Tuesday, January 13, 2015

The HELOC Loan That Almost Happened

Missed it by that much.........

I have to relate to y'all mind-bendingly stupid situation we are in because we applied
for a HELOC loan.

Oh, for the past months or so we've been jumping through all kinds of hoops (like getting a certificate of occupancy from the city) with the loan
company to get this friggen loan. Good news is that the 'done Chez' is worth $1.3M
according to the appraisal (now everyone run to Zillow to see what we paid for it).
I think that number is a bit low but home owners always think so. I personally was hoping for
something like $1.5M, but hey, you take what you can get I guess.

Now onto the stupid part
We have been slowly racking up credit card dept as we put house remodeling supplies
on our cards (yay lots of air miles). All along on this journey with the underwriter our
only goal was to consolidate all our high interest rate cards and pay one much smaller
rate.
Well, in the two months these guys were jerking us around our loan to debt ratio went in
a way that made us getting the loan impossible. Even though the loan was to pay off the
credit cards! Their computerized system won't allow the loan and there is apparently nothing
any flesh and blood person can do about it!

Lame, lame, lame.
Talk about wanting to take a pound of flesh and blood from that damn computer system.....

 

1 comment:

Marley Barley said...

A suggestion: I have gotten a HELOC before where they were able to distribute the funds directly payable to my credit card companies to pay off my credit card balances as a condition of the loan. Perhaps you could find a good loan broker who could broker such a deal for you. You seem like a good candidate for such an arrangement.

Cheers,
Marley