Help from the "Bailouts"
By gangus2
@gangus2 (373)
United States
December 23, 2008 1:15pm CST
Has anyone gotten any help from the bailout? Refinancing of your mortgage, a loan for a car, personal loan, anything? I keep hearing that the banks are helping now that they have recieved funding, so I am just curious and would like to know if the help is working. Even if you haven't, have you tried and been denied?
1 response
@spalladino (17891)
• United States
23 Dec 08
Just the opposite. My brother-in-law has throat cancer and recently had radical surgery to his troat so he can no longer work in his cabinet shop because of the dust. He's been trying to get a mortgage on the building the shop is in, which he owns and which was valued at over $300k. The bank told him that the smallest loan he could take out on the business would be $100k so he filled out the paperwork, paid for the appraisal and is waiting...and waiting...and waiting. He has been waiting for several months. He's been approved but the funds have not been released and the bank has a new excuse every day. Business has been slow and he's been forced to cut back on staff hours, trying to avoid laying anyone off, so he really needs the money and is becoming very frustrated.