• Report: #835911
Complaint Review:

Loan Depot

  • Submitted: Wed, February 08, 2012
  • Updated: Wed, February 08, 2012

  • Reported By: Kathy — Brush Prairie Washington United States of America
Loan Depot
26642 Towne Center Dr Internet United States of America

Loan Depot Rip off - denied a refinance loan for 55% of home value Internet

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We tried to refinance our home loan for a lower rate.  Loan Depot had the best offer.  After much "jumping through hoops,"  we paid the $495 (refundable) deposit.  The amount of the requested loan was 55% of the appraised value.  Should have been a slam dunk.

We were denied because of what they saw as "issues."  We are in the process of residing the home but because it wasn't finished, they said they had issues with it.  Same with the storage "shed."  It doesn't have doors - our choice.  Should not be that THEY think it should have doors.

It is ridiculous that this loan was denied!  We have never made a late payment and even paid extra for more than six years. 

After receiving the call that the loan was denied I asked for the $495 refundable deposit.  I was told it was only refundable if the loan closed...wow - wasn't told THAT up front!

If you are looking to refinance, go somewhere else...

This report was posted on Ripoff Report on 02/08/2012 10:51 AM and is a permanent record located here: http://www.ripoffreport.com/reports/loan-depot/internet/loan-depot-rip-off-denied-a-refinance-loan-for-55-of-home-value-internet-835911. 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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