- Report: #989334
Report - Rebuttal - Arbitrate
Complaint Review: ING Direct
ING Direct Capital One 360 Mortgage offer bait-&-switch Internet
Appraisal came back and a value that supported the 80% LTV requested. However, now three weeks into the process, they contacted me to say that they required 70% LTV on condos. The type of residence (SFR, Condo, Townhouse) is part of the application and was known to them prior to their original loan offer.
Until recently, I was not aware of ING offering 80% LTV (as I recall, they typically requested 70%). Recently, though, they have updated all of their marketing collateral to indicate that they offer 80% LTV. Every piece of information I received from throughout this process indicated 80% LTV. You will not see any mention of 70% LTV anywhere in advertisements for their mortgage products and if you apply for financing on a condo, you will not be informed of this requirement prior to appraisal.
Appearances are that they are engaged in a shell game. I remain in discussions with them but am pursuing refi with another lender in parallel. Should I have to refi with another lender who clearly discloses rates at LTVs, ING Direct's potential liability in my case is substantial.
This report was posted on Ripoff Report on 12/31/2012 01:35 PM and is a permanent record located here: http://www.ripoffreport.com/r/ING-Direct/internet/ING-Direct-Capital-One-360-Mortgage-offer-bait-switch-Internet-989334. 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.
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