Complaint / review text:
I applied to AmeriSave on 10/2011. I had a credit score of 815/805. I had equity line of credit which was to be mostly paid off with approx. 10k left on credit line. It was agreed upon and the process started. Credit line was subordinated and line was reduced to the 10k. No further credit line available. It wasn’t a problem as mortgage was going to be approved. I submitted paperwork numerous times. I asked questions already answered. There were constant delays for different reasons.in fact, I was told only delay was receiving subordination agreement from bank which they did supply. I was told in November the loan looked to close in a week. Again, delays. Finally, I was told in February that loan would probably not close unless I paid off entire amount. I was going to pay off the 10k within a year so did not want to finance it for 30 years. New appraisal done, which is lower of course but some items left off new appraisal.
The new credit score was down to 746. I got credit report from Credco and it showed credit at 776. So I did not compare to score supplied by AmeriSave. Why did it drop from 815? From October till present assets increased by approx. 130k and income by 3-500 per month. Loan was denied in Feb. For credit and debt ratio. Went back to reinstate equity line of credit with bank, which was 15k above amount applied for at AmeriSave, and bank agreed but needed letter from AmeriSave stating mortgage did not go through. I had a very difficult time getting that as AmeriSave would only send me the credit denial with the lower inaccurate credit rating. I only received a letter after title company helped me get it. My bank charged me monthly while process was going on for having balance higher than the 10k new line.
I do not disagree with the charge; however, I was finally left with no loan and no available line of credit, loss of rental income as money was being used to upgrade rental property. It would have not been a problem if either equity line or mortgage money was available, but I had lost both, and a contractor was awaiting payment to complete project money for appraisal credit check, etc. For naught. This does not make sense to me. Why was subordination not a problem till 4 months into the process and why second appraisal and credit check? Possible age discrimination. I am 64. I just can’t figure it out.