- Report: #615291
Report - Rebuttal - Arbitrate
Complaint Review: TexasLending.com
TexasLending.com4100 Alpha Rd Suite #400 Dallas, Texas United States of America
TexasLending.com lured us in to get our business Dallas, Texas
*General Comment: Unsatisfactory
*Author of original report: very impressive response/answer to concerns.
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We were misled by TexasLending.com just to get our business!!!
My husband and I wanted to consolidate our 80/20 home mortgage in April 2010. We thought we would qualify for great rates based on our credit scores (over 800) and other factors. We told TexasLending.com our goals and within a few hours, Mortgage Consultant John Chu sent us a great proposal with excellent rates for 15 or 20 year loans. We were on our way to being happy TexasLending.com customers. However, we cancelled our application because we were misled by the proposal and speculate it was to attract our business. We want a refund of $429 and no one has addressed our repeated requests for answers.
While scheduling the home appraisal TL.com John Chu sent us an alarming email stating, "When you talk to the appraiser tell them you need around $175 or don't bother showing up." I was puzzled because we estimated our home value at $160 so why do we need around $175? Was John Chu implying we coerce the appraiser to falsify his report if needed? Is this a common practice in the industry? Should I try to give out a cash tip? We ignored John Chu's warning and our home appraised at $170. This meant we no longer qualified for the terms in our GFE so John Chu had to recalculate using the correct information. We then became discouraged when we reailzed we wouldnt benefit from a 15 or 20 year loan. However we assumed that TexasLending.com would have guided us in our options before we even applied and paid the fees.
From that point we discussed many different options to try to close the loan even the option that we take out a personal $6000 loan to pay against the refinance loan. I became more frustrated and asked John Chu about a 30 year fixed APR and what our credit union was offering in comparsion. John Chu said he would recalcuate the numbers and let us know. By the next afternoon we still had not received a 30 year APR proposal from TexasLending.com. In addition, we never recieved proof of an e-mail thread from John Chu to validate his claim that he sent it like he promised. We thought if John Chu could validate his statements then we could trust this company once again.
Based on the misleading information and questionable sales practices we cancelled our mortage application. We requested a refund of $429 and when we were told it was non-refunadble, we asked for this documented policy since we only found a "commitment fee of $129 is non-refundable" We never received a reply. We called several times and were directed to several differement voice mailboxes and played phone tag once or twice with one supervisor. We sent a complaint e-mail about this process and CEO Kevin Miller did reply via e-mail stating he would have feedback soon but we are still waiting. As of this letter I have not received any feedback from TexasLending.com. What a rip off!
We want our money refunded due to the lack of due diligence from John Chu and TexasLending.com as well as their apathetic methods to resolve customer complaints.
By the way we easily obtained a 30 year fixed 5.0 APR with our credit union, I wonder why we didn't
Sick of greedy sales and marketing,
This report was posted on Ripoff Report on 06/19/2010 05:02 PM and is a permanent record located here: http://www.ripoffreport.com/r/TexasLendingcom/Dallas-Texas-75244/TexasLendingcom-lured-us-in-to-get-our-business-Dallas-Texas-615291. 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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