Home Refinancing Horror | Gripevine
I contacted Quicken Loans to Refinance my home mortgage. The lower interest payment sure would help since I am a school teacher with 2 small children. Quicken Loans gave me this very rosy song and dance about how easy they are to work with and how quickly my lower interest mortgage would be in place. After I provided them with basic information, they informed me that everything looked good all they needed was a good faith deposit in the amount of $400. I was very nervous about giving them the money, but their A+ Better Business Bureau rating as well as my lender's verbal guarantee gave me enough confidence to move forward. After I sent them my money everything changed even though my home was appraised for more than the amount of the mortgage. They would not return phone calls and all I ever got was a rejection letter. I contacted the BBB and my state's Attorney General. All I wanted was a lower interest rate mortgage. This was in June 2010. I was not able to resolve my issue. I am out of pocket $400 but I am still in my home and my mortgage payments are current.
I take every opportunity to warn others "DO NOT CONTACT QUICKEN LOANS" under any circumstance.