Chin
  • Report: #259643

Complaint Review: REMN - Real Estate Mortgage Network

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  • Submitted: Mon, July 09, 2007
  • Updated: Mon, August 08, 2011

  • Reported By:bensalem Pennsylvania
REMN - Real Estate Mortgage Network
240 Cedar Knolls Road- Ste 303 Cedar Knolls, New Jersey U.S.A.
  • Phone: 973-401-9800
  • Web:
  • Category: Loans

REMN - Real Estate Mortgage Network Promise Everything - Deliver Nothing Cedar Knolls New Jersey

*Consumer Comment: A little education would go a long way.

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This company promised to secure a loan. They took rwo months during which time they bait and switch you 3-4 times. They require an appraisal wich costs $450.00. After that is paid for they tell you you will close the loan. They never sent the laon people for closing. They then tell you they became aware of the loan investor pulling out of the deal the evening before hand - but do not bother to inform you!

This company notified me through Lending Tree.com. I thought because of that and their reputation that I would be safe dealing with them. I was very, very wrong! Stay away from them unless you feel like sending them your hard earned money for absolutely nothing!!!!

Debbe
bensalem, Pennsylvania
U.S.A.

This report was posted on Ripoff Report on 07/09/2007 01:16 PM and is a permanent record located here: http://www.ripoffreport.com/r/REMN-Real-Estate-Mortgage-Network/Cedar-Knolls-New-Jersey-07927/REMN-Real-Estate-Mortgage-Network-Promise-Everything-Deliver-Nothing-Cedar-Knolls-New-259643. 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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#1 Consumer Comment

A little education would go a long way.

AUTHOR: Ripp Off - (United States of America)

All too often I see complaints by applicants for mortgages on the rip-off report. I think the lack of knowledge as to the mortgage process causes the vast majority of these complaints.
In reference to the below complaint, I see that the person is complaining about the lender requiring an appraisal. Really, how would you expect a company to lend money to you based on your home without doing an appraisal?
The term bait and switch is so overused in sales compaints. A bait and switch would be if a lender disclosed a fixed rate loan at appication, and then provided closing documents for an adjustable rate mortgage. According to this complaint, they never got to a closing.
People often feel that if the terms change during the process that this is a bait and switch, when in reality, they are necessary changes to the terms in order to try and make a loan approvable to underwriters and saleable to an end investor. The most common reason for this is due to customers over stating the value of their home at application. Lenders often have to rework the terms of the original application to meet the changed value of the property once it has been appraised.
Mortgage companies are in the business of lending money, if they don't lend, they don't make money. In the scenario that this customer attempts to explain it appears that she was not a risk that the mortgage company was able to take on. After reading the complaint, I'm just hoping that she isn't an english teacher or we may see many future complaints from parents about their children's education.
The Educator, Delray Beach, FL.
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