Posted on 04/25/2005 5:25:59 PM PDT by hsmomx3
So we close on a home equity line of credit as we need to do some things around the house. Funds were supposed to be made available today and they have not been deposited into our checking account. We closed on the deal last Wednesday.
There is a hold-up today because the company stated in the docs that our salary was double what it really is.
It appears that they might have to re-adjust the amount we are approved for.
Is this something that happens on a regular basis? It boggles my mind, even after giving this very “reputable” company our salary docs, W-2's, pay stubs, etc. that this would happen.
I just want to know if this is common.
Was your line of credit issued by a bank, or a mortgage company? If you haven't paid any fees and they are contesting your documented income you may want to consider applying with another lender. Many banks will issue line of credit equity loans for no charge and then your job is to find the best rate.
If so did your lender reflect it accurately? If not break your book off in somebody's $#%.
When you get an equity line, you should get some checks to write against the equity limit, not actual money deposited in your account.
If you supplied them with all of the necessary docs and they screwed up, it seems as if they should hold to what they closed for last week or offer you another standard 72 hours to withdraw. I have a sinking feeling we're talking about Ditech here, am I right?
If you supplied them with all of the necessary docs and they screwed up, it seems as if they should hold to what they closed for last week or offer you another standard 72 hours to withdraw. I have a sinking feeling we're talking about Ditech here, am I right?
hiccups
Went thru a mortgage banker. Only fee was the appraisal. We have over 100k in equity which we certainly don't need.
Yes--everything I gave them was the truth and I also provided them with three pay stubs and the last two years W-2.
Not DiTech but a local well known and reputable lender.
just wondering if your lender stated it or someone there got it wrong.
I asked and they did a stated income (whatever that means) as opposed to the way they are doing it now.
Like I said, this is not our fault but it is frustrating as we have some house work hanging on this.
If and when you get your loan, if the costs are more, then tell the lender who pumped up your income to pay the difference.
THanks now what are the chances where they say, "I'm sorry you are not approved now?" Even though we have a good credti score, plenty of equity, etc.? Just curious.
well it just may effect the credit line which would be lower.
didn't you have to read and sign that statement before it was used?
This is certainly possible. It also could mean a higher interest rate than previously agreed upon, if this scenario came to pass. Keep us posted, hs!
Yes, we did have to sign many pages and of course, even though I am generally careful, and given the fact that I provided them with the proper docs, I did not even give it a second thought to look at that!
As of today, it is up in the air as to the amount we will be approved for.
Example: They had our salary as being 50k when it is nowhere near that and we were approved for 60k which we certainly do not need. Heck, we don't even need half that and I expressed this with them today.
As far as when we'll hear, it could be this week sometime.
And we will have to resign the papers.
I think I will notify the head of this company but I hate to be a pest.
I think they should honor the interest rate that they told us we'd get but I am not up on the rules and regulations.
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