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
Joseph
A red flag for me is the second appraisal. Around here, you have to fight tooth and nail to get a second appraisal. Why was it needed? Did the home owner think it was too low? I’ve never seen landscaping as a reason to require repairs, not in 12 years in the mortgage business. I’ve also never heard of the end of the month thing either. We close loans as soon as they’re ready.
Right now banks are inundated with loan applications so they’re taking longer than usual, but these excuses seem pretty bogus to me. Is your friend dealing with the lender directly or is there a mortgage broker involved? Has he spent any money yet? If he walks away will he lose any money? I’d consider a different lender, or maybe just a hint that another lender might be called would make this lender get moving.
Comment by daeve930 — October 26, 2009 @ 1:53 am
Stephanie
Things are slow. My home appraises at 250k, I want to re fi 170,000, I have a good job history, good income, credit 750 plus. I started in May and my closing keeps getting pushed back.
Previously I qualified for homes over the phone on the way home from work and closed in 2-3 weeks, My credit score is higher than ever, I make more money than evey and now longer ont he job, but it takes longer. I needed more documents to by my last car (a few months ago) than I did for any of my homes in the past. Things are slow, banks are taking there time with things.
Comment by Ross — October 29, 2009 @ 1:46 pm