Tuesday, October 19, 2010

The Loan Inquisition

Even if this were the right time to buy a house (and I'm not convinced it is) if someone like this, with a credit score above 800, debt-free, and as a 25 year plus customer of the bank she was seeking the loan from, is put through the kind of process she describes, what about the rest of us? Guess what? NO HOUSING RECOVERY!

The process was as arduous as it was protracted. Eventually, Shipe had to move out of her old home and couch surf with friends while she waited, and waited, for approval.

"What I had thought would be a fairly straightforward loan application turned into the Inquisition," she said in her office in downtown Chicago.

Qualified? Home lenders saying not so fast

1 comment:

  1. Yesterday my phone got shut off by comcast. I bundle. I only knew this cause the only number the phone would dial was comcast. It seems when I paid my bill 9/24 electronically, it was rejected from my bank. The bank knows nothing about this, yet comcast does and was going to charge me $20 for a returned check fee. Apparently I had transposed a number when entering my check account number. They do not want to encourage this type of mistake thus felt justified in charging me. And shutting off the phone. The real question is... .............Will this go on my
    PERMANENT RECORD????????????


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