Originally posted by pdweaver
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In person/over the phone, we were told that a) Since we used the first HARP legislation back in 2009, we were ineligible for any consideration under that program even with new rules. b) HARP aside, the bank could refi us if they wanted to, but they don't--stating loan:value as the reason and that they were not interested.
The kicker is that after that phone conversation, we received an official "denial" letter in the mail. There was no mention of the above, and the reason for denial was "credit." Possible reasons stated something to the effect of insufficient credit, low credit score, length of time accounts have been open. Quite frankly, I laughed my ass off. I pulled my Experian report, the same as they had done, and the Experian report in my hands was almost 20 points higher for a total credit score at 800. My other half's was 826. We have more assets than ever, and some accounts have been open 10+ years. Whatever.
That's my rant about big bank arrogance--and it appears that its appendages don't communicate.
I'm leary of tossing my emergency fund at the 2nd mortgage. Tax return--yes, but emergency fund? Seems risky.
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