Asked by Lee Chase, Wells, ME • Thu Jun 14, 2012
Our home currently has no mortgage. We applied for an equity loan since the house is dated 1865 and in need of serious repair. The bank approved us for $80k, provided their assessor came back with an appraisal similar to the town's assessment of $174k. The bank's assessor came back with $130k. The bank backed out of the equity loan, stating that our home was not "of any value." HUH??? They won't give us the $80k 12-year loan to repair the house, but they said they would consider giving us a $150k 30-year construction loan... We can't afford that. This makes absolutely no sense to me. Please help me understand!
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