Quicken Loans / deposit scam
Here is the story of how my present crisis has been created by the companies that are supposed to make a profit, yet also are supposed to help the people they serve.
I first saw a site that states: “Obama Urges Refinance Now, $180, 000 Refinance under $999/mo. See Rates – No Credit Check Required, on www.CalculateNew Payment.com. “
One enters the site and am confronted with the headline “US Treasury Bailout of Fannie and Freddy, Refinance with More Confidence, and there is a calculate new payment requirement using CalculateNewPayment.com. “
The person entering the site then fills out a series of forms that contain personal information including our social security numbers.
I was then contacted by the representative Abbey Wrysch, whose title is Executive Mortgage Banker-President's Club, for Quicken Loans. She was my first contact.
(An ironic side note, Quicken Loans Refinance is the second advertiser listed on:
A site for consumer complaints about Quicken loans!)
After quite a few discussion online and on the telephone, with a sense of emergency Abbey Wrysch pushed for me to go online and electronically sign a couple of forms. Here is an out -take in Abbey Wrysch’s own words: “I can't provide a good faith estimate until I accept your application. Once I receive your application I will have an approval including a full set of loan documents within an hour. Let me know when you are ready...” In this way I could lock in the lowest interest on record. I should have known that signing papers before on receives a good faith estimate is a red light! Only this is new to me and I was, and am, desperate.
Not knowing anything about how refinancing worked I followed her instructions thinking that she was representing me. She led me to the page and guided me to the place where to click to electronically sign the forms. This was all in a rush so that they could “lock in” a great new rate. I was told that the fees would be no more than about $3500 for ALL fees (in her words: “The closing costs based off of county specifics are $3429.00. This is a high side estimate.”), that I would be able to pay off all my credit card debt (one of the reason for applying), and that I would be given a “cash out” amount of $25, 000. The credit card debt was NOT to be a part of the cash out but in addition to this amount.
After I rushed to sign the paperwork and gave Abbey my credit card information, I mentioned I have no idea if the CITIBANK would honor the card since (like with all my cards) I am maxed out. She then took the number for the $500 deposit and I foolishly signed the papers. During one conversation I reminded her of the reasons that I am trying to establish the loan is in order to pay of credit debt – something in which I still struggle. Then when a real estate friend of mine looked at the papers he said what she promised is not in the Good Faith Agreement that I signed. Abbey Wrysch kept pointing out that I would put in my pocket about $900 a month. My friend said her words and the figures do not add up. He said “I wish I had come to help you before now. This is outrageous since it is $7500 more expensive and there is NO cash out.”
The fact of the matter is I was scammed out of $500 that I could ill afford to pay, and even though they agreed to close the loan and offered no service, they ran a $500 “deposit” through my credit card and took payment. On the Good Faith Estimate I signed, which was not the estimate placed in my file, it was marked that there was ZERO amount required for the deposit. On the document I signed the deposit of $0 was changed to $500 after signing. These are the documents I now have in my file.
Here are the words I used in my correspondence to Abbey Wrysch sent: Sat May 02 01:03:35 2009: “Thank you for waving the deposit.” I do not have a copy of the original set of documents I signed, instead I have a set that has been altered, and without this evidence – what I must do is eat the truth. This message was the one when I set out the discrepancies.
Here is her message to me:
I have requested your loan be denied out of my system. It's too bad that you don't see the benefit in this loan. You will recoup your loan fees in 8 months time. Most people it takes 36 months to recoup the fees. This loan will save you thousands and thousands of dollars. Good luck to you. I'm sorry you didn't work out.
Executive Mortgage Banker-President's Club
[protected] Ex. 72891
Sent: Sunday, May 03, 2009 10:37 AM
To: Wrysch, Abby
Cc: Mathews, Bruce R.
Subject: FW: Loan Application”
Yes – she was complicit in “credit fairy” tactics!
This is a predatory lender -
Though Abbey Wrysch knew my fragile financial position, she (or the company she is a part of) took my deposit for $500, and left me worse off than when I first contacted them. I had intended in good faith to honor the commitment, yet they worked in bad faith and did not give me the truth, since the words and paperwork did not match. When I look at the complaints about Quicken Loans, this issue is consistent and persistent in their operation, they seem to be in the business of collecting deposits more than providing service or loans. Read more consumer complaints about Quicken Loans: http://www.consumeraffairs.com/finance/quicken_loans_mortgage.html#ixzz0H6IvjWNP&A. Then check [redacted]s.
This leads to the next problem with CITIBANK, and their CITICARD policies. Citibank has a system that makes its most profits on poor people, like in this situation, where when I tried to stop Quicken from taking my deposit by informing CITIBANK that I do not want them to honor this deposit, they went ahead and did it anyway.
NONE OF THIS IS WHAT PRESIDENT OBAMA HAD IN MIND WHEN HE STARTED HELPING THE AMERICAN PEOPLE DISENGAGE THEMSELVES FROM PREDATORY PRACTICES IN THE FINANCIAL AND MORTGAGE REFINANCE INDUSTRY!
Why is a company like Quicken Loans allowed to defraud the public as they did me? They are in the business to take a deposits and are not good faith lenders as they pretend. I have lost $500 due to their bad faith practices. Here is my letter to them:
According to our conversation and email on April 24th 2009 you led me to believe that my total settlement cost would be about $3500 (actually $3364.45) at closing. In addition to paying all my debt (which is about $62, 000) you also told me there would be an additional $25, 000 for personal use, which is not reflected on the Good Faith Estimate document. You failed to disclose the loan rate prior to your added discount points.
I find your communications very different than your documents. Your Good Faith Estimate does not reflect the $25, 000 for personal use we discussed, but includes an extra $7500 Loan Discount Fee, which you did not tell me in advance. You told me that the loan would give me the additional $25, 000 for personal use. It does not add up. I have signed these documents in error and wish to withdraw immediately all obligations and affiliations with you and/or your company at this time. I believe we can work this out between ourselves without my requesting legal representation.
My directive is that you (and your company) release in writing of all paperwork related to this loan. I have referred you to several of my friends and now I am embarrassed to reveal my findings. One of which is to my boss.
And after this was sent and they stopped the process, they took my money by charging my credit card account - after the fact. Please look at the consumer complaints online about this systemic practice.
This company is a part of the real EVIL EMPIRE!
People need to be protected from fraud.
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