Living in HELOC hell

[Deleted]

Well, this has been amazing fun for us.  We closed on our BOA Heloc 2/7/15 with an initial draw via wire of $5,000.  We were supposed to be fully funded (aka  have a check book) within 30 days + or -.  I got a really cute letter on 3/5 saying they sent the checks 2/16.  Nope, didn't get the checks but I did get an info packet INCLUDING THE ACCOUNT NUMBER AND PHONE NUMBER OF SOME POOR SOUL IN NEW YORK! So I think we can all probably surmise where my checks are.

BOA initially refused to expedite shipping of new checks unless I opened a personal FedEx account and provided BOA with the account number.   I responded to my ML and BOA contacts in what I consider an appropriate manner.  My checks will arrive next Tuesday via FedEx.  Guess what?  We have already funded all our contractors from various savings and investment accounts.  

Stupid is just stupid, regardless of where it comes from.

I am living in a nightmare of sawdust and sheetrock dust.  Just add the BOA cluster event to the package and maybe understand why I am just a tad grumpy at this point.  

[Tiny]

Ughh that sucks. Sorry the banking crap has made your project even more annoying! It will get better. eventually.

I have a BoA HELOC too. They gave me 3 'courtesy checks' at the closing - I declined their offer of them ordering and sending me actual checks cause with all the little annoyances I had had getting the HELOC I just wanted to be done having to have BoA do anymore 'work' for me. Their "helping" was an awful lot like "hindering". "Hindering" is cute when my cats do it - not so much when a Bank does it.

As soon as I had the account number I ordered checks from CheckWorks or Checks in the Mail -- can't remember which and had those within 15 business days of ordering - could have had them expedited but wasn't in a rush


FWIW: do you have a checking account at BoA? You should have been able to transfer $$ from the HELOC to your checking account once the account was set up (I've done this a couple of times). I'm only using my HELOC $$ in dribs and drams so transfers less than 5K - maybe it makes a difference if you need 20K or 50K at a shot.

Or, can you go online and transfer funds electronically from the LOC to a different bank's checking so you can access the funds?

[mollyanna58]

I had a HELOC from a local bank, that wound up at BOA after 3 mergers. I wrote a check to myself, which bounced. I called BOA to find out why. "Oh, your LOC was reduced to your outstanding balance, as you requested. We sent you a letter." I said I never made this request nor received any letter. Long hold, then, "Oh, your draw period was only 10 years and it's up. We sent you a letter". I pointed out that the account had been open well over 10 years and I never received any letter. "Oh, you can apply for a new account." I said I would, just not with BOA since apparently I would never receive any of the letters that sent.

 I found my original loan paperwork, and it was a 15 year draw, which had expired.   

[Deleted]

Thanks, Tiny and Mollyanna, I needed that!  

In the big picture, it's really not a big deal.  We have the $$.  Last week was just a really awful week b/c DH had surgery to remove a melanoma, had a really bad reaction to the pain meds that took us many, many hours to obtain b/c most local pharmacies don't keep narcotics on site due to robbery risk.  Seeing him cut, seeing him hurting, seeing him puke, stripping down rooms in prep for the contractors, boxing up room contents, etc. and scrambling to move $$ was just a little bit of an overload here.  

It's a really good thing I can always go to my online peeps for understanding and support.

[Deleted]

Update:  Got the checks today, overnighted at the instigation of a BOA VP.  This was after a bizarre conversation with the mortgage servicing company that asked (1) why were you expecting to get checks (gosh, you think it had something to do with the letter you sent me telling me to look out for the damned things?) and (2) why did I think I got someone's else's info (duh, you sent it to me!)

At this point I am sort of hoping that increased solar radiation causes mass sterility 'cause the human race does not seem to be evolving in an upward direction.