Posted on: 11th Sep, 2009 09:00 am
I have roughly $50,000 equity in the home I built with having a stable job good enough that I can make all monthly payments. My credit score is even good enough even though I am unable to get a discrepancy on my credit report fixed. The discrepancy is from the bank I have my construction loan through. They are stating that I have not been paying on the loan even though I have paid them on time every month (other then while they refused payment for a few months last year). They have been giving me this grief since I asked them about funds release out of my loan without my approval and without said work even being completed. I work in the offshore oil industry in the Gulf of Mexico, so these issues were not known by myself until it was too late. The bank had given a total of $173,000 of my $207,000 loan out without the required approval signature by either myself or my power of attorney. Once they realized I have a valid law suit against the bank for these funds they ruined my credit report so that I could not get financed through another lender and are now holding it to require me to release them of any said fraud/negligence (which they state never happened) or else they will not extend the due date and state that I have been paying each month. In the definition of the word this is extortion and I have refused to accept it. My worry is that they have flat out said they will "draw the law suit out as long as possible and make it as expensive as possible" to try to keep me from my claim. I know I have all legal right and their small local bank is ethically, morally, and legally wrong. Though they are succeeding in keeping me from getting perminant financing on my home.
I understand rules for lender have gotten more strict since the bailout, but denying someone a loan who can afford it does not make sense to me. I need a lender who will look at my credit history as a whole (which will show that I have never had any other issue with any company other then this bank I have been forced into litagation with) and my ablilty to pay with having a good stable full-time job (which more then covers bills for the house even without the roommate I have) with having a part-time civil service job (which I will be starting soon). I can also supply all deposit slips showing my payment history to give proof of my statements.
What else is there that I can do? I have even been told my family co-signing is not enough or allowed due to it being a "bailout". The only mistake I made was trusting the lender of my first home to do business as they told me face to face. I went with a recommandation of contractor that went bad as many have in Louisiana and have been awarded a judical judgment worth more then the loan I need to pay off without the 8-10% interest rate. But continuing to pay over $1500 a month to a bank that is trying to force me to have to release them of their crime and be stuck in a 5 year loan with them is something that I am not willing to accept. I can use any help, advise, and/or anything.
Thank You.
I understand rules for lender have gotten more strict since the bailout, but denying someone a loan who can afford it does not make sense to me. I need a lender who will look at my credit history as a whole (which will show that I have never had any other issue with any company other then this bank I have been forced into litagation with) and my ablilty to pay with having a good stable full-time job (which more then covers bills for the house even without the roommate I have) with having a part-time civil service job (which I will be starting soon). I can also supply all deposit slips showing my payment history to give proof of my statements.
What else is there that I can do? I have even been told my family co-signing is not enough or allowed due to it being a "bailout". The only mistake I made was trusting the lender of my first home to do business as they told me face to face. I went with a recommandation of contractor that went bad as many have in Louisiana and have been awarded a judical judgment worth more then the loan I need to pay off without the 8-10% interest rate. But continuing to pay over $1500 a month to a bank that is trying to force me to have to release them of their crime and be stuck in a 5 year loan with them is something that I am not willing to accept. I can use any help, advise, and/or anything.
Thank You.
Credit report is really important when gettign the loan
If your credit report is messed up due to some one elses mistake you need to work on getting that cleared first before applying for any other loan
If your credit report is messed up due to some one elses mistake you need to work on getting that cleared first before applying for any other loan
Hi Gesteur!
Welcome to forums!
I think you will have to discuss the issue with your attorney. When you made the payments to the lender, it should be positively reported in your credit report. The lender cannot harass you for the payments which you have already made.
You can try to negotiate with the lender in order to sell off the property. Apply for a deed in lieu of foreclosure and check if the lender agrees to it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I think you will have to discuss the issue with your attorney. When you made the payments to the lender, it should be positively reported in your credit report. The lender cannot harass you for the payments which you have already made.
You can try to negotiate with the lender in order to sell off the property. Apply for a deed in lieu of foreclosure and check if the lender agrees to it.
Feel free to ask if you've further queries.
Sussane
do conatct any broker, and clear the thngs with credit report.
Talk to lender and solve the issue.
Talk to lender and solve the issue.