My loan application got withdrawn based on a question about foreclosure process?

by oliver on September 30, 2010

Answer:

My loan application got withdrawn based on a question about foreclosure process?

I’m in the process of refinancing my home. I’ve never been late on payments everything is good. Last week while talking to the loan officer I asked her about the foreclosure process that’s it. Today I receive an email that my application has been withdrawn because of my “intentions” to foreclose. Can they do that ? I think it’s a bunch of bull.

Answer:

The loan officer can definitely do that because he thinks that because of your question, you have the intention to foreclose. Your response to this e-mail should be able to prove that your question is purely informational and that you do not have any intention to foreclose. On the other hand, you should also prove that you have had monetary challenges and damages because of it. Once the loan officer proves that you do not have the intention to foreclose and only needs help, he will approve of your application.

When looking for a loan to solve your financial crisis, look for a reputable lender, be it a company or an individual. Make sure that before signing any contract, you have reviewed all the terms and conditions covered in the agreement. Today, there are many scams circling in the housing industry. Most of the victims are desperate ones who are in dire need of money to make their payments current or relieve them of their financial burden. Therefore, do not just accept a loan from someone who offer throusands of dollars in an instant. The more rigorous the process of application, the more that company is trusted. So take your time to decide for yourself on to whom will you run to get a loan.

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