Moutain Beach Mortgage Company
216 Stelton Rd.
Piscataway New Jersey
U.S.A.
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Moutain Beach Mortgage Company They requested that I have my home appraised in order to refinance my mortgage. Piscataway New Jersey
1Author
1Consumer
0Employee/Owner
Mountain Beach Mortgage, located in Piscataway requested that I have my house appraised before they checked my credit. They indicated that was eligible for a $20,000.00 loan. I lost $500.00 that could have been
used to pay my mortgage; the loan was rejected and Mountain Beach Mortgage refuses to refund the $500.00.
Cynthia
Bloomfield, New Jersey
U.S.A.
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REBUTTALS & REPLIES:
1Author
1Consumer
0Employee/Owner
Updates & Rebuttals
#1 Consumer Comment
AUTHOR: Nikki - Coconut Creek (U.S.A.)
SUBMITTED: Friday, August 01, 2008
POSTED: Friday, August 01, 2008
They are probably trying to cut their expenses of doing the paperwork and running people's credit to pre-qualify for a loan when the house may not be worth enough. When they saw your home was worth enough to qualify for $20,000, they then ran your credit report and put through the paperwork and you were denied.
The $500 appraisal fee was already paid to an appraisal company for the work they did. No way to get that money back, the appraisal was done. Make sure you at least get a copy of the appraisal since you paid for it.
#2 Owner of Company
AUTHOR: Dave B - Piscataway (U.S.A.)
SUBMITTED: Tuesday, September 30, 2008
POSTED: Tuesday, September 30, 2008
I have dealt with this with the BBB and won the case and again I will explain what happened in detail. Cynthia came to me to refinance her property (not for a line of credit but for a complete first loan refinance) in the end of January 2008. I did run her credit immediately and it was good enough. I told her we need to appraise the property which she paid for directly to them. When I got the appraisal back (property in very poor shape) and the rest of the documentation I requested of her I submitted the loan to an Investor and this was the end of February.
Investor after Investor refused to lend on a below average condition house. On top of that Cynthia blames this $500 as the sole reason to her going bad on her mortgage/credit. What she forgets to mention is one of my Investors re ran her credit in early March and they found a 30 day mortgage late from January of 2008 newly applied to her credit profile. As she was speaking to me in January she was already not paying her current mortgage and not telling me. I told her the investors would not lend her money to do repairs on a house they mentioned was in habitable to live in.
Finally the appraisal was the reason (and a new mortgage late) for her denials and there is no reason for me to re pay that to her. How did I know that until it was done. The only thing she could have done was tell me she was already 30 days late on a mortgage and it would have saved us both a lot of time.
