I was referred, (SCREWED) to ENMC Direct by LENDING TREE.com five months ago. Ocotber 2008.
"Remember, when lenders compete you get SCREWED!" Yes, I admit I should have checked Rip Off Reort BEFORE I was srewed, but I did not know it existed.
Well, my partner and I are buying a home, and the loan officer said we were fully approved, and ready to go.
So we stupidly believed him.
First Lending Tree caused our credit to receive 40 hits within a one week period, and the junk mail for loans will not stop coming.
This caused our credit score to drop, right away, and we had to explain why we had so many inquiries on our credit before we could be pre approved.
We thought it was fixed however, because our loan officer said it was okay now.
We found a house we liked, wrote a contract, put down our 15% deposit to start building in Nephi, started the construction process, and waited and waited and waited.
Closing day is announced, YEA!
But wait, the loan officer says we cannot close yet, there are CONDITIONS! Ooooh! What do we need to close? We ask?
1. Prove that you are not in the country illegally he says. (We were both born here. DUH!)
2. Give us many documents again that you gave us at the beginning he says. (What happened to the first set we gave you? I never got those he says.) How did we get approved then? Silence.
3. Have the builder give us many documents he says. So they do
4. Have the title company give us documents he says. So they do.
So we give them doicuments, and they lose them.
So we give them more copies of the documents, and they lose them again.
So we give them more copies, and they lose them again.
WAIT! The house is not built right they say. Prove that it is okay. (The building inspectors say it is okay, the county gave us an occupancy permit, what is worng?)
WAIT! We just found out you were divorced, where is your paperwork saying you can be divorced. (JUST Found out, I have been divorced for 12 years. Didn't this show up before? What difference does this make?)
We were asked for the divorce decree alone, three seperate times AFTER the house was built and we were waiting to close. My children are now all adults, so there is no child support any more.
WAIT! You have some problems with your credit. Can you explain these? (The many hits on our credit from before, which have mutliplied now and lowered our score even more.) WAIT? It takes longer to get a loan now, and the lenders keep changing things."
AAAAAren't you the lender? We Ask. "Not really, the real lender is someone in another state, who has never made a loan in Utah, so we have to do what they ask." Their money their rules.
But it has been 4 months since you approved us, what has changed.
THE MARKET! He says, the market is killing everything.
So we call his boss, "Nothing I can do" he says.
"Just wait and see what happens" he says
One week, two weeks, three weeks go by.
So we make a call.
"So, what happened with our loan" we ask.
"OH! You were denied" they say.
WHAT, When?! We Ask.
Two weeks ago.
Didn't you get my email? He asks No, why didn't you call us? Mail us? What Happened? We ask.
"Oh Sorry, you have too many hits on your credit, and the underwriter doesn't like this builder." "So they won't make the loan." He says
Didn't you check our credit when you pre-approved us? Didn't you check the builder when we wrote the contract? We Ask.
"Yes, but so much has changed there is nothing we can do now." He Says.
"Sorry, gotta go, don't have much time, very busy with the RE FI'S" and the end of the month loans." He says.
So now the builder is going to sue us, we have a DENIAL on our credit report. We have paid, and are out of a lot of money.
The Numbers
$27,895.00 deposit to the builder to start building the house which we will never get back.
$450.00 for an appraisal we can't use
$90.00 for a credit report we can't use. They won't give a copy of it to us either.
$990.00 for various inspections and re-inspections, to move in to the house, building inspection, occupancy inspection, fire inspection, back wash verification for the sprinkler system, etc.
$1,400 for a mover, which we cannot get back.
And we still have no house to live in.
All because our loan officer is an idiot and did not run our full credit report before he gave us the pre approval.
We also found out through the builder, that he did not submit our loan to the "real lender" until after we had been given our closing date. TOO LATE!!!
Don't believe them when they say you are pre approved, make them prove it.
Check your credit report BEFORE you start loking for a home. Clear the negatives before you are committed to buing something.
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