On 10/19/06 we started a loan refinance with a company that I had found on the internet that had the approval of the Better Business Bureau. The name of the company was Nationwide Discount Home Loans which says on their webpage that they is licensed by the California Department of Corporations, License #4130629. Http://www.nwdhl.com
The Better Business Bureau listed the as Company rating of A, so I thought I was dealing with a reputable lender. My contact with them was a man named Kevin Butler, who told me that he would take care of me and give me the same great loan as he had. Well this went on for three months with me calling him almost every day and him avoiding me or telling me that their was some kind of lost paper work or they needed more information. I starting getting scared that this was some kind of a scam and tried to e-mail his bosses or someone else at his company, but they would never transfer me or he would finally call me back and tell me we we're almost done. On 10/27/06 he sent an appraisal man which I had to pay for myself and in the past when I have refinanced that is usual taking care of by the lender and included in the docs, I paid the man $375.00 and never received a copy of the appraisal although I had ask numerous times. On 12/14/06 I sent Kevin an e-mail saying I was having doubts about his company and was going with someone else. Here is a copy on the e-mail:
Kevin,
We never received the appraisal we paid for and we have been trying to sign docs for two months now. We started this loan process on 10/19/06 and really believed in your Company. If you couldn't do the loan you should have just told us and not wasted our time. We now are two months behind on starting the process with a new Company, but we need a copy of the appraisal we paid for so we don't have to do that part of it again. I have been calling you night and day with no response and I don't know if your Company is some kind of scam or a real lender, but you have hurt us and placed us in a very bad situation.
I guess the e-mail scared him because all of a sudden we had a notary with docs to sign on 12/15/06. The notary came very late Friday night and said he only had a short time, because he had another appointment so we we're told not to ask any questions about the docs and also we were told not to date certain pages. I know it sounds dumb on our part, but he had a great lie about what he was doing and he said don't worry because, we had till Wednesday 12/20/06 to cancel since Saturday is not included in the right to cancel docs. I had my sons girlfriend who works for a lender look over the documents and she said it was a bad loan and to cancel. So on Wednesday 12/20/06 I e-mailed Kevin to cancel the loan. This was his reply:
From: Kevin Butler
Date: 12/20 4:43: 35 PM
To: 'db
Cc: [email protected]
Subject: RE: Cancel Loan
Diana, as I explained that is completely incorrect information and I have tried to explain the details. I want to try to understand what it is your reading. It is mathematically impossible to get to $110,000 in five years. Your payment schedule is included in your loan documents, we will also contact you every 36months to restart your loan back to day 1.
Canceling the loan is definitely your choice but you should know that the basis is on incorrect information.
Thanks
From: db[mailto: db
Sent: Wednesday, December 20 4:26 PM
To: Kevin Butler
Cc: [email protected]
Subject: Cancel Loan
Kevin,
I called and asked for for something in writing saying that after the 4 or 5 years was up we wouldn't be adding the balance due $3,000 to the principal and putting us in the negative, because after five years that would be like $110,000 added to the original loan. I ask you and you said that wouldn't be the case, but I needed something in writing. So I have to cancel the loan which is a real pain because we have already wasted two months since this thing started. I really needed the payments low which you did do for me, but my daughter-in-law say that after the five years the payment would go up to 4,500 and I would end up paying more.
So we opt to cancel this loan
Even after we canceled the loan and sent in our Notice of Right to cancel he went ahead proceeded with the paperwork completely ignored our wishes to cancel and sent out checks to all of our Banks creating a nightmare of paperwork trying to undo his mess.
I have never dealt with such an unethical Company, and it was not just Kevin Butler, even his boss the owner of the Company sent letters to my banks telling them to keep the checks and not return the funds. I just received more checks from this Company dated 2/2/07 still trying to force this loan on us.
Diana
Bellflower, California
U.S.A.
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