revjasper asked:
A friend is trying to take out a home equity loan. Starting at the beginning of August. After 2 weeks, they had the first appraisal and said everything was fine and offered up to 120 grand, then it was rejected for a 2nd appraisal that the home needed a few minor exterior repairs- landscaping. 2 more weeks pass and they have the 2nd appraisal in hand but no line of credit. Then at the end of August, the bank claimed- “It’s the end of the month, we have to wait until the beginning of the month for Equity loans”
So we’re in the 2nd week of September, first full week. Continuous calls and emails and still they are waiting for all the paperwork to be in?
The only home equity loan I had ever received took 45 minutes- so I have no idea what to tell my friend. But I think it’s been long enough. Does anyone know?
A friend is trying to take out a home equity loan with his bank. Starting at the beginning of August. After 2 weeks, they had the first appraisal and said everything was fine and offered up to 120 grand, then before closing the deal was rejected by the hire ups- said Shrubs needed to be trimmed and exterior need paint on the back of the house and a 2nd appraisal was needed. Work Done and 2nd appraisal finsihed- 2 more weeks pass and they have the 2nd appraisal in hand but the bank claims it’s still working the paper work out. Then at the end of August, the bank claimed- “It’s the end of the month, we have to wait until the beginning of the month for Equity loans” they said Banks don’t handle equity loans at the end of the only the beginning.
So we’re in the 2nd week of September, first full week.
The only home equity loan I had ever received took 45 minutes- so I have no idea what to tell my friend. But I think it’s been long enough. Does anyone know?
Michele
A friend is trying to take out a home equity loan. Starting at the beginning of August. After 2 weeks, they had the first appraisal and said everything was fine and offered up to 120 grand, then it was rejected for a 2nd appraisal that the home needed a few minor exterior repairs- landscaping. 2 more weeks pass and they have the 2nd appraisal in hand but no line of credit. Then at the end of August, the bank claimed- “It’s the end of the month, we have to wait until the beginning of the month for Equity loans”
So we’re in the 2nd week of September, first full week. Continuous calls and emails and still they are waiting for all the paperwork to be in?
The only home equity loan I had ever received took 45 minutes- so I have no idea what to tell my friend. But I think it’s been long enough. Does anyone know?
A friend is trying to take out a home equity loan with his bank. Starting at the beginning of August. After 2 weeks, they had the first appraisal and said everything was fine and offered up to 120 grand, then before closing the deal was rejected by the hire ups- said Shrubs needed to be trimmed and exterior need paint on the back of the house and a 2nd appraisal was needed. Work Done and 2nd appraisal finsihed- 2 more weeks pass and they have the 2nd appraisal in hand but the bank claims it’s still working the paper work out. Then at the end of August, the bank claimed- “It’s the end of the month, we have to wait until the beginning of the month for Equity loans” they said Banks don’t handle equity loans at the end of the only the beginning.
So we’re in the 2nd week of September, first full week.
The only home equity loan I had ever received took 45 minutes- so I have no idea what to tell my friend. But I think it’s been long enough. Does anyone know?
Michele
