ultrarunner
Epic Contributor
- Joined
- Apr 6, 2004
- Messages
- 23,246
- Tractor
- Cat D3, Deere 110 TLB, Kubota BX23 and L3800 and RTV900 with restored 1948 Deere M, 1949 Farmall Cub, 1953 Ford Jubliee and 1957 Ford 740 Row Crop, Craftsman Mower, Deere 350C Dozer 50 assorted vehicles from 1905 to 2006
My approach has served me well in that I shun those with charge offs and evictions...
The only way to overcome is by having a co-renter with no charge offs or evictions...
And if your family is unwilling to stand up for you why would you expect a stranger?
Along the way I had a purchase money loan from countrywide that came with a line of credit... didn't want it but part of the attractive package.
So a few years down the road I found a property that made investment sense but my money was mostly in CD so I said OK... I have this line of credit of 250k so no problem taking 75k.
Well, screwed again. When I attempted to draw I learned my line of credit had been closed at my request???
I never requested anything and until recently receiving regular reminders on how to use my line of credit...
Not one to accept the explanation as it was not true I dug into it and learned Countrywide had unilaterally closed all lines and coded it at borrowers request so the closing would not be a negative on credit reports.
So my line which runs with my loan term was arbitrarily terminated without a word to me with the ruse I did it...
Just shows institutions pretty much can do what they want including lies.
I went ahead and took the early withdrawal penalty of 3 months intrest by cashing my CD early...
The situation just left a bad taste as there were many buy opportunities 2010-12 but Countywide/Bank of America left me high and dry when it would have been prudent for me to use.
Plenty of equity in the home as I put 50% down...
The only way to overcome is by having a co-renter with no charge offs or evictions...
And if your family is unwilling to stand up for you why would you expect a stranger?
Along the way I had a purchase money loan from countrywide that came with a line of credit... didn't want it but part of the attractive package.
So a few years down the road I found a property that made investment sense but my money was mostly in CD so I said OK... I have this line of credit of 250k so no problem taking 75k.
Well, screwed again. When I attempted to draw I learned my line of credit had been closed at my request???
I never requested anything and until recently receiving regular reminders on how to use my line of credit...
Not one to accept the explanation as it was not true I dug into it and learned Countrywide had unilaterally closed all lines and coded it at borrowers request so the closing would not be a negative on credit reports.
So my line which runs with my loan term was arbitrarily terminated without a word to me with the ruse I did it...
Just shows institutions pretty much can do what they want including lies.
I went ahead and took the early withdrawal penalty of 3 months intrest by cashing my CD early...
The situation just left a bad taste as there were many buy opportunities 2010-12 but Countywide/Bank of America left me high and dry when it would have been prudent for me to use.
Plenty of equity in the home as I put 50% down...
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