Posted on: 27th Jul, 2009 06:18 pm
I have a LAND LOAN that will balloon in 3 1/2 years. I was told by Fifth-Third Bank that I could re-finance anytime during this 5 years if I needed to but now they are saying they no longer do just "LAND LOANS." Is this legal?
hi roadflier!
welcome to forums!
did they gave you a written document stating that they would refinance the loan anytime during these 5 years? if yes, then you can show that document to them. they would be bound to refinance the loan. however, if there is no such written document, then they are not bound to refinance the loan for you. they may have changed their policies and thus they may refuse to refinance the land loans.
feel free to ask if you've further queries.
sussane
welcome to forums!
did they gave you a written document stating that they would refinance the loan anytime during these 5 years? if yes, then you can show that document to them. they would be bound to refinance the loan. however, if there is no such written document, then they are not bound to refinance the loan for you. they may have changed their policies and thus they may refuse to refinance the land loans.
feel free to ask if you've further queries.
sussane
if policies change and a loan type is no longer part of a lender's portfolio, they cannot be "bound" to what they said almost 2 years ago. practically every lender did away with land loans, construction loans, etc. in the past 2 years. what they told borrowers prior to that was always based on past history, not on what the future would hold. after all, none of them are stargazers anyway.
