I contacted Quicken Loans over 2 months ago to see if i could get approved for a loan. They approved me for a loan in the amount of $200,000.00 and emailed me a "pre approval letter" stating that i was now approved and to begin searching for my new house. For 1 month i searched for homes and found one that i really liked. I put $3000.00 down to the title company to hold the house and then started the loan process.
Quicken loans told me that i needed to pay them a $400.00 deposit to get the loan process started. They told me the deposit was needed to show good faith that i was going to use them for the loan and not any other company, i agreed and payed the deposit. 1 week goes by and i didnt hear any word back about the loan, i called them and asked them how it was going and they assured me that it was getting done and they were working on it.
Week 2 goes by and they called and said they still needed more information for the loan documents, i agreed to send them everything they asked. Week 3 goes by and still the loan was not completed and i called them and they said they needed more information from me to complete the loan process, i agreed and sent the information. Week 4 and the loan was still being processed and i was becoming very close to losing my $3000.00 deposit i gave to the title company, because it was in the contract that it will close by june 5th.
I called them and asked to speak with someone in charge. I was later contacted by the regional vice president that assured me that it was going to close the next day and there was nothing to worry about. He promosed to call the next day and i heard nothing back from him. The next day i called one more time and spoke with him and he assured me it was going to close the next day. I heard from him the next day and he told me that he needed more information to complete the loan, i agreed and faxed in what he needed.
The next day he called me and told me that it was looking good and it will close the next day. Yesterday (the day before i lose my deposit) he called me and told me that he was unable to approve me for the loan and there is nothing he can do. Today i lost my $3000.00 and also the 400.00 they made me give them as a good faith deposit. Why does Quicken loans take your ss# and proof of income and then pre approve you and ensure you that you are approved for the loan and to go find a house... If later (after you have payed $3400.00) tell you that they are unable to approve you for the loan?
Why didnt they tell me after the first 2 weeks of dragging their feet that they can not approve me? Why did they wait until the day before i lose my deposit that they can not do anything for me? Why did they LIE to me 9 different times? I work hard for my money and losing $3400.00 is not an easy loss to accept. DO NOT ever even think about using Quicken loans!!! They are a group of scam artist looking to make an easy $400.00 off you with no intent of being honest or even completing the loan as they promise.
If they were an honest company they would have told me the truth after the first week that they were unable to appove me... I would have had time to find a different loan company and not lose my $3000.00. My email address is (email address redacted). Anyone that wants to share an experience they had with Quicken Loans or want to ask me more questions about their shady business practice, feel free to write me.
Quicken loans, you can feel free to email me and explain how you sleep at night taking money from hard working Americans... Class action law suit? P.S. I'm going to post this letter on 10 blogs sites every day for at least a year. I will also email this to everyone on my contact list and ask all my contacts to do the same. P.P. S I forgot, I also lost $400.00 for the appraisal
John
Fresno, California
U.S.A.
0 comments