"We are using a credit union. We refinanced our home and were supposed to close on the refi and home equity loan at the same time. When closing time came around we were told to go ahead and close and re-apply for the home equity loan because they didn't get it put together in time. When we re-applied, they used all the same info including the appraisal. The 1st page of the appraisal shows that we are in a declining market area - even though it also states that only the higher priced homes are..."    View Post

"Can a lender lower the amount being financed on the day of closing (on a home equity loan) that was agreed to on the truth in lending statement? The lender states that the underwriter decided that the area that we live in is 'declining in value'. The appraiser says that it is stable. The lender never sent the paperwork, as requested, prior to closing. The lowered finaced amount was never disclosed until viewing the paperwork at closing. Switch and bait? Deceptive? Is this allowed? We did..."    View Post