Quicken Loans
Worried Appraisal Was Padded, Now Owe More Than Home Worth

I am a homeowner in Redford, MI and my husband and I refinanced with Quicken Loans in early 2006. Unfortunately, I just found out about this website (usacomplaints.com) a couple of weeks ago or we never would have gone with QL. I am aware of the class action lawsuit against the company for unpaid overtime, but someone in one of the posts mentions something about past clients getting together for a possible suit against the company, too. When our home was appraised last year, it came in at about $1000 over what was needed to do the loan. I specifically asked the banker if the report was true, or if it had been overstated to make the loan work, and if it had been padded, we didn't want the loan. She assured me that it was an accurate appraisal, because even if it had been padded, it would never get through underwriting because the investors that buy their loans would know it was hiked up, so it had to be accurate. And, of course, there were comps to back it up. I was still surprised that it appraised for what it did, but she was a personal friend of my neighbor (who, incidentally, works for QL also but not as a banker), and I didn't know much about mortgages, so I trusted the banker because I trust my neighbor (I do not blame my neighbor at all as I know she is not and would never be part of any deception, and she's in the same boat I am with the same mortgage). We have an 80/20 mortgage, with the 2nd being a 5 year ARM. We now find ourselves owing more than the house is worth, and facing the very real possibility of not being able to refi when the ARM adjusts because of the negative equity. Does anyone know anything about a possible class action lawsuit filed by former clients??

Company: Quicken Loans
Country: USA
State: Michigan
City: Livonia
Site: quickenloans.com

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