Credit Line Loan Application

my wife and i are both in the title deed for home. we want to get a heloc or loan but my credit score is bringing our score down. her score is a lot higher than mine - can she get the heloc or loan on her own?

For a heloc, most banks will use the lower of your middle scores. Although some banks only pull from one credit bureau. If your wife makes enough money, just put only her on the loan. Otherwise, it might make sense to just do a cash out refinance of your first mortgage. The guidelines are a little easier. With the way the market has been lately, banks are really tightening up on helocs. Good luck.

2008-02-15 05:23:58 by fudosoul

A home equity loan and a home equity line of credit both provide money from the value of your home. But each one has its pros and cons.

Hi my name is Jane and I am living in Virginia.
I purchased a house in Woodbridge VA in Dec/2004.Tom was my mortgage agent. I made 10% deposit. (Contract amount was $535,000.00)
US Express Mortgage Company approved first and second mortgage (1st $374K and 2nd $107K). About two months after settlement I received check book from BB&T Bank (3rd lien - Line of Credit $125,000).

I called Tom (Mortgage Broker) and asked about the check from BB&T because I had never applied or asked Raymond to open a Line of Credit for this property. He said "Jane, you did not need a loan application and you didn't have to sign anything because you have a good credit and your Woodbridge house had an immediate equity right after you closed the deal. So BB&T approved the loan based on your excellent credit and equity of your house.

By the way I did not close the account and unfortunately I used the money.

December, 2008, the house was foreclosed (by 1st lien holder) and 3rd mortgage lender; BB&T Bank filed a lawsuit against me in the amount of $125K. I received complaint by mail in 01/15/2009.

* Right before foreclosure I requested all the documents regarding this loan to the entire lender including BB&T. (I was not sure what they have but I tried.)
Shockingly enough, there was a Loan Application which I have never seen and someone forged my signature.

BB&T Bank was not a wholesale lender. (BB&T had a wholesale department but I am not talking about them)/I didn't know at that time because Tom and Bank loan officer were acting like they are…/The loan officer had to contact with borrower directly but it didn't happen. Someone forged my signature in Loan Application, Credit Line Agreement, and Credit Line Deed of Trust (Notary Public? I don't know who she is and there was no seal)
So they foreclosed my house and also asked me to pay. Yes I did use the money. If I have to pay then I have to. But how about a FRAUD. (Forgery and violation of lender’s liability...
Q #1. What should I do? Do I have to pay them and bury that fraud?
#2. We have 2 years of statute of limitation for fraud in Virginia. Someone told me that when I received the checkbook from BB&T Bank I should have known that it was a FRAUD (He said this is common sense). What do you think? I confirmed fraud when I saw someone forged my signature on Dec.2008–My deference is –“Jane you did not need….. your excellent credit and equity of your house.”
#3.Can I fight with the lender for anything like-Breach of Contract or Fraud or Lender Liability… I don’t know.
Thank you so much

P.S. Just for your information, Mortgage Broker and the loan officer are in federal prison committing Bank Fraud, money laundry etc. But not for my case.

You questioned the line of credit initially and found out that it was a 3rd mortgage placed on your home.

Had you returned the money and then asked to see the loan documents you would have a good case. But instead you used the money (why not tell us what you purchased with it). You had full knowledge where the money came from at the time you received it.

Now that it is time for someone to take responsibility for that money you want to say.. "I never asked for it".

Too late. While you know now that your signature was forged, you had to know then as well. Not to mention the monthly payments you were or weren't making. This makes you an accessory to the fraud, like accepting stolen goods.

Bottomline.. you had NO problem using the money.. only paying it back...

2009-03-03 13:37:56 by Sung A

Price: $5.95 $5.95

by applying 2 loan 2 a bank near 2 u

2006-05-31 04:03:06 by montoya

Large numbers of people are using this method and then filling for protection from creditors .
These may as well be bank robbers who max out credit lines and then do not pay it back .
These people are stealing hundreds of thousands of dollars at one time and getting away with it .

You know how the government is, reactive and not proactive.
They will wait until the economy is on the brink because of subprime loans before enforcing regulations to prevent it.
After all, a pound of cure is worth an ounce of prevention.

2007-03-16 08:50:34 by trouble maker

I've only just started my new job. My partner already is on a line-of-credit loan and wants to add me in so we can buy a house.

We've been looking for ages but have finally found our dream house! but like I said, I've only just started my new job, and even though I am a permanent employee, is it likely the bank won't approve our loan application for the reason I have just started at my new job?

Standard guidelines are 2 years in same line of work. As long as you're a salaried person, I've approved borrowers who will be starting a new job. Subject to documentation of starting job and salary. You know us underwriters, we need to document everything.

If your self employed it's a different story.

If you have been going to school for your line of work, U/W will request school transcipts.

As long as the rest of your qualifications are good, short time on job is not an issue.

Be careful to be added on, or adding someone on to a line of credit or any other loan. Your partner also has access to that line. He/she can charge it up, not make the payments, and you're still responsible for the payment.

2008-07-18 22:02:14 by clicka_button