I have always had a 2nd mortgage, it was the only way we could purchase our home at the time. A few years back it was purchased by American General Finance. We wanted to do some stuff to the house, so since we had years of perfect payment history, we asked them about a refi. They put us in a home equity line of credit. When the old tl closed out and the heloc started reporting, my score went down 23 points. Reason? "too high of revolving balances" Hmmm...AGF is reporting the heloc as a revolving tl, not a mortgage. Even though the loan is secured by my home, the interest is tax-deductible, and I have no remaining equity to pull out. Plus the payment is fixed, and the loan has a starting and ending point. The 3 local/regional guys I went up the ladder discussing this with were no help whatsoever. I PFBd AGF 2 weeks ago and have gotten no response. So does anyone have a corporate contact they would be willing to share? Thanks for reading the long post.
