After sixty seven days and what must have been a hundred phone call. Each day I was told that I had been approved and we only needed another document or form signed. I was told that I had completed all the paper work needed except for the Real Estate Apprasial Report.
I made it very clear that I was not going to pay for an Apprasial Report unless they assured me that my credit had been approved.
I then paid $430.00 for the apprasier to come out. I only did so after being told that by paying the $430.00; which was $105.00 more than the apprasier was really charging for the report, because paying the higher price would speed up my closing date.
Two weeks after I paid for it the report came in $17,000.00 more than I needed to qualify for the 75% of value I was seeking.
Next I get a call saying that they where having problems with the Title Company getting a title policy. I then contacted a local title company that understood the local County's way of doing business and issued the Title Report to the underwriters satisifaction. I was then told that they would be sending the final papers in a day or two.
A week and a few days later I didn't get any calls all day. I then called my "Loan Officer" (phone salesman/ pitchman) he put his "manager on the phone" (I think a fellow salesman) who told me I had been turned down due to my poor credit, but however they would lend me enought money to pay off my sewer district lein that was under 4% for 20 years pay off the gross amount on my outstanding credit card debts that I had already gotten commitments for $3500.00 less than they where going to pay on my behalf and that done I would get zero dollars cash for the $77,000.00 apprased value of my home and be in debt for $27,000.00 on it at an interest rate of 14%.
So as my math figures it I would be getting $9000.00 worth of my debt and insurance paid for $27,000.00 and the remainder would go to the fees and cost of the loan and paperwork. Opps I forgot to add the $430.00 I paid and the $28.00 other fees I had paid to the county to get the title as it should have been.
My "Loan officer" assured me for several weeks that I would be getting a loan for $57,750.00 and I should be getting a check for $48,000.00 after the fees in three days from signing the papers that were to be sent the next day.
Now after I heard this I made it clear that I was not a happy camper! The Vice President of the Direct Sales Division sent me an email. Which I have copied and pasted here from his email:
"I appreciate the opportunity to speak with you and discuss your experience with Centex Home Equity. Your insight is invaluable as we seek to improve our levels of customer service. In light of the apparent miscommunication regarding your file I am going to be sending you a refund of $430.00 to cover your appraisal expense. You should expect a check within two weeks."
If this check arrives I will just count my self lucky that I have not been lied to anymore by this Company. I can only hope that this was the action of an over zealous salesman. However they are responsible for managing and training their employee's.
If my credit was so bad that their underwriter was going to do this I should have never been told everyday that I had been approved for a loan as decribed in the disclosure papers they sent to me.
I asked everyday when I talked by phone with the "Loan Officer"; "Are you sure my poor credit has been approved for the loan I am asking for and that the only delay is due to getting the paper work completed.
All of the Mortgage companies pull your credit as soon as you give them your social security number and then tell you what your FIKA score is. At that point they should then know that your are really approved or not. Why lie in hopes of stealing someone's home that has no mortgage on it to start with? Because I or anyone has a low credit score they think they can rip you off.
I am better off selling off inventory I have in my business at 50% less than I paid for it at wholesale or pawn it and take the loss than pay out what would be a $9000.00 loss to gain $10,000.00 and still have to pay 14% interest on $27,000.00 for 20 years.
They are really insane to think that they are anything but financial thugs. I still wonder why their Texas office handles the Arizona customers?
J R
Bullhead City, Arizona