Lending Tree is a VERY, VERY BAD company! They are plain and simple con artists and this is what they specialize in. First of all, I was contacted by one of their partners (Home Loan Center, a lending tree company) once I filled out a brief survey. The salesperson who contacted me was pushy and agressive, but I figured I would give him a chance - never again will I do business with this type of salesperson. I was contacted by a few other lenders as well but home loan center seemed to have the best rates.
So, I went with them. Here is part of a complaint letter I plan on using with Lending Tree, the Virginia Bureau of Financial Institutions, the police, and the credit card company. This letter outlines my experiences over the course of a month of dealing with them.
On January 6th, I was contacted by XXX of Lending Tree to do a refinance of my condo in Alexandria, Virginia. At this time, he proposed a split loan of $184,000 at 5.5% and $46,000 at 6.5%. Doing this I would be able to avoid paying PMI as well. At this time this was better than my existing loan so I told him I would think about it and get back to him in a few days as I was still unsure about the loan because I had received differing financial advice.
After doing some checking around, I called him back (about a week later) and told him that I would like to take him up on his offer. At this time, he changed the terms to $188,000 at 6% and $47,000 at 9.8% (bait and switch). Regardless, I was upset about this but the terms were still better than my existing loan so I decided to take him up on his offer.
He then told me that an appraisal needed to be done on the property and I would need to give him a $600 deposit to get my rate locked-in. I asked him if we had ANY problems with the loan, I would be able to get my money refunded he said yes. I made sure this was clear before giving him the $600 deposit. Just recently, I was told my debt to credit ratio was too high so I would need to get records of my wife's income as well. I did this and sent along her W-2 forms for 2005.
Yesterday, I was told that my wife did not have enough credit lines so they could no longer honor the loan agreement. Also, they said I would not be receiving my $600 deposit back. I am very upset about this whole matter in which I believe FRAUD was committed and I told them so. Their response - "too bad". I would like to dispute this transaction for $600. Also, I will be contacting the proper authorities, police to press charges, credit card company, and state regulatory agencies as well.
Thank you for your assistance.
Thanks
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