Mars, PA asked in Banking, Business Law and Consumer Law for Ohio

Q: I was informed and given a letter that I was approved for a $60000 home equity loan but they changed the amount.

I got a letter saying I was approved for a $60000 home equity loan. The next day I was called and told that they were wrong and it was only $40000. The next day I received a letter that stated I was approved for the amount of $60000 signed by a loan officer. I was later informed they wrongfully sent the letter and it was only $40000 not $60000. Is there anything that I can do about this?

2 Lawyer Answers
Bruce Alexander Minnick
Bruce Alexander Minnick
  • Business Law Lawyer
  • Tallahassee, FL

A: Do about what? You asked for $60,000 and you are getting $60,000. Where's the beef?

Taylor P Waters
Taylor P Waters
  • Consumer Law Lawyer
  • Columbus, OH
  • Licensed in Ohio

A: Probably not. Those letters are usually phrased with language that cabins the promise, such as "subject to credit check" or other clauses. Take a look at the letter. Even then, you're probably not out any damages. Like, attempting to get this line of equity hasn't caused you to lose anything or any economic damages.

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