We went to Reliance on a recommendation of an attorney . We had about $46,000 equity in our home and really did not want to have to file a bankruptcy. We were hoping to get a lower interest rate, consolidate some debts, and take cash out at closing for home improvements needed. They told us we were approved and that the worst case would be an increase in our interest rate from 10% to 11.99%.they acted like it probably would be better than that.
Our credit was not that bad. Just behind on house payments and one credit card by a couple of months. Rob took 6 weeks ignoring all phone calls from weeks 2-5. We needed a fast refinance when we went to them or we would of gotten a VA Loan. This was supposed to be faster. On the 6th week he began to work on our loan.
We were told that the payoff was $14,000 less than it was.
He tried to include our car in the loan.(currently financed @5%). The final offer was 11.25% interest and we would only get $800.cash at closing.
By waiting 6 weeks to get anything done he thought we would be so scared of foreclosure that we would sign anything. I don't know what kind of idiots he's been cheating but it surly was not an offer to help us in any way. This would raise our house payment by almost $100.00 a month.
All of this was offered with a promise to refinance in two years at 4% lower if we had a flawless payment history. Lets see that would be 7.25 in 2 years and my payment would go down. Needless to say we denied his offer and sent an email to the CEO of Reliance about the way our loan was handled.
Now we found a great broker through a friend and are refinanced at 7.5% now and are getting about $9000 cash-out to fix up the house. All done in about 2 and 1/2 weeks.
send a rebuttal if you want his name