Beware the lure of the "preapproved" loan offer. I went through the infernal process for three weeks to get a $75, 000 line of credit on the $250, 000 equity I have in my home. No matter how much of my financial information I sent, it was never enough to satisfy their underwriters. one of the problems seems to be in working with the English-as-a-second-language telephone jockeys, who apparently don't know what to tell you to send in the first place. On three seperate occasions, I faxed documents to the loan officer, the last time being over 70 pages of my personal financial records! Still not enough. The final result was a non-apologetic letter stating that my "income history could not be adequately established..." WTF??? Two years of tax returns, bank statements, W2s, 1099s, pay stubs, and mortgage payment records, and they couldn't determine how much money I made?
This is how a big, bloated, bureaucratic multinational corporation loses $24, 000, 000, 000, as reported in yesterday's news headlines. These morons have been giving loans to the wrong people and are now praying for customers like me. He who laughs last, laugh best. Ha ha ha.
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