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(USGovernment-News.Com, October 26, 2012 ) New York, NY – The attorneys working with ClassAction.org would like to hear from consumers who believe their home equity line of credit (HELOC) or commercial line of credit was suspended without just cause. It has been alleged that certain banks and mortgage companies may be unlawfully changing the terms of these loans or revoking them entirely, in an effort to improve their financial condition and appear healthier to federal regulators. Potentially, consumers who were subjected to these practices may be able to file a claim for compensation in light of allegations that these actions violate the banks’ loan contracts and their customers’ rights. If your bank suspended or changed the terms of your home equity loan or commercial line of credit without viable reason for doing so, learn more about your eligibility for legal recourse by visiting http://www.classaction.org/home-equity-and-commercial-lines-of-credit.html for a free case review.
Federal law allows for a bank to suspend a customer’s account should their financial situation change for the worse, but a HELOC suspension requires both a material change in their customer’s finances, as well as the creditor’s reasonable belief that the borrower cannot repay the loan as agreed. Complaints have surfaced, however, that some banks may be systematically reducing or suspending their customers’ credit lines without reasonable basis for doing so. According to allegations, these banks may be freezing the accounts by falsely claiming that the borrowers suffered a cut in income in an effort to justify their actions or demanding that proof of their financial situation be provided or else their HELOC will be revoked. In some instances, even when the borrower provides the requested documentation, it has been alleged that the creditors may still revoke or suspend their credit line improperly.
Allegedly, these banks’ unilateral changes in the terms of these loans violate the Truth in Lending Act, a federal regulation enacted to protect consumers in their dealings with lenders and creditors, among other laws. As such, the attorneys working with ClassAction.org are available to review claims from consumers who believe they were subjected to these practices to help determine if they have legal recourse against their creditors. For more information and a free evaluation of your claim, please click here.
About Class Action.org
Class Action.org is dedicated to protecting consumers and investors in class actions and complex litigation throughout the United States. Class Action.org keeps consumers informed about product alerts, recalls, and emerging litigation and helps them take action against the manufacturers of defective products, drugs, and medical devices. Information about consumer fraud issues and environmental hazards is also available on the site. Visit http://www.classaction.org today for a no cost, no obligation case evaluation and information about your consumer rights.
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