Not Worth The Trouble
Written: Jun 22 '02 (Updated Jun 22 '02)
The Bottom Line
The only thing I can say here, that I didn't say in my review is THEY SUCK!!
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I filed for Bankruptcy a few years ago so getting a mortgage isn't as easy as it should be. I've re-established my credit and have a credit score near 700. I had one broker tell me that my report looks like a normal healthy report, without looking at the bankruptcy.
I saw the ad on ELOAN.COM that said something like "Bad Credit? You deserve a good mortgage too" So I applied and received a email telling me I was conditionly approved. The next day I was contacted by eloan told evertyhing looks good and I should fax my tax returns, bank statements and pay stubs so the underwriting dept could make final approval.
I have been down this road before. Everything always looks good and then suddenly without warning, I'm denied.
So I start asking all these questions and the lady and I start going over my report and all the little things that could cause my application to be denied.
1. My credit score is over the minimum required score.
2. I have plenty of money for the 5% down and closing
3. I have 0 balances on all my credit cards
4. My income was not a problem
I even refinanced a personal loan to reduce the payment so my debt ratio was lower. I was told not to worry and to start looking at properties.
Well I faxed all the paper work and waited 2 days. I didn't hear anything so I called. I was told the underwriters were cautioned by the amount of debt I have. I said what are you talking about. I have a car loan and personal loan and that's it. I was put on hold several times and each time I was given a different story. I demanded to talk to the underwriter because the story I was getting was changing so much. I mean everytime I questioned the reasons for denial I was given another.
Then I was told they would take another look at things and I had to promise to stay with ELOAN since they had put so much work into this loan, they didn't want to do any more if I was going to go to another broker. I agreed and they said they would get back to me by the end of the day. I got a call 15 minutes later telling me they couldn't approive the loan because I had a bankruptcy. Now they knew this, they mentioned it to on the 1st phone call and after all this was a loan for people with bad credit, so what's the problem.
So I out of frustration I said ok, fine, what ever and I hung up. I'm suprised that one of the denial reasons wasn't because I have brown hair. I mean they gave so many bogus reasons, I couldn't beleive what I was hearing. This is a Mortgage for people with bad credit. My credit score is higher than it needs to be, my income is ok, I have money for the down payment and closing and my debt ratio is lower than it needs to be. I'm thinking no matter what they had no intentions of ever approving my loan. I wasted so much time and effort. These people were so unprofessional I wanted to scream.
I guess the bottom line is I hold some of the responsibility because I filed bankruptcy and therefore standard approval processes don't apply, but ELOAN.COM is totally deceptive in their claims, and came up with every reason they could not to approve my application, and they put me through hell doing it.
Recommended:
No
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