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We too were approved, qualified and locked at 4.375 at approximately 2.5 pts. We signed our docs on 5/15/09. I called two weeks after to see why our account had not received the cash out funds, we could not get hold of anyone on the contact phone number. When we finally got hold of a person at IGS they said they would get back to us but that the funds should show up anyday. We were contacted today (6/11/09) and told that the they could not fund the loan because conditions had changed and we no longer qualified. I have already filed a complaint with the BBB, California State Department of Real Estate and I am contacting an attorney to see if we can claim damages. I intend to call KFI and let them know what a sham IGS is. If anyone is interested in looking into a class action lawsuit, please get hold of me on the number listed.
The complaint has been investigated and resolved to the customer’s satisfaction.
My story is similar as well. Does anyone know the name of the company IGS uses to appraise properties?
MY story is similiar to the ones posted, add me to any class action suit. randmmom@gmail.com
After paying the $995 on March 25th and them all the paperwork I was not hearing back from them so I emailed Luke Fox to tell him my disappointment and how they were leaving us in the dark on what was happening. He replied and told me, "Your loan went in to the underwriters on April 10th. We got the rate locked so we don't have to worry about the rate going up." So I thought "great" everything is good.
We signed loan docs on May 1st. We were told our next payment would be due July 1st. Well, towards the end of May I was still getting things from our current mortgage company so I went online to see if it had been paid off and I was shocked to find it hadn't. I sent an email to a girl named Kashman Zamani who was handling the loan at that point to ask if everything was okay with the loan and if I needed to make a June mortgage payment to our present mortgage company. She responded by saying everything was fine with the loan. Just that the government wasn't releasing funds quickly but everything was good and if it came to June 10th and it hadn't funded I should make a June payment.
Well, June 10th came not with a funding but with a phone call from Luke Fox. He tells me he has good news and bad news, though I've yet to hear any good news. He tells me that even though our loan was hours away from funding they could not fund it because the "perfect storm" occurred. The warehouse line was full and the rates spiked way up. Well, to my knowledge we still had a rate lock. Now Luke's "good news" was that we could lock in this higher rate and still save money and after three payments we could roll down to a lower rate, if there is one, for a mere $2, 000. Or, we could do a five year loan at 4.6% or, play the wait and see game. I asked him if we could get the $995 fee back and he told me no, it's not an option. His words were, "The number one reason we have for not refunding you is because your loan is still a huge benefit even at the current rates."
I told Luke none of these were an option for us. We only did the refinance because of their advertised rate of 4.375% and that all the legal papers we signed were for this rate, nothing else. What we signed for and what we were promised is not happening so the only option is to refund our money. I also told him it is not acceptable for him to try and tell me what is beneficial for me and that they are still saving us money. It's still not what we paid and signed on for! We would never add the amounts needed to our loan or pay $995 up front to go from a 5.75% to a 5.125% with a 1.5% buydown. And, since we were not informed that there was a problem then the fault is theirs and they need to refund our money. They still refused and kept trying to give us higher interest rates to lock into. So, we are out $1, 945 thanks to these criminals!
IGS collected $995 up front, plus I paid $280 for an appraisal for a 30 year refinance at 4.875 with one point. I signed loan docs on May 6th. Between May 6th and June 15th I spoke and emailed several of their employees concerned about the delay in funding. I was reassured again and again that they were behind due to the high volume of refinances, but everything was okay and my loan would fund. During a weekend legal radio show I heard someone complain that they had been notified by IGS that they could no longer qualify for the rate on the signed loan docs and that when they went to their offices in Irvine there were over 100 angry customers in the same situation. The next day I was contacted from IGS and told that they had fired my loan officer and they had lost the lock. They also pointed to a clause in the contract that stated IGS could change the terms of the loan at any time. I thought it applied only until the loan docs were signed. They offered a loan at 5.25% with 2 points and stated that it was only $79 more a month. That is over $26, 000 a year. They also will not refund the $995 up front fee.
If they did this successfully to 100 people, that is $100, 000 in up front fees that they have collected and are keeping. I think that even with their clause, due to the volume of people they pulled this bait and switch on - it should be considered fraud. I am willing to join any class action suite against them. All I really want is my $1000 back and to prevent them from being able to do this to anyone else.
I signed loan documents and then never heard from them. I finally contacted them which was not easy and was told they were not honoring the rate. They breached the contract. I was told I was locked into a rate which was a lie. I was told teh 995 fee would be returned if there was a problem which was a lie. I was taken by this company. I have 500, 000 in equity, perfect credit and two good incomes. This loan was a no brainer. This is not a good company to deal with. mjermansen@verizon.net.