Complaint Review: Best Rate Funding

In sept 06, I was trying to buy a house after losing everything i had in Huricane Katrina 1 year earlyer. I was contacted by Best Rate funding's Represetative after applying to lendingtree.com. After consulting with several banks i decided to go with Best Rate because they had the best deal. I was pre approved for a loan with a $1500 monthly note. I then went to the builder and put a deposit down so they could put the wood floors throughout the house because it was not standard. I got a phone call a few days later from the representative saying that there was a problem in underwriting, and that we could not close on the date agreed. I then filed for the first of 3 extentions over a 3 month period. After the 3rd extention the builder told me that if we did not close now that i would have to deal with another finance company or i would lose my deposit of $2700. Best rate pushed it to the limit to the extent that i did not know all the terms of my loan untill the day before closing. when i tried to go to another company that day i found out that i could not go any where esle to get the loan because so many banks had run my credit that my score was to low to get qualified any where else. So the situation was i have to sign with them because i cannot qualify anywhere else. They prolonged it so long that i had no choice but to sign with them on their terms: 2 yrs fixed rate at 9.9%, a two year prepayment penalty, 30yr adjustible rate (as high as 14%) loan after the first 2yrs, that would baloon to $123,000 in 30 yrs.

After we closed i found out that the loan was sold to new century morgage, then right when i went to send in my FIRST payment i found out that new century went under and HOMEQ was servicing my loan. I was Late with that first payment b/c i did not know who to send my payment to untill i was contacted by HOMEQ to tell me i was late and needed to pay it to them.

Now i am facing a layoff at work, cant refi my house because of the prepayment penalty , and dont know if i will be able to refi in January b/c i dont know if i will have a job.

Avoid them if at all possible they are liers and con artists

Byyoukidd
covington, Louisiana
U.S.A.