I recently was declined a mortgage for my home of 20 years. Amerisave was extremly slow in processing (several months) but indicated everything was fine. I received a letter yesterday that I had been declined. Here was my situation, They sent an appraiser out (Amerisave) who appraised the house at more than enough to cover the required collateral requested for a 30 year fixed at 4.5 % . I have a secured income of over 50,000 per year, owe just my house and car lease. Have a credit rating of 800. have 25,000 plus in savings. Pay all bills in their entirety every month. Have lived in the residence for over 20 years and have never missed a payment. All insurance and taxes are maintained up to date. I have personal assets worth many thousands of dollars including a classic car appraised at over 50,000. I have never been turned down for credit in 40 years. I was not notified within the 30 day legal limit whether I was approved in fact it was several months. I was told the reason was they didnt like their first appraisal so they had an outside concern do something like an appraisal (no one came to my house or enter my home to do this nor was any call or notification made. They said they had to go by their second appraisal. Interestingly I had another appraisal mad on the house in early summer it bottome lined at the same figure their first one did. Both figures were 235,000 and I wanted to mortgage 194,000. (more than 20% equity)

I feel the determining factor here is that I AM 67 YEARS OLD! This against the law and I intend to pusue in aggressively.

Kelly