Quicken Loans Promised a refinance on home loan Detroit, Michigan

Quicken Loans told me that they would be able to refinance my home. I told the lender that I had previously got an appraisal six months ago and the value of my home had dropped significantly. The lender, Randy Ross, said it would be fine and told me they charged a $500.00 fee to do the appraisal.

He also said that my address showed a value between 290,000.00 and 360,000.00. Again, I told him that even though my home was purchased in 2007 for 319,000, my appraisal done in September of 2010 was for only 274,000.00. He assured me that it would be fine.

I paid the money and an appraisal was done. It came back at 260,000. He told me in order to do any type of refinance, I would need to bring $46,000.00 to the closing. I feel that I was ripped off. He should have never said that I even had a chance of refinancing.

At one point, he even told me after the appraisal was done, that I still qualified for a 293,000.00 loan with no money due at closing. He then said it was an error due to fuzzy math. His fuzzy math wasted my time and money.