Warning: My HELOC income verification took 8 months of back and forth

I tried to get a HELOC on my duplex in Portland last March and the income verification process was insane. They kept asking for more tax returns from my small electrical shop, then wanted signed letters from my accountant (who was on vacation for 3 weeks). Then they flagged a single late invoice from 2022 and demanded an explanation. It took exactly 8 months from the first application to the day the money hit my account. Has anyone else dealt with a bank asking for documentation that's basically impossible to get?

2 comments

2 Comments

william_henderson19d ago

Man, that sounds like an absolute nightmare. I'm sorry you went through that whole mess. What I'm really curious about is, did the bank actually give you a straight answer about why they needed that specific invoice from 2022 explained? It feels like they just pick one random thing to hold everything up, like they're looking for a reason to say no.

ray36319d ago

See it different. Most of the time it's not some random gotcha, it's a specific compliance flag that got tripped by something weird in the numbers or dates. Banks are lazy as hell, but they're also terrified of audits, so they'll hold up everything over one line item if it doesn't match their internal checklists.