Posted on: 27th Feb, 2011 05:00 pm
We applied for a home equity line of credit last week. It was all in my husband's name/info. His credit score is 801, which is pretty darn good.
We were rejected based on "unable to obtain satisfactory lien position on property."
Now, we just refinanced a month ago. That went through smoothly.
Could the refi effect the alleged lien on the property, or is this simply a mistake on the bank's search?
HOW does one re-apply for a home equity line of credit? Also, this will affect my husband's credit negatively. Is this correctable without lots of time, money and lawyers?
I am furious. We were guided by the bank at which we applied to put what we had (HAD) to finance on my credit card and pay it off with the home equity before the card was due. We cannot do that now, and will be paying a high interest rate on the remaining balance.
So, are we just outta luck?
We were rejected based on "unable to obtain satisfactory lien position on property."
Now, we just refinanced a month ago. That went through smoothly.
Could the refi effect the alleged lien on the property, or is this simply a mistake on the bank's search?
HOW does one re-apply for a home equity line of credit? Also, this will affect my husband's credit negatively. Is this correctable without lots of time, money and lawyers?
I am furious. We were guided by the bank at which we applied to put what we had (HAD) to finance on my credit card and pay it off with the home equity before the card was due. We cannot do that now, and will be paying a high interest rate on the remaining balance.
So, are we just outta luck?
welcome smartblnde,
do you have equity in your property? unless you've equity in your property, you won't be able to qualify for a home equity loan. you can appraise the property and reapply for home equity line of credit. you can contact other local lenders for the loan as well.
do you have equity in your property? unless you've equity in your property, you won't be able to qualify for a home equity loan. you can appraise the property and reapply for home equity line of credit. you can contact other local lenders for the loan as well.