Wells Fargo / loan denial for no reason!!
We submited information for a loan with our loan broker on Jan. 23-09 (today is March-17-09). trying to get in on the very low interest rates a few months ago. Mind you... we have no debt, no bad pay. Appriasal came in very low but was not a big deal since we have so much equity and was not taking much out at all.
I just received a call from our broker stating Wells Fargo denied our loan!! They said since we were the only house on the block they could not find comps!! Let me just say down the street from us they are selling crappy little condo (in an alley) for the high 500's. We were appraised with large lot (with enough room to build same size condo complex down the street) 2 houses for 350 (very low for our area) Wells Fargo lowered to 310!! We were asking for a 200K loan!!! With money in the bank, no bad debt etc., etc., etc.
I thought we gave Wells and other bank our tax dollars so they can help get the economy going again by lending!!! Our laon is a no brainer and they held it up for months and denied it! Does that sound like a bank that is handling the bailout the way it was meant????
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