In early October I Called Ditech.com to have my home refinanced. They wanted $500 to lock my interest rate. I put the charges on my Visa.
During the process I got a letter from my current mortgage company. It said that because I had an FHA loan, there would be an interest charge of almost $900 if the payment is not received on the first of November. I contacted my Ditech agent and informed her of this. She told me there shouldn't be a problem getting the loan done in time.
Well, on Oct 31 she called me and told me that there was an audit on my loan and it would not be done on time. I will have to pay the interest charge of almost $900. I was upset as you can imagine.
As you probably know, when you finance a house you get a month where you have no payment. Paying this extra interest was going to take a lot of that money. I had planned to use that money to pay off a bill. I decided to make that months house payment and restart a new loan so I would have the month off on my house payment. They said I would lose my $500 rate lock. I complained but they wouldn't help me out. But still it was cheaper to lose the $500 rate lock charge than the $900 in interest. They wanted another $500 to lock the rate for the new loan. Again I put it on my Visa.
I didn't hear anything from them for 2 weeks and became concerned. I called Ditech.com and they assured me the loan would be done on time.
Another week went by and I didn't hear anything from Ditech.com. I became really concerned. It was now November 24th. With the Thanks Giving holiday coming I didn't see how this loan could possibly be done in time. I called demanding to talk to a supervisor. I couldn't get a hold of my loan agent or her supervisor. I had to leave a message in the supervisors voice mail.
The next day I got a call from a new person that they had reassigned my loan to. Evidently the loan just sat on some ones desk the whole month and NOTHING had been done. The gentleman informed me they would try to get the loan funded by the first week of December.
I can't believe they did it to me again. Two months in a row I am left in the lurch with my loan not funded on time. I can't believe this large supposedly reputable company could do this to me. And did it twice.
I looked into this company and found out they have an unsatisfactory rating with the BBB and some similar complaints here. I decided I did not want to do further business with them. I left messages with the supervisor requesting my money back to no avail. I then complained another rung up the ladder. I did finally get my $1000 back.
I decided to stick with my current mortgage company. I am currently refinancing at 5.875 rather than the 5.5 Ditech.com was going to finance me at. This will cost me considerably more over the life of the loan.
This ordeal left my life up in the air for close to three months. I don't know exactly what is going on with Ditech.com (a GMAC company). I am very unsatisfied with their service.
0 comments