19 PM
I purchased a home 13 months ago, with the promise from Homecomings Financial for a Home Equity Line of Credit. In good faith, I entered into this purchase knowing my HELOC was there in the event of an emergency. Months after the purchase of the home, Homecomings sent a letter saying that due to declining home values, they were reducing all HELOC's, so as a result my emergency blanket was no longer there.

I would like an investigation, I would like Homecomings to purchase my home from me at the cost and equity I put in. As mentioned, I would never have purchased this home without my safety net behind me, and months later that safety net was pulled by Homecomings. I do believe Homecomings is guilty of fraud, misrepresentation, and baite and switch..and I demand a rescind of the contracts I am currently bound too. I do believe that Homecomings Financial provided me with a false sense of security, in order to purchase a property from their sister (parent) company, GMAC Mortgage.... only to then take that security away.


Just curious if we can fight these bastards, that we are now bailing out?

devil21
11-26-2008, 10:08 PM
Is your HELOC in writing as part of the mortgage agreement? If not, I think you're SOL. An old legal cliche' "If it's not in writing then it never happened."

wd4freedom
11-26-2008, 10:16 PM
A HELOC is a line of credit not a fixed mortgage. Lines of credit can be pulled by any lender for any reason- its happening to most corporate entities right now due to deflationary pressures. Not sure you have a legal case, but would certainly protest their decision and find out specific reasoning behind it. Right now I would take out a second with a cash out to provide you reserve money as a rainy day fund.