Profile picture for solarlight

BoA uses the data provided by zillow in its evaluation of the LTV ratio for existing Helocs


 Last week, when I noticed Zillow stopped providing its zestimate on my home, listing it as N/A, BoA blocked my Heloc due to,as they stated, declining LTV.
 I know BoA uses a zestimate valuation (hence why I here discussing this). I noticed as soon as Zillow failed to provide its zestimate of my home, BoA took this action
  • September 02 2009 - Friendsville
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Answers (8)

Profile picture for bagnn
Hi, have you ask them for an Appraisal? Instead of an Software estimate.
  • September 02 2009
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Very doubtful that BoA is even looking at a zestimate and certainly not for every heloc they have.  I would be more apt to believe that your property is an a declining market and the change in the zestimate is based on the same information that BoA is usining to identify when to freeze Lines of Credits. 
  • September 02 2009
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Profile picture for solarlight
No, The last zestimate I had was $159,000 for the house, in the last week or so Zillow report went to N/A. I am, as of yet, undecided how to proceed. I wasn't happy that BoA would freeze the HELOC without the courtesy of ccontacting me in their decision process. 

My first mortgage on the house is $41,000 and my BoA Heloc limit is $25,000 ($66,000 total liability). My only knowledge of Zillow is through BoA as it reports my home value estimate using Zillow.

 Last night I noticed by available credit on my Heloc was reset to zero, so I called BoA asking them why was that? I was told a block was put on my limit and eventually was told it was due to a the determination of a lower LTV and I am to receive a letter inthe next week informing me of their decision. 
 
  In the area I live, home prices are stable. There is nothing I can see that would have lowered my home value since the last appraisal completed in 2004.  In fact, it should be considerably more as I added a 900 sq ft addtion consisting of a concrete basement/2 car garage with 900 square feet of living space above it(bedroom and living room). Even if the 2004 appraisal were used, I would be well beneath a 80% LTV.

 
  • September 02 2009
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Zillow and or BoA can only base value on public records.  If you have added an addition no way either would consider that in value.

Again...No way is zillow being used by BoA to determine Values...If they are they are opening themselves up to some nasty litigation since even zillow admits it is not an accurate estimate of value!
  • September 02 2009
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Profile picture for solarlight
I agree. So far, BoA will not tell me what information that they utilized in their decision. I also think they will not. As I live in a small rural community (pop 550 or so). I think zillow or some similar other "evaluation tool" was used by BoA.

There is not a BoA branch from my home in 100 miles.  It was a coincidence, I suppose, that when zillow stopped providing a zestimate to my community, then BoA decided to freeze my Heloc due to its new "estimate" of my house value. Where else would BoA obtain valuations in my community? They have an affliation with this service.
  • September 02 2009
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It is very doubtfull that BOA or any lender will look at zillow.  If you ever have an issues with a bank and their value, go out and get your own appraisal or ask the bank to do one.  That is the easiest way to stop their nonsense!
  • September 02 2009
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Profile picture for lyndyb
For what it's worth, I recently applied for a refinance through BOA.  When they asked my home value, I told them what Zillow estimated.  The loan officer told me Zillow tends to be on the high side and they use a model they "inherited" from Countrywide, which he said tends to be on the conservative side.  The estimate he provided was $31,000 less than Zillow, but the appraisal came in between the two. 
  • October 09 2009
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Profile picture for newton4life
We were specifically told by BOA when our HELOC was suspended that the valuation was based on their Z-estimate (which is Zillow). If you use BOA's portfolio tool, the valuation that shows up for your home is exactly the same as the Zillow valuation. We can see no evidence that the HELOC was suspended for a valid reason under Regulation Z, and we have a 100% clean credit report. It seems as though BOA is just trying to get rid of very low interest HELOC lines to generate cash for their very troubled situation.
  • August 09 2011
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