I recently contacted Quicken Loans in reference to refinancing an existing first and second mortgage. My wife and I were interested in taking advantage of low interest rates to consolidate the two loans and shorten our loan term from 30 years to 15 years.in order to accomplish this we needed a certain home value from the appraisal.
The Quicken agent assured me that the appraisal would be fine and that I should go ahead and make a deposit to him to get the process started. I asked if the deposit was to cover any fees, such as appraisals and if the deposit was fully refundable if the loan did not go through for any reason. The agent assured me that the deposit was fully refundable if the loan did not go through for any reason.
We made a $400 deposit to get started because the terms the agent quoted us were very good. Quicken contacted a local appraiser to perform the appraisal. The guy did not even measure the entire house when he was there. When the appraisal came back, our house had gone from 1756 square feet down to 1681 square feet. I say this because we have a tax assessor map that shows 1756 square feet and 3 other appraisals have been done previously showing the same amount.
Since the appraisal was based on 75 fewer square feet than we have, the value of our house was less than it had to be for the loan to work out. I provided the tax assessor map that showed the square footage, yet Quicken did not do anything to correct the problem.instead, they asked us to bring $6,000 to closing and we could proceed.
We did not agree to bring several thousand dollars to closing so Quicken cancelled the loan. When we only got $13 of our deposit back, I talked with the agent and was told that was all we would be getting because the rest of the deposit paid the appraiser. I reminded the agent that he had told me the deposit was fully refundable. He told me that all calls are recorded and I should call client relations for them to investigate.
Client relations mysteriously could not find the recording or a reason to give is our deposit back.
I filed a claim with the Better Business Bureau in hopes of at least stopping this sort of bad business.
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