I just want to let you know of a situation my family has dealt with the Money Warehouse. My son was referred to the Money Warehouse by an employee of Citizens Bank for a refinance on his house he purchased since his credit was not good and the bank couldn't help him; but the house needed a lot of repairs. He spoke to someone named Dionne Washington of the Southampton, PA office. She stated she could help him in his refinance and she quoted him a interest rate of 6.25% for a 50k mortgage with a monthly payment of around 365 even with all the repairs that needed to be done.
In him telling me the interest rate and monthly payment, my husband and I decided to contact Dionne to see if we could refinance since we are paying 1218/month and struggling to make ends meet. My husband spoke with her and she quoted us a interest rate of 6.25% with a monthly pmt of 860 for a 145k mortgage.
Well we proceeded to submit all required information along with a copy of a post dated check for 325 for which was dated 5/2/08. To come and find out that the money warehouse generated a check with my banking information and cashed it before the date I requested which cause my account to go negative and getting 105.00 of bounce fees. I grew furious thinking the company was honest, I emailed Dionne with my frustration where she apologized and aggreed to refund my bounce fees at closing.
This is when all the trouble started. After telling my husband several times the loan was coming along and looks good. She then stated she needed additional paperwork, that we in turn provided to her. We stated to get concerned because everyday we got a different response from her. My husband finally asked to speak to her supervisor Margaret.
She was unaware of what Dionne was telling us. She didn't know the supposed appraise turned out to be a drive by appraisal. She agreed that it wasnt right for Dionne to giving us false hopes.
Finally, the underwriters got our file where they said with our debit to income they could not approve a loan for 860/month but will approve a loan for the same amount we pay now.
This is not what we signed up for. We feel like we were strung along after they received their 325 fee. This is not right and is bad business. Now even to find out the same scenario is happening to my son who started his process before us.
He too submitted all required documentation, just to see they generated a check they cashed which caused his account to go negative, and now they say they cant give him a loan even though he is making repairs.
We both filed complaints against the money warehouse with the better business bureau.
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