Line Of Credit Document

I'm thinking about applying for a home equity loan or line of credit for my home but am discouraged by my below average credit score. To refinance, any and all applicants must also be on the title document, so would the same rules apply on a home equity loan or line of credit?

Anyone cosigning for something such as that would have to be on the deed to qualify. Otherwise is is not a home equity loan but a personal loan.

2007-10-08 19:02:26 by pingkitoe

loan document signing video tutorial goes over the Equity Line of Credit Agreement, what it's purpose is, and how to describe it to a borrower.

If you are still applying for SSN and have no Driver's license yet, what bank can give you a credit card with just passport and I-94 document that you only have?

The first thing you need to do is to get a Checking/Savings account after the paperwork has been sorted out. Also, you can apply for No Credit Credit Card through Orchard Bank, as it will help you establish credit. Also, you might want to look into the New Bank of America Credit Card Program for Non-Residents.

2007-03-03 23:02:30 by Jacq S

Price: $199.00 $181.99

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I'm a 1/3rd owner and I wanted to take out a loan with the property as collateral. I want to know if there are any banks that will take a legal document saying that the house is for collateral on the loan, instead of trying to convince the other owners on the property to sign over the title.

I don't think so

2008-05-29 22:46:14 by crimson

Price: $499.00 $204.00

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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.

Your question is almost completely incomprehensible, so you'll have a hard time explaining it to the government.

With respect to foreclosures ... one thing you can do, if you had the loan for awhile and it changed hands, you can halt or slowdown the procedures by asking to see the original documents you signed and then claiming "if you can't even show the original paperwork I signed, how can you hold me responsible for this loan"?

These banks have been handing these things around left and right and have been shredding documents/etc. ... so depending on the situation, this may provide you a bit of process help that may help you to restructure or exit things.

2009-03-03 13:40:01 by Sung A

We just refinanced our home, and as part of the process, we were shown a document that stated my husband's credit is somehow linked with his father's (it was the 'also known as' form. They have the same first and last name but different middle names. We would like to figure out how to get this corrected. Both men have good credit so it's just a matter of wanting this fixed in case of future troubles. Should we simply call up the major 3 credit bureaus and discuss this with someone there? I am not sure that a credit report would show both names, as the ones I have seen in the past only show current loans/credit lines. I appreciate your help!

I think you would have to dispute your personal information with each credit bureau and point out the "minor" detail of the different middle name.

You are right... it is better you take care of it now because although both men have good credit the mix-up itself can cause problems as you have already encountered at the loan office when you refinanced your home.

Go to www.annualcreditreport.com and go to the dispute section and then dispute the Personal Information of your husbands credit report spelling out his first middle and last name as accurately as possible.
He needs to get in the habit of using his full first and middle name when he signs financial documents and/or applies for a line of credit so that this mix-up does not happen again in the future.
Remember that a lot of things are automated at the credit bureaus and computers are only as good as the people using them and computer programs.... don't have a brain.... they can't put one and two together and what is obvious to you, the human, is all the same to a computer program.

2009-03-17 21:00:07 by NotTechnical