U
unapathetic
Guest
What is the name of your state? Michigan
Ok, we applied for a loan to refi in early June, with a mortgage broker company.now mind you we applied for the credit repair program with the lender they chose and all of our debts were to be paid off. We get the appraisal, she says we are approved, bla bla. Well, we had a rainy may and our basement was a little wet so they asked we dry it out before they submit the appraisal and then the appraiser would come back and take pictures. So we jump through all the hoops and everything and are constantly being reassured that the deal will go through. We are also dividing our land so only five acres and the house will be mortgaged and that is what was appraised. So now in late JULY, they say the lender wants to do an appraisal review. We polish the house again and wait. No one comes or calls. Now we are in August and the broker tells us we are denied because we are rural, which we are not we are zoned residential suburban. We received two good faith estimates from the company, the second one having a better interest rate than the first, and that was in early July. So anyway, they say we are denied but wait the president will lend you the money on a one year note, but he is going to hold back ten grand as his fee for doing it. Then they tell us it he is actually going to purchase the house and we are going to lease option it back for a year then refi with them.
three questions...
Is that even legal?
Does the Lender that denied us have to send a denial letter and how long should it take before we get one?
Thanks-I am not signing anything if it's a scam
Ok, we applied for a loan to refi in early June, with a mortgage broker company.now mind you we applied for the credit repair program with the lender they chose and all of our debts were to be paid off. We get the appraisal, she says we are approved, bla bla. Well, we had a rainy may and our basement was a little wet so they asked we dry it out before they submit the appraisal and then the appraiser would come back and take pictures. So we jump through all the hoops and everything and are constantly being reassured that the deal will go through. We are also dividing our land so only five acres and the house will be mortgaged and that is what was appraised. So now in late JULY, they say the lender wants to do an appraisal review. We polish the house again and wait. No one comes or calls. Now we are in August and the broker tells us we are denied because we are rural, which we are not we are zoned residential suburban. We received two good faith estimates from the company, the second one having a better interest rate than the first, and that was in early July. So anyway, they say we are denied but wait the president will lend you the money on a one year note, but he is going to hold back ten grand as his fee for doing it. Then they tell us it he is actually going to purchase the house and we are going to lease option it back for a year then refi with them.
three questions...
Is that even legal?
Does the Lender that denied us have to send a denial letter and how long should it take before we get one?
Thanks-I am not signing anything if it's a scam