Consumer complaint received 2017-03-30
Product: Mortgage — Home equity loan or line of credit
Issue: Application, originator, mortgage broker — 
Company: UNITED SERVICES AUTOMOBILE ASSOCIATION (FL)

In XX/XX/XXXX, I was preparing for a job change from a mid paying job to a low paying job, which would reduce my salary to approximately {$XXXX} per year, for first year pay ( XXXX ). I was looking at a {$XXXX} pay cut with a XXXX mortgage payment on a {$180000.00} patio home in Florida. 

In order to ensure that I would not default on my mortgage during the unknown time that I would be at low pay at a XXXX, I applied for and was granted an {$80000.00} line of credit based upon equity in my home with USAA Federal Savings Bank. During the application process I explained that I was taking a large pay cut and this money would ensure that I could pay my mortgage in the following years until pay increased. I specifically asked during application, " do I need to draw out this entire amount or can I leave it available ... will USAA ever adjust or take any of it back. ", to which the USAA representative assured me that, " no, this amount will always be there from which you can draw as you see fit. USAA will not take any of it back. '' Shortly thereafter, when I was already at my new {$XXXX} job, USAA sent me a letter stating that due to insurance claims and economy issues associated with it that my {$80000.00} line of credit was being adjusted to {$40000.00}. I had drawn {$20000.00} of it at that time and immediately drew the now remaining {$20000.00} and called USAA immediately. 

I then explained that the operator promised me that the amount would not be adjusted nor taken back at all. USAA said, " we have to protect our interests ''. USAA lied to me over the phone during loan application then. I pushed on and experienced financial hardships during my 8.5 years with the XXXX at their lowest pay position. 

I left this XXXX and joined a XXXX in XX/XX/XXXX. I was there briefly and now have been hired by a XXXX. 

Today, as I have just received my first full training paycheck, I again called USAA to see if I could increase my home equity line of credit to pay off my credit card, which is over 9.0 % interest, since my pay will steadily be rising and I 'd like to consolidate debt at the lowest interest rates possible. Over the last few years, I 'd been maintaining a monthly balance of over XXXX on my credit card and I was unable to decrease this balance. The interest payments on this balance were over {$150.00} per month. 

During my call USAA Equity department informed me they no longer process Equity loans. I transferred to the personal loan department and found their loans were not available to me and were at the same interest rate. Dejected, I transferred back to the equity department again and discussed what had gone on years before. I asked if there was any way they could increase my equity line of credit by my credit card amount since this had happened to me years before. The representative told me that the decrease was due to a refinance of my home, which I knew to be a lie. After pressing her about the actual situation, she acknowledged that USAA had indeed taken the money back from me due to " the economy ''. She stated there was nothing USAA could do. 

I 've been at low pay for many many years. I 've been at a high credit card balance for many years, paying over {$150.00} per month in interest to USAA, which may have been avoided if I had been able to use the loan they promised me I would have. The original operator lied to me during application. The operator today attempted to lie to me about the reason why the line of credit was adjusted/decreased. 

As a result of the lie during application, I 've paid USAA a lot of money. They made a lot of money off of me, a 20 year military member, due to a lie that was told to me over the phone. This could have caused me to have to sell my home, or possibly face foreclosure. This is not how you treat your members.