ED Magedson – Founder
Quicken Loans400 Galleria Officentre, Suite 300 Southfield, Michigan United States of America
On Sept. 27, 2010, Rey Farah, Quicken Loans, called and offered, us lower interest on our home loan. He took some information, and told us that our interest rate could be lowered from 6.58% to 4.375%. I asked what would be the closing cost. His answer was an estimated $5,050. I replied that was to high. He came back and said that the loan should closed at the end of October, 2010. And we would not have a house payment until January 2011. That meant no house loan payments for November and December 2010. Leaving us with $2300. to $2400. from not making two house payments. And we would be receiving a check from our bank for the amount from our escrow account, which would be around $1500. So the closing cost would be half paid for by the two amounts, $2300. and $1500. And our new loan payment would be reduced to$950.a month instead of our present payment of $1150 a month. My husband and I thought that this was going to help us with our monthly bills. He then said that he needed $500 to start the loan process. I told him that we did not have $500, so we would say no. He said if we had a credit card we could add the $500. to it. I was hesitant but he said it would be for an appraisal, and the rest would be paid back to us in a check at closing. The appraiser was out on Sept. 29, 2010. As he left our home, he said that the appraisal would be on Mr. Farah's desk the next day, and we could call and see what the numbers were. I waited to hear from Mr. Farah, until October 18,2010 and I sent Mr. Farah an e-mail asking for an update. That evening I received an e-mail back from him. He stated that he had bad news. Our appraisal came back very low. It was $96,000. That was very bad news. We bought this house new in 1997 and paid $98,000. We had refinanced two and half years ago, and this house appraised at $270,000. I know that property values are way down, but for this house to be worth less than we paid for it 13 years, is ridiculous. We called him right after we received his e-mail and has to leave a message. Our home is in excellent condition, we just remodeled our master bath, redone our kitchen, paint, wallpaper and new kitchen countertops. Had new carpeting replaced two months ago and new tile in the enterance. I think that they have taken us for $500.00 for doing nothing. It is much easier to make $500.00 on each call they make, than go through the work to work of a refinance.
Be aware of the calls from loan companies that want to help YOU, lower your interest rates, and making your mortage payments lower. I am going to call my credit card company and see if I can challenge the charge 0f $500.00 that was made on our account, wish us luck. Don't let Quicken Loans help you.
This report was posted on Ripoff Report on 10/19/2010 06:16 PM and is a permanent record located here: http://www.ripoffreport.com/reports/quicken-loans/southfield-michigan-48034/quicken-loans-rey-farah-executive-mortgage-banker-southfield-michigan-652981. 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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