I am hoping this is a forum that people will seriously read before making the same mistake I (and evidently several others) have made.
NationsChoice advertises low rates and no fees. Before long, however, "we want to help you close this deal before escrow closes so let's get an appraisal done." That sounds right. "Now we just need $500 for the appraisal... It's not a fee, it just covers the appraisal." Hmmm... Well, I do want this property and I need to close the deal so... Here's my credit card number...
Days turn into weeks and you can't wait any longer..."Hey, how's my loan going?"
"Things are looking good. Our underwriter just has a few questions but if you can fax us over some additional documentation I think we can complete your loan."
Sounds great, huh? Not so fast. You fax everything they need, some things twice since 'somehow' they misplaced a document or two. Then you wait some more. Now you're getting a little nervous because escrow is creeping up on you. You don't dare pursue another lender because NationsChoice is already into for the $500.
Well, they finally break the news (with a real positive spin) that it "appears" that they can "almost" approve you but because of some technicality the rate will be higher than advertised and, well, they're going to need to charge your credit card another $1,000 because your particular loan is a "little out of the ordinary." They found out through the appraisal that the house has nine windows instead of the standard eight windows, and there are three outlets in the master bedroom, not the four required by the 'American Institute of Master Bedroom Outlets.' But, not to worry, "we're working really hard for you and you're going to be so happy with your new home."
As you are only days from escrow closing you call/email daily. "Oh, I'm sorry, so-and-so is out of the office today" or "She just left, can I take a message?" Of course, you're getting calls from your agent (who may have warned you about unscrupulous lenders like this, but 'you knew better') and the escrow office but you've got nothing solid to share with them regarding the status of your loan.
You finally come to the realization that you've been "had." There is no loan, the 'underwriter' is a figment of someone's imagination, and someone in Gilbert, AZ is trying to determine on a Friday afternoon which bar they're going to celebrate with your "appraisal fee."
Oh yeah, at some point during the day you receive a phone call from NationsChoice. They've been notified by escrow that escrow is over and there's no deal. That wonderful sales person from NationsChoice that wouldn't return your calls for days now begins to call you wanting to know why you're canceling your loan. You stand in disbelief thinking that it's all a nightmare and that you will wake up soon. But no. It's real. You've done everything you were supposed to in an all out effort to get your loan. They've lead you along with no intention of ever giving you one and now they want to know why you're canceling. It's insane.
Is there a silver lining to this very dark cloud? Yes. Don't worry about them bothering you with another phone call. They have your money, they don't need you anymore. The silver lining would be prettier if someone out there heeds this warning. Please get your loan from a reputable lender. Whatever you do please DO NOT do business with this lender.
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