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Quicken Loans / I've been scammed!

1 United States Review updated:

Quicken Loans - www.quickenloans.com

I recently had the pleasure (not) of working with Quicken Loans. I consider myself a very smart person when it comes to matters of finance. I've had some bad things happen in the past that made my credit situation not so great. I have a first and second mtg. on my home. The first is fixed at 6.75% and the second is also fixed, but at a much higher 14%. The first is for $315,000- the 2nd is around 30,000. I was hoping to combine both of these mortgages for 1 nice low interest rate and was very thrilled when Quicken called me to say that they could offer me one low rate (6.75%) mortgage by combining both of my loans. They just needed a credit card to put my 'good faith' deposit on in order to lock my great low rate. The red flags started going up, but they were promising to deliver. I told them my home was valued somewhere in the $380-390,000 range and was again, insured that I shouldn't have any problem receiving financing. I am aware that the housing market is at an all time low and asked the broker several times what my chances were of my home appraising for enough to make this work. He said that he was 99% confident and that based on the tax records, I should have no problem with the appraisal and if I'd just give him my $500, he would go ahead and lock my rate and order my appraisal. Supposedly, he did that and the appraisal was done within the next 2 days. Unfortunately, my appraisal came back at only $335,000- which made ABSOLUTELY no sense to me because I just had an appraisal done in the beginning of the year that came back at $375,000!! There have been several home sales in my area since and it makes sense that that number should have gone up- not down in just a few months time!! Well, my Mtg. broker never called after the appraisal and I finally decided to call him to find out about it. He told me the bad news ($335,000) and said that he would speak to his mgr. about doing a value appeal??? If that didn't work, he would order a second appraisal. That is where I stand as of now. I should have explored the [redacted] before dealing with this company, and I also should have gone with my gut instincts and NEVER have given them my credit card number. My mortgage broker got rude when I told him that I just didn't feel comfortable giving him a credit card before anything was done, and he promised that all would work out and that I didn't have anything to worry about. Does anyone have any suggestions on what I can do now? Is that $500 just gone, or do I have any recourse?? HELP!

Va
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Comments

An
  4th of Oct, 2007
0 Votes

I used to work for this company. As much as I dislike them (for much different reasons) I have to disagree with your complaint. Appraisals are done by 3rd party companies. Mortgage bankers can't exactly come to your house and do an appraisal. It is unlawful for the banker or the client to have a relationship w/the appraiser, so the company has a 3rd party that sends out appraisers.
Some companies completely disregard this law, and send out appraisers telling them exactly what value they need, and bribe them to give it to them.
This will only hurt you however, in a case like this, where you are lead to believe that your house is worth more than it really is, hindering your chances of getting a good refinance.
So honestly, this has nothing to do with the company or your banker.
I don't have an explanation for his rudeness, however.
I hope this helped clear things up.

No
  19th of Dec, 2007
0 Votes

Unfortunately your appraisal didn't work out but even if you hadn't given them the credit card, you would still have to pay for the appraisal. My sister went through a broker who pressured into a loan and when she backed out, she had to pay the appraisal. Why should they have to pay for an appraisal when you were misinformed about the value of their home? You should be pissed at the company that let you finance more than the value of the home. unless you are in Seattle or Austin, i'd bet your market value has decreased just like it has all across the country.

Jf
  24th of Apr, 2008
0 Votes

I too was ripped off, I complained loud enough and was getting ready to really yell...I was called by the "manager", they made sure I got my 500.00 back.. See my complaint...same story.

Jf
  24th of Apr, 2008
0 Votes

By the way I did get my 500.00 back...

Li
  7th of Jun, 2008
0 Votes

I agree slavary was abolished years ago but obviousily Dan is taking out on Americans what Hitler did to his people in the concentration camps!!!

Is is sickening and I would love to get everyone together and take this to the Supreme Court because this is a supreme court issue.

I also worked at Quiken for 2 years and left it was destorying my entire family and children. It is like a hooror flick they bring red bulls up past 7:00 p.m. so we all could keep working until Midnight...

For what 24, 000 a year and wow 250.00 on a loan that you are making 7k on

Tr
  17th of Apr, 2011
0 Votes

THEY TRIED THE SAME THING WITH ME BUT I KNEW THERE WAS NO WAY I WOULD EVER GIVE THEM $500 TO SUCURE A LOAN! THEN WHEN I TOLD THEM TO KISS MY [censor] THEY CONTINUED TO CALL AND HARASS ME DAILY. BUNCH OF [censor] HOLES WORK THERE! DO NOT US THEM! RUN FOR YOUR LIVES!!

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