Posted by River City on March 03, 2009 at 08:29:01:
Your post is very difficult to decipher because of your running sentences together. It appears that you are blaming your poor credit on the bank, and your poor credit is your fault, not the bank’s. Residential and installment loan applications are handled a LOT differently than commercial applications, so complaining to someone in residential or installment lending (including the branch manager) about how your commercial loan is being processed benefits you very little. You caused your low credit scores by not paying your obligations on time, not the bank.
Lending Question (Ethical?Legal?) - Posted by Robert_WV
Posted by Robert_WV on February 28, 2009 at 12:20:27:
I applied for refinancing with our bank on properties we own and credit is good and the bank who has our properties takes 5 months to do the deal, the commercial guy not answering calls or emails and in meantime due to family crisis our credit takes a dive and the commercial guy who is now trying to cover his ass pulls our credit on 2/6 the week before he has already verbally told me what he is doing and we go to high risk and offers us a deal that is $40K off original because of fico, but fico was fine 5 months before when we first talked. If he had pulled fico 5 months earlier if would have been around 675 Is he under legal obligation to have pulled credit in beginning. Now we think he is trying to cover his butt because my local branch manager went over his head and put pressure for him to get it done and I don’t think his superiors know the deal took 5 months and avoided me and emails We first spoke on 9/16 and he stated he would have it done by next month and then I finally caught him in his office on 12/22 and could not avoid me and said he would get it done and then took until 2/25. This is a well known brick and mortal bank. Any input or advice would be greatly appreciated. my attorney is not commercial guy and cannot help me or have answers. This is small town and probably will hurt me if I open my mouth about it, just need to know if I have a leg to stand on. I have all emails I sent even pleading with him to get it done because of health issues and family crisis with my wife. Their final reason last week for not doing what we wanted was low fico and late paying our loans with them. But each month at the end of month after it not closing i would go in and write a check for payments. My local manager knew what I was doing and each month he would disperse the money to pay three loans. I did that for 5 straight months. Local branch manager told me I was getting screwed and said the first thing he does is pull credit when someone comes to him for loans, but he is not commercial. Also the final deal is a baloon in ten years and him and another in their bank said they have never seen or written a baloon loan.