May
I approached BEST RATE FUNDING upon receipt of best offer on LENDING TREE. I was seeking a re-fi home loan consolidation debt after a Corp Downsizing had caused an increase in my high interest debt. The process was stated to be (10) day max. All form docs prepared over phone, with fax of vital (W2, & other).
I was told I was approved (48hrs) later & that an appraisal of the property was in order. (5) day later an appraiser hired by Best Rate Funding (paid by me) made the appraisal, which came in around 10% low, but within ok guidelines.
I was told (by phone & by email) all closing docs were in process & we would close within a week. I was told (by phone & email) that this would close before the present month payments on all debt was due & they had the payoff amounts if paid by end of present month.
As the date approached I called/emailed to follow up, again being told "in processing will go out tomorro". This daily ritual went on until month end, in which I then scrambled to macke all due payment for the month which were now being received late by creditors.
the loan did not close in june...
Then my Loan officer quite returning calls & emails. Which took (2) weeks of daily message to her LAUREN MOG & her Superior GABE GEARHEART until GABE finally returned call..
Long & Short I was told Loan was never submitted for approval as incomplete info provided... Which meant starting over... (including appraisal) which Best Rate paid scond time around.
AGAIN WS TOLD APPROVED & CLOSING DOC's Being prepared. Again in writing (email) by a superior of BEST RATE FUNDING that "yes I promise we will close by "x").. Same process repeated..
DID NOT CLOSE IN JUL—
All payments made at end of month received as late by creditors... UPON second month passing I advised BEST RATE FUNDING we either "make or break" our deal but to close in 10 days (now AUG)..."THIS HAS TO GO TO UNDERWRITING" which was told was a 24-48hr deal. Took 10days...
DID NOT CLOSE IN AUG!!!
But was told "UNDERWRITING APPROVED" & now to close...
A week later told "WENT TO LENDER FOR APPROVAL" a supposed 24hr deal took a week. "LENDER DECLINED" was answer form Lender. WHY?
Because I had been late on my last (3) mortgage payments..
SEPT WAS DELCINED
Since SEPT I have had to live with an agregate of High Interest debt I cannot afford, effectively worsening my credit standing. Had I received my original re-fi (6) months prior I would be fine... The impact of the incompetance & misrepresentation (s) made by BEST RATE FUNDING have effectively caused my to sell my home to pay off the high interst debt. A "declined"was also added to my credit standing & it too adds to the FICO hell of dealing with crooks.
This will take YEARS TO ERASE...& will cost me Higher than normal interest rates, higher insurance rate until my FICO rises to it's "pre-BEST RATE" level.
The greatest impact is that of being forced to sell my home!
I have a 2" thick list of emails (hundreds (back & forth telling me "yes" & "should be out tomorro" & " they were expressed out today" & so on. So I know for fact this is not "my interpetation"... It is indeed Fact.
In hindsight... I should never have accepted a faceless unknown statement to NOT PAY accounts due as we would close this month & thay already had the payoff amounts as it was my credit rating at risk. They risk nothing... Can say anything..& only hope you believe... No risk at their end..
But its about trust... It's about whether or not they are selling "trust" as part of their package... I believe it to be so... And with that prove this firm to be more dangerous to the public than someone armed with a gun...
Best rate funding, its associates, & affiliates should be immediately disbarred from the mortgage industry!
So to should any other Online Mortgage Company Business Model operating in the same manor!
HEY GENERAL PUBLIC! Go to a local mortgage broker you can look in the eye! Never accept a money lender without a face...
You will find they also have little scruples & definately no heart.
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