- Report: #458684
Report - Rebuttal - Arbitrate
Complaint Review: WCS Lending
WCS Lendingwcslending.com Southfield, Michigan U.S.A.
WCS Lending - WCS leads you in with a low interest rate;then tells you they can't lock in the rate without an appraisal, then the appraisal comes in lower than the market value then jacks up your rate even higher. Southfield Michigan
*UPDATE EX-employee responds: Complaint is non-founded
*UPDATE Employee: Please reach out to us!
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This is only specific to WCS by the way, the other banks that I spoke to would lock in a rate as long as you paid their application fee. Several days ago the rates went up from 4.85 to 5.35% so I decided to give them $385.00 for an appraisal to lock in the 5.35% rate. I get the appraisal back and it comes in at 600K, under what I paid for the apartment The appraiser didn't come into the apartment only drove by, and compared my apartment to comps in the area with buildings that are nothing like the one that I live in.I live on the 18fl with a complete view of Manhattan with state of the art appliances etc. Now WCS is telling me they might now do the loan or the rate will go up even higher than the 5.35% with more points. So I'm out the $385 for the appraisal.
At all cost avoid using this company. It was a big waste of my time and money and now the rates have risen to where it doesn't make sense to refi my mortgage.
New York, New York
This report was posted on Ripoff Report on 06/04/2009 04:12 PM and is a permanent record located here: http://www.ripoffreport.com/r/WCS-Lending/Southfield-Michigan-48075/WCS-Lending-WCS-leads-you-in-with-a-low-interest-ratethen-tells-you-they-cant-lock-in-458684. 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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