My credit isn't too good and I got a text message in early January from this company to refinance for 5.125%. So I decided to do and called the number. They asked me for paperwork, I already told them I had some bills in collection. Their rep. Kept reassuring me it's a FHA loan and as long as you are current or get current, it's a guaranteed approval.
This is still an in progress situation, but it is eerily similar to other reports I have read about them already.
I sent a $325 check with all my financial paperwork, they pulled my credit report and I had about 5-6 items that needed to be current.
The rep called me and told me that they need everything to be current before they can proceed and gave me the names of the creditors. When I asked him (by now it was mid-January) how to do that, he said to just get letters of confirmation from them faxed to the Money Warehouse and then they can proceed immediately to setting a closing date.
I asked them what it means to be current, he said that there should be no delinquency (more than 30 days) reported to the credit agency and that the next month's report should show my payment as current.
So I called all of the creditors, asked them specifically the amounts needed to bring my accounts current, made those payments.
It took me a few days to get the letters faxed from the creditors to them. When I called them and they received the letters, the same rep told me that we have to wait to pull the credit report as well and the letters alone won't do.
I complained to the rep's supervisor and he said that there must have been a mistake. And said that by February 5 (today) they will pull another report and as long as I paid the accounts to be current it should be fine.
Today I just heard from them and they said that there are 4 accounts still showing as past due. These are not delinquent per se, but past due. And again they are delaying the application saying that I need to be current on that as well.
I borrowed money so feverishly and innocently to do this and now they are playing with semantics, never having clarified what they want.
Continuing like this, I would be perpetually caught in a cycle of paying bills and with all the accounts some of them are bound to be 10-15 days late, albeit not delinquent (more than 30 days).
It seems like although they may approve loans for people with great credit scores, they are very cleverly taking advantage of those people they know can be strung along and using this as a scam to collect $325 each time that the customer may never see again
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