LendingtreeLied to and lost deposit

Review updated:

Yesterday, I had to cancel a refinance because of what I believe to be deceptive information from Marc Griffith and Karyn Vogt lying to me about what I was to expect only to discover the final refinance arrangement was unacceptable. I requested that my deposit of $600 be returned because of a very poor and negligent appraisal of my home that started the events that led to lies from both Marc and Karyn leading me on to get as far as I did, then finally telling me the truth about the loan that I could not accept.

Yes, I do have evidence that demonstrates the appraisal was negligent at best, and that Marc and Karyn were both very interested in assisting me with the refinance in the beginning, only to develop an apathetic attitude and could care less whether I went forward with the loan or not since they already had my deposit, a deposit that they had no intention on returning regardless of the circumstances. Their blatant lies to me to stay with the process so I'd loose the deposit in the end is not only illegal, but unethical at the very least.

There's a lot more to this, and I'm prepared to take this as far as necessary to recover my $600 and find someone else to refinance my home with who will be honest with all the details and not sucker me into an unacceptable loan and stealing $600 in the process. Please get back to me as soon as possible. I will be in meeting throughout the day, please be patient and continue to contact me if you are unable to get a hold of me at first.

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  • Fc
      Aug 28, 2009


    I am not defending whatever did to you but I do want to explain something about the "negligent" appraisal. This is for all the others who are complaining about appraisals whether you ever come back to this board or not.

    In June 2009 Fannie Mae and Freddie Mac initiated the Home Valuation Code of Conduct, referred to hereafter as HVCC, that was done in agreement with Andrew Cuomo the NY Attorney General. You see Mr. Cuomo brought suit against these GSEs for what he termed deceptive appraisal practices and the over valuation of homes that led to the fall of the housing market according to him. So now instead of being able to order and appraisal I will explain the process to you that Mr. Cuomo brought about.

    The appraisal now must be ordered through an Appraisal Management Company, known commonly as an AMC, this company then contacts one of their approved appraisers and the appraiser sets up an appointment with the borrower to appraise the home. Once the appraisal is done the appraiser then sends it back to the AMC and the AMC then sends it on to the lender/broker. The lender/broker does not have ANY DIRECT CONTACT with the appraiser as it is thought that appraisers were getting unduly preassured to produce a value this way it doesnt happen. The problem is the appraiser may not be familiar with the area and its amenities, the appraiser is also getting paid less money than they were before due to the addition of a "middle man" who takes a cut of the fee, and, in some cases, the appraiser may not even be a true appraiser or unlicensed for that area. So the cost of appraisals has gone up and what used to be done for $325-$350 is now $400+ because everyone must get paid something right. Being in the business I have seen appraisals that are WORSE than what I used to see but are accepted by lenders because they have to accept them to a certain extent. This is one reason why the FHA will not conform to the HVCC because they realize it is not a good law.

    If you dont like your appraisal are the process I highly suggest you write to your Senator and Rep and ask them to sign the bill repealing this guideline. It is ridiculous that one man, Andrew Cuomo, can make policy for the whole United States but that is what happened. He is just a little fish in a big pond looking to make a name for himself so someday he can be in Washington as well.

    While I am not condoning the practices or how your loan was handled you have to understand that you are not the only one that has a short appraisal it is happening all over the country. It is my hope that if you had the motivation to get on this website and make your comments you will have the motivation to send a letter to the people who can do something about this law.

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