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Report: #165701

Complaint Review: QUICK LOAN FUNDING - IRVINE California

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  • Reported By: ALTADENA California
  • Author Confirmed What's this?
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  • QUICK LOAN FUNDING 3121 MICHELSON DR STE 300 IRVINE, California U.S.A.

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I did the loan application with Quickloan funding officer
Towfic Dalou (TJ) I applied for a mortgage loan from Quickloan Funding and started the application process about July 11, 2005.

The last and final step was the Appraisal... this was done about July 19, 2005 and the appraiser name was ED Hueward his number is 714 496-4205...(TJ) the loan Agent told me the appraisal cost 475.00, and he was going to max out my Bank Account & and Credit Card to cover the Appraisal Cost...

I agreed and he already had my accounts information... Therefore the appraisal cost was paid in full... Immediately... I really felt I was being overcharged for this Appraisal Fee.

About a week later I was told by "TJ" that "the house appraised for less than the amount I owed on the property"....The appraiser, appraised the house of 205,000. Thats what "TJ" told me over the phone... "and
the appraisal determined the decision on getting the refinancing."

I was supprised... I don't think they even a 10 mile radius, for the comparison cost of homes in that area, Lake Los Angeles Lancaster, CA 93535. I know for a fact that the homes in that area are selling for 235,000 - 260,000...

anyway to make a longer story short "THE LOAN
WAS NOT APPROVED" YES, I said not approved... I was told over the phone by their loan agent "TJ" that the Appraiser appraised the house for less than the amount owed on the house...

I was never sent a letter that the loan was not approved... and I never received the Appraisal report, I never received any paper work saying that something was wrong... I never heard from anyone at quickloan funding again....

To this date, nov, 22, 2005, I have not received the appraisal report.... they would not give me my appraisal
fee back...they kept my money and I got nothing... and if I were to get an appraisal on that same house today the house would probably appraised for 240,000.

I was in distress to get a home refinance loan and I was down to my last cash reserve... and they just kept my 475.00 and I got nothing... not even the appraisal report.

I was going to meet the appraiser at the house, and he went to the house before the scheduled time and did not even try to reschedule with me. He did not even let me know he was at the house an hour ahead of 0ur appointment... then he left the house... I never met the appraiser or even saw him.... So, I don't know what
he did or what information he took with him... I never
even received the appraisal report even thought I requested it, and paid for it.

I was very very dissappointed and upset... these brokers
take advantage of soft spoken single women... I have come to realize it's better to work with a Female loan officer... they are more fair and honest...

Also Quickloan funding advertise on national TV... So I guess they use their clients appraisal fees to pay the expenses for their excessive advertising on national Tv... and they advertise that they will finance almost
every one... with bankrupties, behind in payments, they target distress homeowners and ripp them off from their last reserve finanices nd leave you broke. And give you nothing for your hard earned money... w no appraisal. They don't even try to work with you..

If any attorney can get my money back you can take my case... other than that I am going to file a Law Suite in Small claims court, Los Angeles, CA. 90012 to get my money back.

Saleto
ALTADENA, California
U.S.A.

This report was posted on Ripoff Report on 11/23/2005 04:27 PM and is a permanent record located here: https://www.ripoffreport.com/reports/quick-loan-funding/irvine-california-92612/quick-loan-funding-ed-hueward-ripoff-under-appraised-property-after-taking-47500-for-165701. 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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REBUTTALS & REPLIES:
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#5 Consumer Comment

Your Propably Out of Luck

AUTHOR: Kris - (U.S.A.)

POSTED: Monday, March 13, 2006

The appraiser has go inside your house for a complete appraisal review. If he only did a "drive-by" this would only cost about $200, and it would not be 100% accurate. $475 is about $100 over what people are paying for appraisals in California, but if they informed you of this there's nothing you can do about it. Any broker in California should let you use your own appraiser, even if you have an appraisal that's less than 4 months old you can use it. I doubt that they just wanted to rip you off for the $475 dollars, the L.O. definitely wants to close as many loans as possible (he's probably working on a commission only pay, and he's not getting paid for the appraisal). The appraisal is legally your's to keep, and you can take it to a different lender. I would ask to talk to the manager for you loan officer over at Quick Loan Funding.

