equity loan?

Question

my husband and i just got a equity loan on the house i do not understand how this works part of me is saying that we are getting screwed....
we were approved for 60,000 they only gave us 30,000 upfront and told us that we had to wait 45 days after the windows were put in to get the rest, now when we got the 1st 30,000 we have to go and get estimates and there laywer wrote us out checks we did not get any of the $$ in hand, now we are waiting for the other 30,000 which it has passed 45 days is there anything i can do i know that as they hold our money they are making interest off it and i think it is going to be the same was as the last 30,000 does anyone have any advice on what i should do and is it just me or does this not sound right, like i said we did not have any money in hand we had to show estimates and there lawyers printed out the checks and after we paid for the windows ect we had to bring in the final bill to prove that we paid them.....

Answer 1

I strongly urge you to read your loan documents. there are all kinds of loans out there today, and so who knows what rules you got, but you seem to have something more like a construction loan.

I have never had part of the money held back and we've had 7 equity loans in the past ten years of so.

What is the current balance on the loan? Is it 30K?

Your state will have a consumer fraud/bank fraud/corporation counsel that is for protecting consumers. You should check with this agency, after reading your loan documents.

This loan sounds like a disaster as an equity loan, but if it's a home construction loan, it sounds more normal.