A few years ago, Third Federal Savings & Loan in Cleveland was offering one of the best rates in the country on home equity lines of credit – just 3.25% for up to $30,000.
There weren’t a lot of fees, so I signed up.
Since then, I’ve only had to tap the line once, and I paid off the balance in just a few months.
Now I’m receiving letters from the thrift’s Chairman and CEO Marc Stefanski, asking me to “consider closing this line of credit” because I’m not using it.
The letters are very nice and say that “Third Federal is not requiring you to close your home equity line of credit.”
But they seem to be coming every month, in lieu of a statement.
If I don’t heed Third Federal’s request to voluntarily close the account, I have to wonder if the thrift will decide I’m just too dim to get it and cancel my line of credit.
Hundreds of thousands of homeowners have certainly had their home equity lines reduced or canceled over the past few years.
I have to wonder if I’ll be joining them.