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April 30, 2009
Success Getting a HELOC?
I recently had a home equity line of credit application with CITI declined because i don't have quick release security bars on some windows in my house. Financials were apparently fine but the appraiser denied the loan. Has anyone else experienced this and more importantly has anyone living in Park Slope had recent success with such a loan?
Comments
Wells doing mine. No issue with removable bars or any such nonsense.
Posted by: Johnny at April 29, 2009 3:32 PM
try HSBC.
Posted by: argentina at April 29, 2009 7:47 PM
Since nobody else has said it I will: You don't want to be running around looking for the key to the window locks when your apartment is on fire.
This is a serious fire hazard. Would be wise to get it seen to.
My 2¢.
Posted by: phripley at April 30, 2009 9:52 AM
Allyson Moyal at HSBC.....718 488 4329......pls stay away from Shitibank they r useless
Posted by: bklyn14 at April 30, 2009 10:04 AM
Citi is being very tight with money right now. Jp Morgan is the best bet. Nobody is going to want to do a HELOC in the NYC area though. You will need at least 30 percent equity right now but they wont tell you that. They will just tell you that you dont have proper bars
Posted by: brickoven at April 30, 2009 11:08 AM
I was denied a refi from some out of state lender because of permanent bars on my ground floor windows. The original 19th C. bars every row house in this city has, had, and will always have. My mortgage broker could not get the lender to understand that this is de rigeur for the city. We ended up with a different lender, who never even asked about the window bars.
My advice, same as everyone here, find another lender, if possible. Citibank should know better, it's probably just a smokescreen, as brickover says.
Posted by: Montrose Morris at April 30, 2009 12:00 PM
citibank wouldn't even consider my heloc application because i wasn't going to live on the premises during the extensive renovation the heloc was financing, and therefore (in citi's view) the home was not my primary residence. after banging my head against the wall for a while, i moved on to hsbc and had no problems.
Posted by: z at April 30, 2009 12:13 PM
As per Fannie/Freddie Appraisal guidelines, if the unit does not have two forms of egress you must have safety latches on your widows. This is a major fire hazard. The reviewer may have not been aware of the two forms of egress. If you only have one, then I have to admit I agree with the underwriter and you should have safety release latches on your barred windows. Can you imagine if there was a fire and your only exit was blocked? I wouldn't want to picture being caught behind those bars with a raging fire.
Posted by: Adam Dahill at April 30, 2009 3:35 PM
Montrose, you bring up exactly what I was about to ask.
"The original 19th C. bars every row house in this city has, had, and will always have."
Yes! Is this a fire hazard? What do people do? Just go out the door, perhaps....?
Posted by: mopar at April 30, 2009 5:35 PM
Mopar, it seems to me that the 19th c. bars are only on the ground floor, which would have the front and back doors as forms of egress. Bars on windows above the ground floor are later additions, and especially if a house is subdivided, there should be safety latches on at least one of the back windows, and the egress from the front door. My house is also like that. Most people don't put bars above the parlor floor.
Posted by: Montrose Morris at April 30, 2009 6:34 PM
Thanks, Montrose. But now I'm going to obsess and worry about this! :)
Posted by: mopar at April 30, 2009 10:46 PM
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