• Report: #285903

Complaint Review: Castle Point Mortgage

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Wed, November 21, 2007
  • Updated: Fri, November 23, 2007

  • Reported By:Fairfield New Jersey
Castle Point Mortgage
Elkridge, Maryland U.S.A.

Castle Point Mortgage - Devon Duggins (CSR) - Ken Vermillion(Duggins Manager) - Chad Jones (Center Manager) - Jeff Buckley (Compliance Manager) Promised Equity loan no problem was approved not approved approved not approved no one calls back ever Elkridge Maryland

*Author of original report: The lunacy continues

*Author of original report: Clarification

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

I called Castle Point Mortgage early in September for a home equity line of credit. I was told by the initial rep. that Castle Point does everything in- house and it is a very quick process. I now know that was a lie. When a googled Castle Point yesterday I bought up a mortgage industry newsletter that stated castle Point moved out the wholesale mortgage business in August and would be mortgage brokers. We soon found the actually funding was to be done by Chase.
On September 9, 2007 I was told by Castle Point, Devon Duggins, that we were approved and the loan would go to underwriting. We began this process in September and on several occasions were told we were approved, then not hearing from ANYONE for days, we were told more information was required. We provided the information and were told approval was imminent. Early October we were denied. We sent a complaint email to Castle Point website and received a call stating we could get a loan, but at a higher rate 9%. Chad Jones said it would take a week, or two. We received a copy of a fax from Chase to Castle Point listing conditions (WHICH WERE MET) stating an okay to close. Once again nothing happened. On a few other occasions we were told we were approved and nothing happened. We have been strung along for over two months. We were approved, not approved, approved, not approved, etc. Starting back in September, it got to the point in which closing dates were discussed for the following week.no one communicated anything for days and we only got answers when we pestered Castle Point. This imminent closing nonsense was thrown at us several times. The options we had during September are now gone. Your excessive amount of inquiries has impacted our credit reports and we are disgusted by the lack of common courtesy. Needless to say, we are quite frustrated.

In September we had other options, we opted for Castle Point because of the promise of quick service. We then found out Chase was involved and being longtime Chase customers were satisfied. Chase holds a $133,000 mortgage on our SECOND home, which is valued at over $400, 000. We have a primary home valued at well over $700,000 in a neighborhood of new construction (sold at $750,000- 1.5 mil). Check our social security numbers and you will see the large amounts we once had at Chase . We transferred the funds elsewhere due to lack of investment products. How can you state in your rejection letter, Value or type of collateral insufficient? Between the two houses there is equity of over $700,000. I even sent you a tax form showing a profit from a an additional property sale of $180,000. Since when does unable to verify income factor into a stated income loan, as written on the loan agreement? Excessive obligations in relation to income? Firstly the credit scores (HIGH SCORES) show no defaults, or foreclosures. The obligations were a lot less in September but thanks to Chase they have increased. Isnt the idea of debt consolidation to take care of those obligations?
How can you treat people like that? To add injury to insult you sent us a package, two weeks ago, with Vytautas credit score, and those of a couple from Long Island; however Claire was not there. Who received hers? You are clearly not in line with credit privacy regulations.

Not that anyone seems to care; but, back in September we needed the loan to consolidate debt, throw my grandson a Baptism party, and prepare for the coming holidays. Claire just started a teaching job (Union City-$56,000 year-verifiable) and my web business doesnt pick up until after the holidays. A $60,000 loan is not much compared to the equity verified.
Imagine being told you are approved on several occasions then after two months you find the loan was an illusion.
DO NOT TELL ME ABOUT THE NATURE OF THE MORTGAGE INDUSTRY AND PLACE THE BLAME THERE, AS CASTLE POINT COMPLIANCE MANAGER, JEFFREY BUCKLEY DIDthat is no excuse for treating consumers like garbage. I am sure most citizens would agree. I also know there are new regulations further protecting consumers.
We expected a much higher level of service from Castle Point, and especially Chase, and we are quite disappointed. Throughout this whole episode I have been getting Chase emails and notices with my Chase mortgage bill stating as a Chase customer, loans are available to me: An easy process. If we were told earlier that we werent approved it would have been acceptable; but, being in limbo for this long, being treated so unprofessionally, has made this a matter of principal. I was told by several institutions that a no doc, low doc refinance is much easier to obtain than a equity loan of the same nature. Be assured that as soon as rates improve we will get rid of the Chase mortgage. Im sure our small mortgage doesnt matter to a heartless megabank such as Chase. I will not go way and will pursue this as long as it takes. No one should ever be treated like this again.

Vyt I.
Fairfield, New Jersey
U.S.A.

This report was posted on Ripoff Report on 11/21/2007 08:07 AM and is a permanent record located here: http://www.ripoffreport.com/r/Castle-Point-Mortgage/Elkridge-Maryland-21075/Castle-Point-Mortgage-Devon-Duggins-CSR-Ken-VermillionDuggins-Manager-Chad-Jones-285903. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on Castle Point Mortgage

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
0Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

The lunacy continues

AUTHOR: Vyt i. - (U.S.A.)

I received a generic statement of credit denial from Chase....Then, today, November 23, I received the same thing from Castle Point. It was signed by Jeffrey Buckley on October 16, 2007 and was maile November 21, 2007. That means they knew I was rejected back in October but were still stringing me along. Of course, there was no apology for the lack of courtesy.
Respond to this report!
What's this?

#2 Author of original report

Clarification

AUTHOR: Vyt i. - (U.S.A.)

Sme of the initial complaint was copied and pasted from a complaint letter sent to Chase and Castle Point. Please forgive the you references, etc.
Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Advertisers above have met our
strict standards for business conduct.



Ripoff Report Legal Directory