dohardmoney.com dohardmoney Double Charged for Membership Fees, Refuse to Refund Membership Fees after Cancellation West Jordan, Utah
On August 29, 2012 I applied for a Hard Money Loan from Dohardmoney.com and based on my application, requested loan amount and Value of Property, was assured that if everything checked out, i would most likely get the loan. Application fees were 4-5 points plus other fees. I was asked to pay $600.00 for "appraisal" fees which I did. I was also told that if I joined and paid for membership to the Diamond Club for $277.00, some of the application fees would be waived. These fees were taken directly from my bank account. I was told to expect a "conference call" within a few days. After not receiving a call at the specified time, I called dohardmoney and was told there was a problem with approving my application although the "appraisal" had come back within an amount qualifying me for the loan. They will loan up to 70% LTV. Appraised at $124000, loan requested $86000 (based on this I should have qualified). I had to make several calls to find out the loan was denied, however, surprisingly, dohardmoney will not furnish me a denial in writing. I also discovered I was double billed for the application fees $600 billed twice and the $277 for the Diamond Membership Fee. Although I have requested a full refund of the Diamond Membership Fees a few days after joining, I have received no response to repeated attempts to contact dohardmoney.
Although I believe I was falsely led to believe I would be approved for a hard money loan, I had only requested a refund of the $277.00 Diamond Membership fees as I have no use for the program and called membership within a few days.
Please beware of this internet company, as they can double bill you, deny you a loan and then refuse to return your calls requesting a refund. It is my belief that I was entitled to a Loan Denial Letter stating the reason why and a full refund of membership fees for a program that I have no use for.
3 Updates & Rebuttals
Kimberley
COLLEGE PARK,Georgia,
USA
Great Service and Great Attitudes!
#4Consumer Comment
Wed, October 14, 2015
I recently read this review and I was actually perplexed because I have now been working with this company on the real estate broker side for a few months. I have been pleased with the level of service towards myself as well as other comments from brokers. I google reviews as others do because I like to know if I am working with a reputable company or someone who is dishonest. Thus far, I have been pleased and cannot report anything negative.
Danielle has been awesome to work with and the folks over at DHM are quick to respond throughout the day. My interpretation based on conversations and what I am priviledge to know about DHM is that they want to offer loans otherwise they will have to close shop. No one will make money if they do not clear loans to close.
As stated I am a broker and provide Evlaution service for DHM for a fee. My evluations are concise, I am very experienced and I know my market. The reality is the reality if the numbers are not there. From a business standpoint, if a deal is not a proftible deal then I can understand why DHM will deny a loan. I do not know why this loan was denied but I can attest that the integrity of the people that I have worked with at DHM has been stellar. As long as I do my job and DHM treats me as a Professional and pay on time then I will continue to work with them.
I hope that my comments shed some light on my experience and the reputation of DHM. I cannot speak for other's but I enjoy working with DHM and look forward to many deals to come.
Kimberley
DoHardMoney
West Jordan,Utah,
United States of America
DHM's conflict of interest with Carol
#4UPDATE Employee
Mon, September 17, 2012
Carol submitted a loan application for a property she wanted funding for. We contacted her and she agreed to move forward with the property evaluations process a process that we require with each loan in order to establish loan/property values before we can fund. She paid $600 for the evaluations and $277 for
the DHM membership fee that would give her lifetime access to the DHM membership portal, as well as assist her with rebates on any funded loans. The membership fee was optional, and not required. Our records show that she was not charged twice for either charge. We would be happy to reverse the double charges if she can provide us with a bank/credit card statement showing that the fees were charged twice because our records show that she was not.
Carol was denied a loan for one reason. We hire two 3rd party evaluators for each loan to provide us with BPOs in order to get the most accurate, unbiased values on the property. Carol is a real estate agent who was contacted by a third party company (who is not provided with the potential borrowers information) to complete the evaluation/BPO on the property, and she did not disclose that she had an interest in the property. When we received the completed BPOs we saw that there was a conflict of interest with the values because the borrower, Carol, was one of the two agents who submitted property values.
We would have loved to loan her the money. She qualified for the full $86,000 based on the values we received back, but we have to assume that the values are inaccurate because she did not disclose that she had an interest in the property when asked by a third party evaluations company to complete a BPO. We cannot accept the values she provided to us as accurate or unbiased. We felt it would be unethical for us to move forward with Carol.
She was provided with a Loan Denial via email. She acknowledged in an email on September 16th at 3:16 PM that she received the loan denial email, but she wanted DHM to provide her with a letter saying that the low
value of the BPO that was performed did not qualify her for a loan. We cannot provide this to her because we did not receive 2 unbiased BPOs on the property, and the BPOs that we did receive (including hers) qualified her for the full loan amount.
Once the evaluations are completed, we cannot refund the $600 evaluation fee because the money has already gone out to pay the evaluators who performed the BPO's . Carol accepted payment for performing the BPO by the third party company. The DHM Board of Directors feel they cannot move forward with someone who is not completely forthright.
Our system is proven to work. We are not in the business of scamming our customers. Our mission is to help our borrowers make money, but we will not get involved in a suspicious deal. Please watch these testimonials from our borrowers who have had major success with our company:
http://www.youtube.com/watch?v=izmRzGM-uyw&feature=player_embedded
http://www.youtube.com/watch?v=GjQ8k1d0keE&feature=player_embedded
http://www.youtube.com/watch?v=zRQHRtJUWo0&feature=player_embedded
DoHardMoney
West Jordan,Utah,
United States of America
DHM's conflict of interest with Carol
#4UPDATE Employee
Mon, September 17, 2012
Carol submitted a loan application for a property she wanted funding for. We contacted her and she agreed to move forward with the property evaluations process a process that we require with each loan in order to establish loan/property values before we can fund. She paid $600 for the evaluations and $277 for
the DHM membership fee that would give her lifetime access to the DHM membership portal, as well as assist her with rebates on any funded loans. The membership fee was optional, and not required. Our records show that she was not charged twice for either charge. We would be happy to reverse the double charges if she can provide us with a bank/credit card statement showing that the fees were charged twice because our records show that she was not.
Carol was denied a loan for one reason. We hire two 3rd party evaluators for each loan to provide us with BPOs in order to get the most accurate, unbiased values on the property. Carol is a real estate agent who was contacted by a third party company (who is not provided with the potential borrowers information) to complete the evaluation/BPO on the property, and she did not disclose that she had an interest in the property. When we received the completed BPOs we saw that there was a conflict of interest with the values because the borrower, Carol, was one of the two agents who submitted property values.
We would have loved to loan her the money. She qualified for the full $86,000 based on the values we received back, but we have to assume that the values are inaccurate because she did not disclose that she had an interest in the property when asked by a third party evaluations company to complete a BPO. We cannot accept the values she provided to us as accurate or unbiased. We felt it would be unethical for us to move forward with Carol.
She was provided with a Loan Denial via email. She acknowledged in an email on September 16th at 3:16 PM that she received the loan denial email, but she wanted DHM to provide her with a letter saying that the low
value of the BPO that was performed did not qualify her for a loan. We cannot provide this to her because we did not receive 2 unbiased BPOs on the property, and the BPOs that we did receive (including hers) qualified her for the full loan amount.
Once the evaluations are completed, we cannot refund the $600 evaluation fee because the money has already gone out to pay the evaluators who performed the BPO's . Carol accepted payment for performing the BPO by the third party company. The DHM Board of Directors feel they cannot move forward with someone who is not completely forthright.