is this legal? HELP

[hillsoglory]

Georgia-

I have a home equity loan for $26K at 19% interest. The loan officer told me at closing that after 6 months of paying on time, I could get a lower interest rate at 12.9%. I applied for this lower rate after paying on time every month for 12 months now and they won't give me this quoted rate now because I lost my main job last October and I don't bring in enough $. I am working part-time and have renters. Can they do this?

 

[HomeGuru]

Georgia-

I have a home equity loan for $26K at 19% interest. The loan officer told me at closing that after 6 months of paying on time, I could get a lower interest rate at 12.9%. I applied for this lower rate after paying on time every month for 12 months now and they won't give me this quoted rate now because I lost my main job last October and I don't bring in enough $. I am working part-time and have renters. Can they do this?

**A: yes they can. It is common sense that you are not the same credit risk now then you were back then.