I received a construction loan from a bank to build my home after I became divorced. Once I finished and transferred to a mortgage loan I wanted to get an Equity Line of Credit against the house to pay off some debts from my marriage/divorce. My credit at that time was lower than it was when I recieved the construction loan. The lady at the bank said she would put me in for the E.L.C. which would probably be turned down based on my present credit, but she would override it and get me the loan so I could pay off debts.
She has told me that she is unable to get me the E.L.C. due to my credit score. But if I had some of those debts off my report then she would be able to get it for me. So a good family friend who banks at the same bank came and gave a pretty good sum of money to pay off some debts. She was then going to get me my E.L.C. loan in July so that I could pay the friend back and pay off the remainder of my debts. It is now October and she says I cannot get the loan without a co-signer. I sent her an email very upset because I only borrowed from the friend based on what she told me. She sent me back an email saying that for her to override the decision as we had discussed, she would have to document the fact that I was wanting this money to pay off those debts.
The email from her proves that she had previously told me that she would override the banks decision and get me the money to pay back the friend and other debts. But she is now refusing to do anything more for me. Of course I don't blame her or the bank for my divorce or my debt/credit situation. But doesn't this constitute a verbal contract between the bank and myself since she is the banks representative? In a big bind and need some help. Thank you ahead of time for any help you can be.
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She has told me that she is unable to get me the E.L.C. due to my credit score. But if I had some of those debts off my report then she would be able to get it for me. So a good family friend who banks at the same bank came and gave a pretty good sum of money to pay off some debts. She was then going to get me my E.L.C. loan in July so that I could pay the friend back and pay off the remainder of my debts. It is now October and she says I cannot get the loan without a co-signer. I sent her an email very upset because I only borrowed from the friend based on what she told me. She sent me back an email saying that for her to override the decision as we had discussed, she would have to document the fact that I was wanting this money to pay off those debts.
The email from her proves that she had previously told me that she would override the banks decision and get me the money to pay back the friend and other debts. But she is now refusing to do anything more for me. Of course I don't blame her or the bank for my divorce or my debt/credit situation. But doesn't this constitute a verbal contract between the bank and myself since she is the banks representative? In a big bind and need some help. Thank you ahead of time for any help you can be.
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