We were refinancing our house through National Finance Services or NFS Loans, Inc. We were told we would have a no fees, no cost loan and a 14 day escrow.
We were lied to throughout the entire process. We were told that our paperwork would be ready to sign and it was not. When I flew home to sign the final paperwork, there were over $3000 in fees. The loan officer, Robert Castillo, sent me an e-mail saying we were "reapproved" and that they did it as a "no cost loan" and that our paperwork would be finalized in 2-3 days.
Over a week later, we are then told that our only option is the loan with the $3000 in fees and a 1/8% higher interest rate. We were told by the VP that this was now our only option and that if we were to start over with a new company, interest rates had gone up and we would pay even more than this loan.
This was now 60 days later (much longer than the 14 days we were promised). Everytime Mr. Castillo promised he would contact me, he never did. I always had to initiate the contact.
When it came time to sign the new paperwork, there were fees on it for things we never used. There was a redraw fee and 2 notary fees even though we had not met with a single notary. When I brought this to the attention of Paul Campos, the VP, he signed the paperwork saying that they would credit these fees along with a $350 additional credit and faxed the paperwork to me.
When our final check came, the fees were not credited. When I contacted Mr. Campos regarding this, he said that they would not do anything and could "un-fund" the loan if I wanted to. This, of course, is completely ridiculous. We had already received notification from the old bank that our loan was paid off.
When I filed a complaint with the Department of Consumer Affairs, the Department of Real Estate, and the Better Business Bureau, they decided to send me the difference in the credits. However, this was no favor to us. It was only what we had in writing.
They still owe us the additional $3000 in fees and the 1/8% interest comes to over $2000.
I feel that this is a dishonest company and one that everyone should stay away from. I have a good friend who used them also who had very similar problems. NFS Loans, Inc. Knew the status of the market and knew that they could charge us $5000 and that we could not do any better if we started over. I believe that they purposely dragged out our original 14 day escrow to almost 90 days for this reason.
Stay away from nfs loans, inc. Or national finance services!!!
0 comments