Through the website bankrate.com I found Nations Choice Mortgage. The person I spoke to was Mr. Schude. I told him I wished to refinance my home. He took my personal financial information, i.E. How much I wanted to borrow (a loan of $196,000) did I have a 2nd mortgage, what was my income, credit score etc. AFTER he took my financial information there was never any mention of my not qualifying and there was $495 application fee. He then emailed the forms, including a CC authorization form. An appraiser was sent to my home.
Just over a month after I had applied I received a form letter with the box Excessive Obligations checked. I called Mr. Schude. He told me I had insufficient income, but would recheck the numbers and see if anything could be done and call me back.
He never called back. A few days later Mr. Schude forwarded me an email stating... We got an approval at a max loan amount of $159,000. This would mean that you need to bring $62,000 to close. Is this an option for you?
It is clear from an exorbitant amount requested at closing that Nations Choice Mortgage never had any intention of approving my loan. Mr. Schude would have known this as soon as I gave him my financial information during our first conversation, yet he requested a $495 non-refundable application fee and an appraisal. This is highly unethical.
Nations Choice Mortgage is a company that engages in tactics that are deliberately misleading to the consumer. I sent Mr. Schude an email stating I would be filing a complaint against Nations Choice Mortgage. Only then did they make me an offer of a $200 refund AND I would sign a document stating I would give up my rights to file a complaint or report them to consumer agencies.
I didnt sign the document as I had every intention of filing complains on consumer websites, so other would be borrowers would be aware of Nations Choice Mortgages shady business tactics.
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