Complaint Review: Embrace Home Loans

In early April we received a pre-approved loan application for consolidation in the mail. We contacted the company and where told that we where pre-approved but there was a $395 appraisal fee (a formality) that needed to be paid ahead of time. Prior to making this payment we where contacted almost daily.

After payment was made, the appraisal was scheduled. Almost one week went by and we did not here from anyone. I sent an email and got no response. I then made several attempts to contact someone in regards to the results of the appraisal.

Finally, I made contact via phone and was told that "There was something wrong with the appraisal and they had to send it back for the appraiser to fix it." We then waited for two weeks and got no further response. We then called again and where told "The appraisal was only $110,000." and the loan was not approved. That was on Thursday the 9th of May 2013. I told my team leader, Anthony Rodrigues that had to be a mistake. He responded "there is nothing I can do about it." I asked for a copy of the appraisal, he said he would send it and I have yet to receive it via mail or e-mail.

This may sound like sour grapes, but, we live in a 2-story, 3-bedroom, 2 1/2 bath, detached 2 car garage with a studio apartment above it, an inground pool, sunroom, finished basement, separate lot across the street, well, septic, etc, etc, etc in a NYS watershed with a low tax burden. (ie the mobile home next to me is appraised at $140,000.) I find it impossible to believe that this appraisal is accurate and will be scheduling to have one done immediately.

Not only am I considered about the bait/switch tactic they have used, I am concerned that this company has all of my personal and financial data. I have reported them to my local District Attorney's office, the Attorney General and will be filing a complaint with my credit card company as well as the Better Business Bureau (who supposedly "approves" this company) as per their website.