Centex Home Equity was one of 4 lenders who contacted me, when my husband and I were investigating refinancing to get a better interest rate. We were given a great offer on a loan, and allowed the "loan officer" to follow through on the loan. The appraisal was set up by the "loan officer" and occurred during the second week of working with this person.
The day the appraisal occurred, the appraisal company/person asked for a check in the amount of $450.00 and I was uncomfortable doing that. I called Centex, and spoke with my "scam artist" and was told that it would not be cashed until the loan closed. And, that if the house wouldn't appraise at the amount she needed for the loan, that the company wouldn't even do the appraisal because they had an agreement worked out.
Well, they did the appraisal and I waited a few days for Centex to get the report. They did get the report, and she then told me that the house didn't appraise for enough, the interest rate jumped almost 2 points, and the monthly payment amount went up to over $200 a month more than we are currently paying. So, of course we told her we did not want the loan, and the very next morning, the check for the appraisal was cashed, causing an overdraft because I had no idea it was being cashed.
Leaving me with no recourse other than calling Centex, I contacted their corporate office. I spoke to someone who referred me back to the district manager, and explained my situation to him. The manager at the location in Baton Rouge contacted me, and attempted to defend his "loan scammer" and again tried to talk me into a loan we did not want or ask for or agree to.
Finally after seeing that I was not going to buckle, he stated that he would "try" to get my $450.00 back and that it would take a few weeks. A few hours later I was called again, and he somehow had lowered the interest rate to more than we were originally quote. So we decided to maybe give it a second chance. Well, after talking to my sister, whom I'd referred to Centex in the beginning, I have found out they did the exact same thing to her. Changing everything on the day of closing, and cashing the appraisal check before it was supposed to be cashed, blaming it on the appraisal company. They lie, lie, lie!
Now I will be working on attempting to get my $450.00 back especially after reading the other reports here, on Centex Home Equity. It is so disgusting to me that this company apparently operates in this manner and noone does anything, or can do anything about it. SO, my advice is to run, don't walk, away from this company.
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