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Can you credit union deny you access to you equity line funds if you are current and only have one 30 day late payment for the dur

by richardkwoodson164 from Waynesboro, Virginia. Nov 8th 2015 Reply


Jesse Stroup (jessestroup)
#199 ranked lender in California - 591 contributions

You may need to speak to the manager to the credit union.

Nov 9th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

Yes.. Part of the documentation you signed when the loan was funded had detailed processes that deal with disbursement and usage of the equity line funds. Most all of them have a clause which allows them to freeze your line at any time without any notice for any reason.. Here in AZ when the RE market collapsed, just about every lender in the country froze ever one of their HELOC's in an attempt to prevent further losses.. this was legal and within their rights.. You can talk to your CU and see what their guidelines are to re-open the line.. but it's really up to them.. Typically No.. if there were errors, the time to address them was before you signed all the loan doc's.. Part of the closing agents job is to go over the HUD-1 or Closing Estimate line for line showing you exactly how your amount was calculated as well as what is being paid off from the loan proceeds. As far as the amounts being different, typically the closing agent's job is to get payoff's from your creditors, but these payoffs are obtained 1 to 2 weeks before loan doc's are actually produced. If some of the payoffs were to go to credit cards, but you continued to use the credit cards after the closing agent obtained the payoffs, then that would be out of their control. You can contact your closing agent and request a "sit down" and go over the HUD-1/Closing Estimate and see if you can figure out where the discrepancies were, but unless you can prove someone committed loan fraud, i'm pretty sure your going to be stuck with your loan. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Nov 9th 2015
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