What is the name of your state? Tennessee
My wife and I purchased our first home in October, 2006. We obtained a FHA home loan through our bank. At the time of the purchase, we informed our real estate agent that we were going to remodel the home before we moved into it and we discussed this with our loan officer. I am not familiar with banking laws and procedures so I relied solely on the loan officer and her word as an employee/agent of the bank.
After the loan was approved I went to see my loan officer in November about getting the money to remodel the home. She told me at that time that it would be no problem and that she “didn’t care who done the work as long as it was a licensed contractor”. After approximately 6 weeks, I obtained an estimate from a licensed contractor and took it to her and waited until she called me. Two weeks passed and she called and told me that I needed to sign some more papers for the loan process. I went and signed the papers where she said to sign them (I also signed my wife’s’ name where indicated as she watched) and then she said to me “As far as I am concerned it’s a done deal” which I understood to mean the loan was approved. My wife and I had some personal savings that we were holding in reserve for emergencies and since my loan officer had told me that the loan was a “done deal” we proceeded to start the remodeling process.
Approximately two weeks after we had started remodeling the home, an appraiser showed up and told the contractor that he was not supposed to be remodeling the home yet. I called the bank and spoke to my loan officer and she said that since I had started remodeling the home that it would have to be refinanced by the bank with a conventional loan. After registering a complain with the bank about the loan officers actions and conduct, she was terminated. Her practices and promises to us left us in the condition we are in today and the stress is about to get to me. I am a 100% disabled veteran who knows nothing about banking but I don’t think that I am being treated fairly. I am under a doctor’s care for depression and PTSD and this ordeal with the bank is not helping my condition at all. My wife has a medical condition that is aggravated by stress; she has lost time from her job because of this ordeal.
My wife and I purchased our first home in October, 2006. We obtained a FHA home loan through our bank. At the time of the purchase, we informed our real estate agent that we were going to remodel the home before we moved into it and we discussed this with our loan officer. I am not familiar with banking laws and procedures so I relied solely on the loan officer and her word as an employee/agent of the bank.
After the loan was approved I went to see my loan officer in November about getting the money to remodel the home. She told me at that time that it would be no problem and that she “didn’t care who done the work as long as it was a licensed contractor”. After approximately 6 weeks, I obtained an estimate from a licensed contractor and took it to her and waited until she called me. Two weeks passed and she called and told me that I needed to sign some more papers for the loan process. I went and signed the papers where she said to sign them (I also signed my wife’s’ name where indicated as she watched) and then she said to me “As far as I am concerned it’s a done deal” which I understood to mean the loan was approved. My wife and I had some personal savings that we were holding in reserve for emergencies and since my loan officer had told me that the loan was a “done deal” we proceeded to start the remodeling process.
Approximately two weeks after we had started remodeling the home, an appraiser showed up and told the contractor that he was not supposed to be remodeling the home yet. I called the bank and spoke to my loan officer and she said that since I had started remodeling the home that it would have to be refinanced by the bank with a conventional loan. After registering a complain with the bank about the loan officers actions and conduct, she was terminated. Her practices and promises to us left us in the condition we are in today and the stress is about to get to me. I am a 100% disabled veteran who knows nothing about banking but I don’t think that I am being treated fairly. I am under a doctor’s care for depression and PTSD and this ordeal with the bank is not helping my condition at all. My wife has a medical condition that is aggravated by stress; she has lost time from her job because of this ordeal.