Well, I'm sure this happens all the time but it doesn't ease the sting! I wanted a home equity loan and went through Lending Tree because they advertise 'good credit not necessary'. Yeah, I'm SURE! Anyway, one of the four mortgage companies, Tribeca Lending, ASSURED me they could help me. I stated to their 'salesman' that I had lousy credit A NUMBER OF TIMES and he, again, assured me that was no problem.
He then advised me to have an appraisal done, at $450.00, to get the process 'rolling'. After tons of phone calls and plenty of time consuming 'hoop jumping' they informed me that the loan could NOT be completed. I never really got a straight answer as to why, just something about 'too many foreclosures in my region'whatever THAT means. But, I suspect, it was my poor credit score WHICH WAS PLAINLY STATED several times by me.
Just for a little backround, my house was assesed at $62,000.00 and the amount I was requesting was $30,000.00. The house is owned by me FREE AND CLEAR, no existing mortgage. It was left to me by my father, who passed away. I wouldn't be so upset at losing the $450.00 if their guy hadn't INSISTED to me, several times, that they could help me. Oh! And this gets better... See 'Castlepoint Mortgage'.
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