Quicken Loans Bait and Switch ripoff Nationwide

I fell for it hook line and sinker. I will be spending the next couple of days looking for any way I can to spread the word about this unethical and dishonest company. I will describe my situation and let you be the judge.

I applied for a permanent loan to pay off my construction loan for a new house and was given a good quote. I gave them my credit card info because they require a $750 deposit and set up the appraisal. Because my house went over a certain amount, Quicken required two appraisals. The first of the appraisals came in at the amount I thought it would. The appraiser seemed to know what he was doing. The second appraisal came in 20% less and that appraiser was absolutly clueless.

We petitioned the appraisal letting them know they missed the comp two doors down and they said NO, we are not changing our appraisal. Quicken of course told me that they had to use the lower of the two and that my first loan would have to be much less than I requested. But, they scrambles around when I said I would go elsewhere and were willing to give me a second at almost the same terms, and at no cost, so I was all set. or so I thought.

We agreed to terms and I agreed to pay one point for cash out and no doc. Throughout the process we moved the numbers around and finally settled on what I was told was the best deal. A first at $1,050,000.00 and a second at $150,000.00

The night before the closing, I am told that in addition to the 1 point, I would have to pay an extra 3/8 of a point ($4000) because my rate had expired. Needless to say but I was furious because I knew I was stuck. They reasoned that my second ($150k) would not have any costs tied to it and all would work out. I had to close, because at this point the house is done and everyone wants to get paid.

I am also told at the closing that we need to wait 3 days to close on the second. You can see what is coming right?

The night before the closing on the second, I get a call letting me know that we are ready to close at $100k. I tell them it is supposed to be $150k and after many phone calls I am told they CHANGED THEIR MIND. So now I am stuck without the money I counted on and paid more than I would have other wise.

I escalate.

I get a call telling me that they have reviewed my situation and while they are very sorry for the misunderstanding, they cannot fix anything. In fact, the real reason we charged you an extra 3/8 point is because you exceeded $1,000,000.00 on your first loan. I of course say. Wait a minute, why on earth would I agree to pay an extra $4000 to borrow $50k. Only an idiot would do that exactly

They got me

Don't let them get you.

If anyone has any other ideas on how I can get the word out on the practices of this company please let me know. I promised them I would.

I just heard about the AZ attorney general taking on Ameriquest. I am going to contact them to see if we can get this evil company crushed.

David
Mesa, Arizona
U.S.A.