I was contacted by Mr. Rick Curtis, a representative from New Freedom Mortgage. He stated that he was offering a mortgage refinance program to me. I told him that there was no point in us talking if he could not get me financed on my own. He stated that an easy way to accomplish this without requalifying would be through a "quit claim deed." This would allow my co-borrower and I to refinance, then I would have to make on-time payments on my own for 6 months. This would permit the co-borrower to be removed from the mortgage. I questioned whether this was legal in my state for which he assured me it was. I agreed and the process began.
For doing so, New Freedom charged me $746.00 in closing costs. All paperwork was signed. One month later my mortgage was sold to another company. I began to prepare to go through the process for the "quit claim deed." My investigation revealed that "quit claim deeds" are not recognized in my state.
I called Rick Curtis immediately. He stated there must be some mistake and would get back to me. Never did he call me back. He is no longer with the company. I made a complaint to the local BBB. The company official with New Freedom responded saying what he did was use an "incorrect term." He did not deceive me in any way. Fine... I checked the "corrected term" she provided. It too is NOT recognized in my state as valid to remove someone from a mortgage loan. It will only remove them from the title, not the mortgage obligation. This transaction placed me in NO better position than I was before...$746.00 poorer for NOTHING!
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