We have some equity in our home. We needed some cash so decided to refinance, and had an appraisal scheduled. Our loan is through Countrywide, but due to advertising on their website I decided to call them.
Their Loan Officer assured me - due to my great credit scores - a Home Equity Line of Credit would be a faster & more cost-effective avenue to free up some cash. After interviewing me he also stated I was extremely well-qualified to receive the funds.
Below is the email I sent Countrywide after we were denied. Countrywide appears to have an honorable employee, so I have replaced her name with *.
Daniel,
When we first talked I told you I was an Independent Contractor & that I subcontracted to two companies. I also told you I receive 1099 Tax Forms, which should have further confirmed my self-employment status.
I was then shuttled to *, the Processor; she had been informed of none of this.
We went over my work history, but that, too, was not relayed to *.
Prior to talking to you we had been ready to re-finance our house, but because of what you said, I brought that to a halt and believed Countrywide would come through with a Home Equity Line of Credit - which I learned today isn't going to happen.
Thanks to you good folks I have made promises I may not be able to keep and a solid week of my time has been wasted, AND due to conversations with *, my cell phone bill has now increased.
Also, Countrywide has a non-refundable $35.00 of our money, money that could have been spent elsewhere.
I am a widower with a 16-year-old son and am not happy.
I hope you can sleep at night
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