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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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In January, 2015 I was contacted by Quicken Loans refinance.

Customer Question

In January, 2015 I was contacted by Quicken Loans for a refinance. I have good credit and the loan was approved. I signed the papers. They told me that the property had to be appraised. It was appraised in February, 2015 and their were some issues with the house. The repairs were done. They cost 2250.00. They then wanted another appraisal due to the age of the house (37 years old). I paid for another appraisal by a licensed structural engineer. He found other issues, but no signs of a cracked slab. I faxed copies of the invoices of the repairs that were done. The structural engineer said that he had never encountered a refinance from a mortgage company wanting the house to be in such perfect condition. I had to pay 385.00 for this appraisal.
since this process began I have had 7 loan officers and have had to sign multiple copies of the same paper. I have save each group of pages and on each one the numbers change. The closing costs range anywhere from 400.00 to 1700.00. Last week I told them to cancel the loan because I could not pay 1700.00. They told my husband that the closing cost would be 500.00. Today they called and told me that I had to get another appraisal and the appraiser would be at my home at 9am Monday. I asked if I would have to pay for it and they did not answer me. I told them no. The reason they said we needed another appraisal is that the loan process has taken too long. If has taken too long because of them. I have paid over 40.00 faxing information to them. That is a lot of faxes, since a fax costs 50 cents
Applying for this loan has put a great hardship on my husband and I. My husband is totally disabled with COPD. We are both on Social Security. I am 71 years old and I am still working just to keep a roof over our heads. Now I am head over heels in credit card debt, caused by Quicken Loans.
Quicken Loans is using predatory loan tactics. They offer loans to the poor and elderly, getting us to fix our house of perfectly, we miss a payment or die and guess what? Quicken Loans comes out the winner. I will be 101 years old when this loan is paid off. Excuse me, I do not think that is going to happen and Quicken Loans knows this too. This is why they prey on the poor and elderly.
I was ready to go ahead with the loan but today the loan officer told be the closing costs would be around 1000.00, but he said it could change. I bet it will change but not in my favor. Two weeks ago the closing costs were 500.00. The problem with the loan officers is that they tell you what you want to hear on any given day. I think their purpose is my homeowners insurance expires 7/31/2015. They are stretching this loan out so that I will have to pay the insurance out of my pocket, which is 1400.00, which I cannot do. I could if I did not have to pay 1000.00 in closing costs.
I really need help but at this point there is no way that I can afford a lawyer.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Yes, the company has a reputation for exactly what you are stating.
What is your specific question for us, since you have not finalized the loan and closed on it yet? Thus, you are not bound to take the loan out and you can terminate the loan process with them.
Customer: replied 1 year ago.
(Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Law Educator, Esq. replied 1 year ago.
I am sorry, because taking phone calls can be misinterpreted as legal representation and thus violating state law that forbids us from representing anyone from this site, we need to continue in this thread and work to provide you all of the information you need (in 99% of the time we can do so right here without charging you additional funds).