ED Magedson – Founder
Primary Residential Mortgage3100 W Ray Rd Ste 130 Chandler, Arizona USA
Primary Residential Mortgage Refinancing screw up by not including a Home Equity Loan to the refinance. Chandler Arizona
Refinancing our house seemed like a great idea and getting the name of a person doing refinancing for a reputable company from a trusted financial advisor I was confident things would go well. And they did go well for a while.
Documentation, appraisals all went well without much issue. Finally as we're getting close our Mortgage Consultant, Ben Andrus, called my wife and asked if we wanted to roll our Home Equity Loan (HELOC) of $8400 into our Refinance. He explained it might make the monthly payments slightly higher and may add some fees, essentially saying, "It's more work for me but that's okay". My wife advised we would call him back and checked with me. I advised absolutely, the idea being we would then take that $8400 that we were going to have to spend and invest it. She advised Ben appropriately.
The closing was rushed and quick, requiring the Notary to ocme to our house to sign papers. I don't deny our culpability in this, in that we didn't check the documents closely enough. But in my head the amount seemed about right, I thought and we signed as needed.
2 Weeks later our bank calls asking about the HELOC payment. Upon further investigation we find the HELOC was not rolled into our Refinance. I contacted Ben whose voicemail adivsed he was out of the country for 2 weeks. I contacted his assistant who called us back that evening which I appreciated but then tried to start making excuses, saying things like the appraisal was less than expected. Not true, the appraisal was over the expectations. She promised to get back with us if she could get into Ben's files.
She couldn't so finally after 3 weeks I get a response from Ben advising, After a couple of Emails back and forth including one in which Ben advised, 'You are not required to pay off the HELOC with your own funds'. I responded to his emails and other comments and included the CEO in the response.
The next day I receive a call from Michelle Merino, Customer Relations Manager, expressing concern and sorrow over the bad experience. After a lengthy phone conversation I came away with some confidence that Primary Residential Mortgage was indeed concerned about our case. Michelle promised to contact my wife to get her story and then would advise back. Unfortunately nothing other than an Email weeks later saying, 'she hated to call because she knew my wife was disabled and didn't want to disturb her'.
So in the end we not only were extermely unpleased with the service of the Mortgage Consultant but also very unhappy with the follow up. I'm sure our case is one out of thousands that have no issues, otherwise Primary Residential Mortgage would not still be in business. But it is one and I would strongly recommend AGAINST using Primary Residential Mortgage.
This report was posted on Ripoff Report on 11/14/2013 08:17 AM and is a permanent record located here: http://www.ripoffreport.com/reports/primary-residential-mortgage/chandler-arizona-85226/primary-residential-mortgage-refinancing-screw-up-by-not-including-a-home-equity-loan-to-1099231. 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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