We approached David K. At Lending Tree to go over obtaining a first-mortgage on the house we possess in Florida which was simply evaluated for 320,000. We were requesting 160,000 to repay our additional debt. The house is fully-paid for as well as in excellent problem. We we simply producing some telephone calls to determine what type of prices and conditions we're able to get. David K. Explained he needed 400 from us to approach the paperwork. I flat-out instructed him no method on the planet we were likely to provide him 400 and he explained it was in order to secure within the conditions and price if we desired to continue using the mortgage. He advised me the 400 might assure our 5.5% rate for 30 years set and when we were rejected for almost any cause apart from lying on our application or even the evaluation not achieving the worthiness to secure the mortgage, we'd get a complete refund.
We've excellent credit ratings, haven't defaulted and sometimes even been overdue on ANY loans, we're trying to pay-off 2800 per month in confident expenses to get a fresh confident statement around 1000 (the mortgage), therefore there is no method in my own brain we're able to actually be rejected for this type of no brainer, intellegent loan such as the one we were attempting to secure. We told David K. On our first discussion that my spouse learned the house from her dad who recently died. We informed him it did not seem sensible for all of US to offer the property in a down housing industry, so we're likely to pay-off all our debt and watch for the market to rebound a little before promoting the home.
After a whole month of losing time, he informs us we'venot been about the action long enough and we're rejected because of that. He then explained since we did not reveal this reality, he was maintaining our 400. Exactly what a fraud. We informed him my spouse simply learned the home and anything else he requested incomplete integrity. We dropped per month and switched our very own bank down (briefly) due to the reduced 5.5% 30-yr fixed estimate that they couldn't fit. We're truly furious... More in the lost month compared to 400. It's totally obvious these men have been in the company of having 400 from people and perhaps receiving them financing if it may be offered for more revenue compared to unique 400 on the basis of the price they estimate you.
Perhaps 5.5% rate 30-yr set was only a little reduced in order for them to market on the minute house/investment house mortgage plus they simply chose to maintain our great trust cash... They're CRIMINALS. Don't conduct business with Financing Tree, imo. These folks have to be ceased the moment possible. They're managing a total fraud.
Read more: http://www.consumeraffairs.com/fund/lending_tree.html#ixzz0oJglVqBV
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