Quicken Loans - Rock Financial they refinanced my mortgage loan telling me sinkhole coverage that they required would be paid for the first year and my loan payment would reflect that for escrow. quicken loans did not quicken loans skillfully retracted their obligation to pay homeowners polcy Internet

I recently refinanced my mortgage to save money in these hard times. Unfortunately, I trusted what was being told to me by Quicken Loans. They are the professionals, right?

After giving me an excellant quote and I gave them $400 in good faith, to be returned at closing, I was told my homeowners insurance policy would have to be change to reflect with sinkhole coverage. With my current lender I was not required to have sinkhole coverage and made it clear I would not be able to afford the extra $1100 to add that option to my policy. Quicken assured me my payment would only be $5-$10 more than what I was currently paying. How could I pass on that? A better insurance policy, lower interest rate, closing cost to the amount of my first payment ($902), and they would pay the first year up front.

When I went to closing, I ended up having to pay $1058 instead of $902, and the wrong amount of homeowners insurance was written on policy. The person from title company and I both called Cindy Bauman and she reassured us that would all be fixed, the closing came earlier than they had inticipated and wrong figures were put in. NO WORRIES!

My loan was sold to another lender and when my insurance company did not recieve the correct amount of the policy they cancelled my coverage. I only realized this when I called them to ask a question. I am now without homeowners insurance. Quicken did set up my payment and escrow account to reflect the correct policy amount of $1944. But they sent $838 for my current year.

I have contacted all parties. My insurance company has been the most helpful in getting me in the right direction. Quicken has not accepted responsibility even knowing they made the error. They feel I should either pay the difference myself or have my new lender pay it and i pay them back. How ridiculous. They gave my new lender the wrong insurance policy for my escrow to go into. I feel this is selling false information to the new lender.

Basically, I have had to clear up this matter myself. I will have to pay out of my pocket for the correct amount of homeowners insurance in order to get rewritten ASAP. I doubt I will ever hear from Quicken again. I do not have money for an attorney, as I am low income and I feel they know that I am stuck.

One good thing is I have a new lender and hope that will be a good relationship. I have learned a great lesson, as well.