A few months ago I told you guys a story about how the right hand didn't know what the left was doing at Countrywide.... They turned me down for a loan on an investment property, I went through a local broker who ended up selling the loan to Countrywide within 30 days of my closing, so Countrywide ended up with my loan anyway....
Well, Bank of America is now trying to aspire to the same level of stupidity as Countrywide. Get this -- They are basically turning me down for an investment property loan, however -- they granted me a $30k line of credit the same day, in addition to about $60k of available credit I already had on credit cards with them. I'm going to end up buying the house with their money even though they wouldn't give me a mortgage, and instead it's just going to be on unsecured lines and plastic....
If they were only a little smarter, they would have SOME recourse or backing by Real Estate for the money that is about to be borrowed....
Can you say WTF?
Cheers,
- Hakrjak
Well, Bank of America is now trying to aspire to the same level of stupidity as Countrywide. Get this -- They are basically turning me down for an investment property loan, however -- they granted me a $30k line of credit the same day, in addition to about $60k of available credit I already had on credit cards with them. I'm going to end up buying the house with their money even though they wouldn't give me a mortgage, and instead it's just going to be on unsecured lines and plastic....
If they were only a little smarter, they would have SOME recourse or backing by Real Estate for the money that is about to be borrowed....
Can you say WTF?
Cheers,
- Hakrjak
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