Complaint Review: Quicken Loans - Detroit, MI 48226 Internet
- Quicken Loans 1050 Woodward Internet United States of America
- Phone: 800-226-6308
- Web: www.quickenloans.com
- Category: Loans
Quicken Loans False advertisement/bad sales practices, Internet
*Consumer Comment: Sadly....
*UPDATE EX-employee responds: Altered documents?
*Consumer Comment: Yes I have experienced the same thing...
*UPDATE EX-employee responds: Sounds like FHA
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When I originally contacted Quicken Loans, it was for the purpose of refinancing my existing mortgage. I made it clear in my initial chat conversation with their loan officer that I was looking for a no money down option to refinance my first mortgage. At that point he stated that there would be a $400 deposit required to begin the loan process and that I had the option to get the money back at closing.
When asked if any other money would be needed to close, it was stated that no other money would be needed. At that point I gave my credit card information and permission to begin the loan process. During the process an inspection of the house was conducted and it was determined that repairs to the outside of the property and a mold inspection was needed. When asked if these costs would be rolled into the new loan, the answer given was no.
I reminded the loan officer of the conversation that we had regarding no money down and that financially I could not afford to spend much money on these repairs. Upon paying for a mold inspection and the repairs, which was an additional $285 out of pocket expense, it was determined that mold treatment was needed. I again asked if this cost could be rolled into the loan and reminded the loan officer of the conversation we had in the beginning regarding no money down. He stated that the expense for the mold treatment would have to be covered by me and could not be rolled into the loan.
I feel that the Quicken Loans representative was fraudulent in his advertising of the refinancing option in that I have spent $285 on top of the $400 deposit which I am not able to recover and I was originally told that the only monies needed would be the $400 deposit which would be returned (if I chose) at closing. Had I known that there could be additional expenses for the loan that I was responsible for, I would not have pursued this Quicken Loans product.
This report was posted on Ripoff Report on 09/14/2010 01:19 PM and is a permanent record located here: https://www.ripoffreport.com/reports/quicken-loans/internet/quicken-loans-false-advertisementbad-sales-practices-internet-640482. 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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#4 Consumer Comment
Sadly....
AUTHOR: Bman - (United States of America)
SUBMITTED: Friday, September 17, 2010
No I did not, though I do have a thread completed at the time where I thanked them for not charging me a deposit. I thought that they would roll the deposit into the account somehow and I found out they changed my signed paperwork when I would see it again. I did not know and was ignorant of the process and how it worked. This is why I felt taken advantaged of... I trusted them to know their business and now do not trust any mortgage company.
#3 UPDATE EX-employee responds
Altered documents?
AUTHOR: R - (U.S.A.)
SUBMITTED: Thursday, September 16, 2010
Not defending you, not defending the company, but accusation of altered documents is a pretty serious thing to do.
Did you ever print off a copy of the documents for your own records that you can show there was alteration between what was originally signed and what Quicken later said was the correct paperwork?
If not, you've no leg to stand on.
#2 Consumer Comment
Yes I have experienced the same thing...
AUTHOR: Bman - (United States of America)
SUBMITTED: Thursday, September 16, 2010
Only they adjusted the paperwork after it was signed electronically. You will probably have Kelly write something here that is not much different than almost any other post - we are right and you are the sucker message. I would suggest writing this up and complaining to the following entity:
http://www.ftc.gov/reports/index.htm
#1 UPDATE EX-employee responds
Sounds like FHA
AUTHOR: ABC - (USA)
SUBMITTED: Wednesday, September 15, 2010
It sounds like you were doing an FHA loan. Everybody in the mortgage business knows that with FHA, if there are certain deficiencies in the house they will need to be repaired. Unfortunately, these guys at Quicken prefer to through loans up and see if they stick. I would say that realistically speaking, Quicken probably closes less than half of the customers they take deposits on.
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