My husband and i filed for a home equity loan. I spoke with a representative and he told me he will send me some paperwork that needed to be filled out an mailed back to him. I received the paperwork and took my time carefully collecting all the information he requested. I mailed the papers back to him within a week. He contacted me a few days later and told me our paperwork look great. He could approve the loan on the condition our home was valued at 100,000.
I told this representative that i really could not afford the appraisal but if everything looked good to him i will get the money together. He said everything was approved. We paid the appraiser 175.00. It turned out the appraisal came up at 111,000. I never heard from the rep after that. 2 weeks later, we received a letter from them that we were denied because of debt to income ratio. This wasn't the story 2 weeks earlier. We were approved! I feel we have been ripped off for 175.00 appraisal fee, 35.00 credit check fee and my time. I called the rep and he told me the numbers didn't work out. This is not fair and i want to get my money back!
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