Another Greedy crooked lender! These guys bought our loan previously held by Horizon. We were told that we were approved for the modification process through the new HARP. From the start we were transparent about the difficulties we had in the past due to our home being rural and an "alternative" structure. They assured us this was not an issue. After several months, paying out of pocket for an appraisal, and several phone calls/emails attempting to contact them after the appraisal (about three weeks worth of time that they evaded our attempts to get an update from them) they finally called us back and told us they denied the loan. At first we got a B.S. Reason as to why. Then I called and called to get a "live" person who I could talk to about the terms of the denial. After reaching a higher up "Mortgage Professional" (that is what their job description was) I got the truth only after explaining to them I had worked in the industry before and - I wanted the truth about the denial. Basically, I was told that they do not lend to "alternative" home structures and often do not lend to very rural properties because Fannie Mae's system does not often list values on those types of homes. Therefore, any appraisal that is done on the home will not be considered by the underwriters. I demanded a refund of the appraisal! I got it! Now I am going to do everything in my power to work with another lender! They hold our current loan and they won't even refi with us - unreal! I hope this helps others who may be in a similar situation. Don't use this company if you have rural property or an alternative home - no matter how many times they assure you the loan modification will go through - it won't! It will be a waste of your time and money if you pursue it.
0 comments