Week Adjourned: 9.4.09

Some SunTrust HELOC customers found themselves minus a line of creditIt was a big class action week on the home front…

Top Class Actions

Sun Trust HELOC: Now you see it, now you don’t? A potential class action suit was filed this week against Sun Trust Bank over allegations that the financial company decreased, froze or terminated thousands of Home Equity Lines of Credit (HELOC) in ways that may have violated its contractual obligations to its clients. 

In a nutshell, HELOC loans provides credit up to a stated maximum amount within a certain term, the loan collateral being the borrower’s equity in his or her home. 

One 82-year old lady had secured a HELOC of $500,000 against her home, only to have it Continue reading “Week Adjourned: 9.4.09”