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St.Clair Co. IL. | ok here's the deal, about two months ago the wife and I decided to give the house a complete new overhaul. new roof, new siding, new inside (to the studs) redo,ccabinets the whole nine yards, we had the money saved to cover this to us HUGE incounter, but I dicided to get a home equity loan anyway tax reasons. ( can deduct the home equity loan interest, so I went to my bank and told them what I wanted to do the loan officer pulled us up on the his little computer and said I see no problem here at all.
so we filled out the paper work and he summit it, now I have a land loan through farm credit, the money for the complete loan is held in esgro by them they take out payments twice a yr.
now the bank se'se this and says WOW you have a large loan already!! and we said yea but all the money to pay it off is held in esgro and we don't make monthly payment, well three times they called and asked what our monthly payments were, so we finally had farm credit comtact them and explain it to them
they sent someone out and appraised our home site, lot more than I wanted to borrow, good deal
well after 6 weeks we get a letter denieing our loan our credit scores are over 800 and they said we have too many outstanding bills!! really? so I guess paying off your credit cards every month is a bad thing??insufficent colateral? really? land that is paid for except for the piece that HAS THE MONEY HELD TO PAY IT OFF is not good enough??
now the home is a double wide mobile home on a footing and foundation, home was very sound thats why we decided to fix instead of replace, I can understand denieing for being a mobil home ( not really) but can, but for them to put this other crap in a letter, really?
I'm not going to get into numbers they are no one's business but mine but like I said it was appraised for a lot more than I was going to borrow, I switched to this bank many yrs. ago because of rude treatment from my former bank is it time to switch banks again?
like I also stated I will be able to cover the remodel work cost, I just wanted to be able to write at least the interest off on my taxes.and not deplete my retirement money.
what say you guys am i being too unresonable? or too picky? or should I just inform them that is has be nice working with you in the past but its time to move on.
TIA Bob | |
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bank rant
