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Report: #1467705

Complaint Review: Loan Depot - Newark NJ

  • Submitted:
  • Updated:
  • Reported By: Keith — Bryant AR United States
  • Author Confirmed What's this?
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  • Loan Depot P.O. Box 11733 Newark, NJ United States

Loan Depot Called saying they could save over $100 a month on house loan - then kept changing terms and charged $400 for appraisal, then changed terms again to where I would have paid more to get thair loan. Newark NJ

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They called me numerous times promising to get my mortgage lowered by over a hundred dollars a month. After 9 calls from them over 3 months, I let them get me info. Started with great terms, saving the money and no cash out of pocket, etc. Then they started changing terms every time I talked to them.

Yes these were "estimates" but after getting initial numbers they charged over $400 in fees for appraisal and paperwork. Then the terms changed severely from what they originally promised. Specifically Eric "salesman", said "As long as your house appraises for at least $125,000 we can do the loan as originally stated". Great! so knowing my house is worth closer to $140,000, I paid them the money.

The appraisal came back at $136,000. Then they come back saying the house need to appraised for $150,00 to do the loan. They say their conversations are recorded, so I asked them to play recording to prove he told me $125 not $150, but they said they don't release recording to public.

Now they are up to needing $3000 cash and my interest - which is 4.25 with current lender - would be 4.75 and only save me $16 a month with a variable rate loan when the original loan was supposed to be 30 year fixed. I believe they are pulling bait and switch tactics to get people pulled in and get them to be confused and end up getting ripped off.

I want my $400 back!

This report was posted on Ripoff Report on 11/19/2018 09:18 AM and is a permanent record located here: https://www.ripoffreport.com/reports/loan-depot/newark-nj-07101-4733/loan-depot-called-saying-they-could-save-over-100-a-month-on-house-loan-then-kept-chan-1467705. 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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