Using any tactic to get out of home equity business

Went to Wachovia shortly after refinancing my house in early '06. I had a $340,000 appraisal done at the time that Wachovia used to value my home. After filling out the paperwork Wachovia called back and said they thought my house appraised too low, so they took my county tax appraisal and added a formula that brought it to $368,000. The official appraisal I had done at the time was $340,000. The 368,000 appraisal is a desktop which I claim isn't valid since there was never an official value related to that number.

With great credit and little usage of my equity line, Wachovia suspended it claiming my home had lost value (from $368,000 to $341,000).

I said, "then fine, reduce my equity" to which Wachovia said it had to appraise for $349,600 or they would cancel my line permanently. The "Wachovia - approved" appraiser came out and appraised it $2,000 higher than nearly 3 years ago ($342,000 – I live in a solid neighborhood and area still today).

Ironically and suspiciously, the lowest value of all 5 sales comparables used in the appraisal was $9.50 per square foot higher than my home. Average price per square foot was $126.18. My ppsf was $99.30. No indication of my home being in poorer condition (it isn't). Wachovia basically said "sorry."

I have my own business, business checking account, a $50K unsecured business line of credit (until they snatch that away). I have a credit card (soon to be gone I'm sure). I use my loans very little and have never even had a balance that hit 20% of maximum equity. Pay on time, the whole Schmear.

I'm looking at options, the first being to find another bank. This suspension issue has just come up and it's apparent Wachovia is doing everything they canto get out of the HELOC business when they attack their loyal, creditworthy customers on manufactured home values that wouldn't exist without their action. Once again, business screws up or has too much freedom, consumer pays.

Sorry but something smells fishy, including the appraisal.

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