D
dbartolozzi
Guest
What is the name of your state? California
When I went into .......bank to inquire on a home equity line of credit I told the person who was dealing with equity loans and lines of credit that I was in the process of refinancing. I told him that I was signing the closing documents in 2 days, I told him the amount refinanced and how much the FMV of my home was. I specifically asked him whether I should wait until my Refi was a done deal and closed or f I could take out a line of credit on my home without affecting me closing on the Refi. He told me that I could do this at the same time and it would not affect me closing on the Refi. I went ahead and applied for the line of credit, for which I was approved.
a couple of weeks later I received a call from my mortgage broker that the close was finalized and that they were wiring the money into escrow. That day I turned around and paid off some credit cards, paid back my dad some of the down payment for the home I borrowed from him (All with the line of credit).
The next day I got a frantic call from the broker, he had received a call from the lender telling him that they were recalling the wire, because they had noticed another claim on the house (the line of credit), and they killed the deal, unless I closed the line of credit immediately, which I couldn’t because I had already spend most of it.
I feel that it was .......bank's fault my refi deal got canceled because I specifically told them what I was doing and specifically asked them if I should wait until the refi was closed, they told me that that was not necessary. Now it turns out that his answer was based on a bunch of assumption that he made, and never asked me about. If he had brought up just one of those concerns (for example him hedging on the Refi closing before the line of credit), I would have waited with getting the line of credit, but he never voiced any concerns at all.
I have tried to get ….bank to help me with getting the refi but so far I have been unsuccessful. I stand to lose a great deal of money because of ......bank's very ill advice.
What legal action can I bring against the ......bank and do I have any chance at all in recouping my losses and or getting them to refi at the same terms of the deal that I lost?
When I went into .......bank to inquire on a home equity line of credit I told the person who was dealing with equity loans and lines of credit that I was in the process of refinancing. I told him that I was signing the closing documents in 2 days, I told him the amount refinanced and how much the FMV of my home was. I specifically asked him whether I should wait until my Refi was a done deal and closed or f I could take out a line of credit on my home without affecting me closing on the Refi. He told me that I could do this at the same time and it would not affect me closing on the Refi. I went ahead and applied for the line of credit, for which I was approved.
a couple of weeks later I received a call from my mortgage broker that the close was finalized and that they were wiring the money into escrow. That day I turned around and paid off some credit cards, paid back my dad some of the down payment for the home I borrowed from him (All with the line of credit).
The next day I got a frantic call from the broker, he had received a call from the lender telling him that they were recalling the wire, because they had noticed another claim on the house (the line of credit), and they killed the deal, unless I closed the line of credit immediately, which I couldn’t because I had already spend most of it.
I feel that it was .......bank's fault my refi deal got canceled because I specifically told them what I was doing and specifically asked them if I should wait until the refi was closed, they told me that that was not necessary. Now it turns out that his answer was based on a bunch of assumption that he made, and never asked me about. If he had brought up just one of those concerns (for example him hedging on the Refi closing before the line of credit), I would have waited with getting the line of credit, but he never voiced any concerns at all.
I have tried to get ….bank to help me with getting the refi but so far I have been unsuccessful. I stand to lose a great deal of money because of ......bank's very ill advice.
What legal action can I bring against the ......bank and do I have any chance at all in recouping my losses and or getting them to refi at the same terms of the deal that I lost?