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#4 Consumer Comment

Your Propably Out of Luck

AUTHOR: Kris - (U.S.A.)

POSTED: Monday, March 13, 2006

The appraiser has go inside your house for a complete appraisal review. If he only did a "drive-by" this would only cost about $200, and it would not be 100% accurate. $475 is about $100 over what people are paying for appraisals in California, but if they informed you of this there's nothing you can do about it. Any broker in California should let you use your own appraiser, even if you have an appraisal that's less than 4 months old you can use it. I doubt that they just wanted to rip you off for the $475 dollars, the L.O. definitely wants to close as many loans as possible (he's probably working on a commission only pay, and he's not getting paid for the appraisal). The appraisal is legally your's to keep, and you can take it to a different lender. I would ask to talk to the manager for you loan officer over at Quick Loan Funding.

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#3 Consumer Comment

Your Propably Out of Luck

AUTHOR: Kris - (U.S.A.)

POSTED: Monday, March 13, 2006

The appraiser has go inside your house for a complete appraisal review. If he only did a "drive-by" this would only cost about $200, and it would not be 100% accurate. $475 is about $100 over what people are paying for appraisals in California, but if they informed you of this there's nothing you can do about it. Any broker in California should let you use your own appraiser, even if you have an appraisal that's less than 4 months old you can use it. I doubt that they just wanted to rip you off for the $475 dollars, the L.O. definitely wants to close as many loans as possible (he's probably working on a commission only pay, and he's not getting paid for the appraisal). The appraisal is legally your's to keep, and you can take it to a different lender. I would ask to talk to the manager for you loan officer over at Quick Loan Funding.

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#2 Consumer Comment

Your Propably Out of Luck

AUTHOR: Kris - (U.S.A.)

POSTED: Monday, March 13, 2006

The appraiser has go inside your house for a complete appraisal review. If he only did a "drive-by" this would only cost about $200, and it would not be 100% accurate. $475 is about $100 over what people are paying for appraisals in California, but if they informed you of this there's nothing you can do about it. Any broker in California should let you use your own appraiser, even if you have an appraisal that's less than 4 months old you can use it. I doubt that they just wanted to rip you off for the $475 dollars, the L.O. definitely wants to close as many loans as possible (he's probably working on a commission only pay, and he's not getting paid for the appraisal). The appraisal is legally your's to keep, and you can take it to a different lender. I would ask to talk to the manager for you loan officer over at Quick Loan Funding.

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#1 Consumer Comment

Small Claims Best Option

AUTHOR: Jim - (U.S.A.)

POSTED: Thursday, November 24, 2005

The appraisal fee does seem excessive, but you did agree to it. In Arizona you can hire your own appraiser, I am not sure about California. It sounds like this is a predator lender, or the loan agent was acting like a preadator.

By law (at least in AZ-not sure about CA)you have a right to a copy of the appraisal, essentially it is yours. This is probably your only out. You can file a claim in small claims court (and I would name Quick Loans as a secondary defendant). Your arguement should be along the lines you paid for an appraisal, and never received. As far as you know the appraisal never even happen. I would avoid the negative opinion that you rightfully have about Quick Loans. This will only muddy the waters, and the judge just might give up. Focus on not getting the appraisal. State you want your money back, not a copy of the appraisal because it is no longer valid (the judge may rule to just give you a copy of the appraisal).

The appraisal may be accurate. Consider the condition of your house compared to others. I recently had a phone appraisal done, and it was about $35K off of what I thought. Then they did an actual walk through. My upgrades are above most of my neighboring homes. Remember these are just neighborhood averages. If he just did a drive by appraisal, and lets say the outside needed to be painted he might assume the inside is in disrepair. Probably not true, and I don't mean to say this to offend you-just telling you how they think. Sometimes your neighbors homes can impact your appraisal too.

You may also want to file a complaint with the CA Attorney General and Banking Commission for predatory lending activity against Quick Loans.

Best of luck!

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