In November we went to the BB&T Countryside Branch in Sterling, VA and spoke with the loan manager, Angela. We wanted to acquire a home equity loan on a property that was paid in full. We gave her our "quit claim deed" releasing a second person from the deed, and she promised to overnight it to the appropriate county the next day. The whole process would take no more than 4 weeks from start to settlement.
Weeks later we called her to see how things were going, because we had called Seneca County and learned that they never sent the paperwork out. Her response was, "oh, I mailed it back to your girlfriend." Considering she didn't know my name or address, that was an obvious untruth.
We decided since the process was started, we would stay with them. We also decided that since Angela lost the original quit claim deed, the co-owner would sign on the equity loan also, no big deal.
After repeated unreturned phone calls, we went in and she said she needed a key to the house for the appraisal, so we gave her one.
We told Angela 2 months ago that after 1 more month we would be unable to continue paying our credit cards AND rent/utilities/food. (I contracted an illness and have been out of work since Sept. '07.) We needed to get this loan within the next 3 weeks so we could pay off our credit cards and so our credit would not be ruined. Again we were assured that settlement would be within 2 weeks, no problem, don't worry, we'll get those paid off in time.
Many, many weeks later we got a call from the person who was doing the appraisal; they didn't have the key yet. (Angela had assured us it was mailed out weeks ago.) When Angela was notified that the appraiser needed a key, she said, "oh, I overnighted that days ago." Guess what, she never did. The appraiser never got a key.
We just got a phone call from her today, March 28. She said that since our credit status changed and "we" dragged our feet, nothing can be done for us. Period.
I was shocked! How can the manager of loans behave like this? How is it that we have so much more collateral than the loan amount we were requesting, but we were denied? We only needed $65,000.00. People in our town with horrible credit are getting million dollar loans every day with $8-$10/hr jobs. How is it that she dragged her feet at every corner and we literally had to make phone calls and appointments to get a response from her?
Do we have any recourse available to us?
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