So I spend $400 on a loan application fee just to get a pre-approval letter for a house. Then I find the house. Spend two months in lending limbo and get DENIED. Bad credit? No. Law after me? No. The house had a problem. They denied me for my own good. You know, it’s a “bad investment.” Nevermind this bad investment is worth more than i’m buying it for and DIRT CHEAP.
I got a loan on that same house in two weeks through another lender. And I now own a home that -fascinating- is doubling in value within the year. It is an amazing investment.
So, I tell Chase this. I tell them I’d like a partial refund on that loan app fee cuz they denied me for NO GOOD REASON. They say no. I say “okay, how about a line of credit.” I apply. And then denied ON ANOTHER TECHNICALITY!
So below is my letter to the mortage consultant this morning. WHERE DID OUR BAILOUT MONEY GO???? To the schmucks hoarding it at the top. I am so pissed. And it pisses me off even more thinking of people who are getting conned into loan apps for loans they’ll never get and their families’ SHELTER is relying on that loan. i’m lucky. I got an apartment and a house and my parents are kickin’ it in the ‘burbs in their 40 year old house. I got a roof. But there are people who need a place to live. Ugh. Ugh. Dumb bank.
PS Small lenders are KEY to a good home loan. I’m ecstatic about my lender. He got me my loan in a third the time it took Chase to deny me.
I am shocked that this fee is not even partially refunded when the denial is completely because of your bank’s lending policy and has nothing to do with my credit.
It’s unfortunate that I will now have to reconsider banking with Chase. My checking, savings, and credit cards will be terminated. Why put into a bank when it has no intention of giving back?
Sorry you have to work there and deal with dissatisfied customers. I wish there was a way this could have been worked out.
JustinaOn Sep 10, 2009, at 8:13 AM, XXXXX wrote:
Unfortunately Chase will only issue Home Equity Loans on primary residences. In the industry today that is pretty standard with all lenders.