Report: #947535

Complaint Review: Coldwell Banker Mortgage

  • Submitted: Thu, September 27, 2012
  • Updated: Thu, September 27, 2012
  • Reported By: deedee — goodyear Arizona United States of America
  • Coldwell Banker Mortgage
    pobox5457 Mt Laurel NJ
    Mt Laurel, New Jersey
    United States of America

Coldwell Banker Mortgage Issued me a Conventional ,5yr fixed, on a HUD home. Refused refinance as a Conventional Home Loan and said "It slipped through the cracks? This causing paynent to DOUBLE and led to Foreclosure.Loss to Mt Laurel, New Jersey

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 I purchased a home in N. Cal.(Clearlake Park) 95423, in 2004. I was led to Coldwell Banker as the company I was to deal with through the Realty Company.  I put $18K down on the purchase.  I was TOLD and Lent on a Conventional home Agreement.  It was a 5 year fixed and then went to an adj. rate. A year before this adj. would kick in I called Coldwell Banker to refi at a fixed rate and avoid higher payments. I was informed that I owned a HUD manufactured home and my payments would go to close to $1700 a month due to higher Interest rate on HUD financing! Their excuse for the Conventional loan was "It slipped through the cracks!"

 I eventually lost the home to Foreclosure and Auction in 2008.
I would like to know if the Bank collected from PMI and then Auctioned and made their money TWICE am I NOT entitled to get my $18K back since they made the mistake on issuing me a fraudulent loan that I would never be able to re-finance at a LOWER payment?

 I have up to this point NOT known where to go with this problem and have been trying to pick up the pieces of my life since losing my home. Any help would be appreciated for me and my son.
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This report was posted on Ripoff Report on 09/27/2012 01:35 PM and is a permanent record located here: http://www.ripoffreport.com/reports/coldwell-banker-mortgage/mt-laurel-new-jersey-08054/coldwell-banker-mortgage-issued-me-a-conventional-5yr-fixed-on-a-hud-home-refused-refi-947535. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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