BB & T 2 week process took 12 weeks due to loan officer NOT doing her job, then we were denied due to "market" Sterling Virginia
In November of 2007 we went to BB&T Countryside Branch in Sterling, VA and spoke with the loan manager, Angela. We wanted to aquire a home equity loan on a property that was paid in full. We gave her our "quit claim deed" releasing a second person from the deed, she promised to overnight it to the appropriate County the next day. The whole process would take no more than 4 weeks from start to settlement.
Weeks later we called her to see how things were going, because we called Seneca County to learn that they never sent the paperwork out.
Her response "oh, I mailed it back to your girlfriend" well-considering she didn't know my name or address-that was an obvious untruth.
We decided since the process was started, we would stay with them. We also decided that since Angela lost the original quit claim deed that the co-owner would sign on the equity loan also, no big deal.
After repeated unreturned phone calls, we went in and she said she needed a key to the house for the appraisal, so we gave her one.
We told Angela 2 months ago that after 1 more month we will be unable to continue paying our credit cards AND rent/utilities/food. (I contracted an illness and have been out of work since Sept. '07) We needed to get this loan within the next 3 weeks so we could pay off our credit cards and so credit would not be ruined. Again we were assured that settlement would be within 2 weeks, no problem-don't worry we'll get those paid off in time.
Many, many weeks later we get a call from the person who was doing the appraisal, they didn't have the key yet. (Angela assured us it was mailed out weeks ago). Angela was notified that the appraiser needed a key, "oh, I overnighted that days ago". Guess what, she never did. The appraiser never got a key.
We just got a phone call from her today, March 28, 2008. She said since credit status changed and "we" drug our feet, nothing can be done for us.
Period.
I was shocked! How can the manager of loans behave like this? How is it that we have so much more collateral than the loan amount we were requesting, but we were denied? We only needed $65,000.00 - people in our town with horrible credit are getting million dollar loans every day--with $8-$10/hr jobs. How is it that she drug her feet at every corner and we literally had to make phone calls and appointments to get a response from her?
Do we have any recourse available to us?
Ang
Sterling, Virginia
U.S.A.
4 Updates & Rebuttals
Timpick
Sterling,Virginia,
U.S.A.
Reply to the Rebuttal from the "reporter"
#5Author of original report
Tue, April 15, 2008
The difference would be $2800.00 in payments to Credit Cards every month vs. the $428.00 in Equity Loan payment every month.
We could not continue to pay the $2800.00 AND our living expenses.
The Equity Loan payment and living expenses, no trouble.
All that was taken into consideration. Angela Davis was fully aware of the situation and continued to just disregard us as customers. We were honest from the beginning and it was her assurance and prmise that this was a guaranteed, quick process that got us "hooked" on her solution.
Credit was absolutely perfect before dealing with her. 43 years old and never a late payment--ever. Now that is shot and no one will even consider a loan...even with assured collateral. Thanks for your rebuttal BB&T representative.
Golfinggirl
Pfafftown,North Carolina,
U.S.A.
How will you make payments
#5UPDATE Employee
Tue, April 15, 2008
I have little knowledge of the mortgage department, but I'm more curious about how you planned to make your payments on this loan with no income. Maybe that was the problem. The other poster is correct about BB&T's conservative policies--that probably has more to do with it than anything. I'm not sure if another bank would have done this as well.
Timpick
Sterling,Virginia,
U.S.A.
thanx you for "sorry you had to go through this" how do I contact you?
#5Author of original report
Wed, April 02, 2008
I cannot find a link to contact you. The reason for thre denial after all that time was credit score drop and the market. With me being sick and unable to work, we were very honest with loan officer, we were going to be late with CC payments if she didn't pick up the pace. We couldn't get return phone calls, etc. We had to arrange everything, she just wouldn't do her job.
The loan was "secured" probably 50 times the amount of the loan. Tim's assets guaranteed 120% of the loan, but his Dad who has $millions$ in assets also co-signed. Still, because the credit score dropped during all these weeks, the answer was "no".
The worst part is, we were honest with her, and she still drug her feet and in my eyes, cost us this loan, now the credit score will continue to drop if we don't act fast.
please contact me
Angel
Please Update Your Post
Charlotte,North Carolina,
U.S.A.
I'm sorry you have had to deal with this
#5Consumer Suggestion
Wed, April 02, 2008
Hi. I'm sorry you have had to deal with this. There are too many people in the mortgage business that have no business doing what they are doing. They do not realize they are working with someone's home, their finances, and their future. Unfortunately, there really isn't any recourse in this situation. You can complain to the branch manager, but the only change it will have is on your level of frustration. Had you already paid for the appraisal? If so, you may be able to get them to cover the cost of that, but that's about it. Why were they no longer able to do the loan? Did they tell you your credit score dropped, or do they no longer offer that product? I know BB&T is a pretty conservative lender. Most lenders have dropped their products for Non Owner Occupied properties, or investment properties. However, there are still plenty of companies that have that product out there. If you are still interested in getting something done, write me back. I can let you know a few companies that may be able to help you in your situation. Good luck. I hope things get better for you soon.