So about a month back I applied for a HELOC (home equity line of credit).
When they ran my address through "the system" my ghetto address came back tagged as declining market and the bank wasn't too excited to give me tons of cash. It turned out okay in the end, but this declining market stuff is B.S.
So I had a buyer looking at a house one mile over and 3 blocks south of me... basically my old neighborhood. This owner is selling the house for $100k less than he bought it for in 2002. When talking to the mortgage guys about it, they checked it for declining market status: Nope! it's fine! No declining market there!
Seriously, this is such B.S.
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2 comments:
Is it the zip code that's doing us in?
The funny thing is that the mortgage companies will not tell us how they are doing it.
I am 99% sure it is not by zip code, though.
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