Hi, I am new to this website, and I need some advice. We had a equity line of 35,000 open, and we used it. Recently went to the Bank and asked if we can have it increased to 100,000 (asked to pay the fist one from that 100,000). Our mortgage is about 90,000 right now, and the house worth is well above 220,000. At first they said we definetly qualify for that, but need to do the appraisal. After appraisal counter-offer was 70,000; because they appraised for 190,000, which is just radiculous! Well, we agreed to that amount. So, in the end we were supposed to have 70,000-35,000=35,000 available balance in Equity line.
Went to the bank after three days of acceptance passed, and asked to put available equity into my checking. They did, they put 70,000 in my checking. Because I was not sure why they did that, and if they paid the first line, I moved money to different bank. Finnally got the receipt that they did paid the first line. Well, know we have more equity money that they gave. They did made a mistake, but we have asked them for 100,000 in the first place and they said we are qualified. Bank ofcourse called, said we need to paid the overpayment back. I told them I can agree to monthly payments if they want, lady at the bank said that it is not a secure loan, and we do need to pay. We really need the money to pay for the driveway, roof and siding. Plus I have school money owed. Please can somene tell me if I still can keep the money and just make monthly payments? Thank you for any input!