Complaint Review: Shore Mortgage

 In late February, I contacted Quicken Loans and Shore Mortgage about refinancing my home mortgage. The process was quick and easy with Quicken and by March 8th, they were ready to close. Shore called me on March 4th about me going with them and I told them Quicken offered me a better deal...3.5% interest with a payment of $890 per month which included everything. Kyndal McAllister talked to me and then got Tim on the phone, which I thnk was his supervisor, and Tim offered me a 3.5% rate with the same monthly payment.

Also, Quicken wanted an upfront payment of $500 before closing. Shore mortgage (Kyndal and Tim) both told me they NEVER charge any fees before closing, that all closing costs and fees are included in the loan. They told me they would have m closed beore Quicken even had their paperwork concluded....This did not happen.

Weeks went by. I e-mailed them, but never got any responses from anyone. They kept asking for more and more paperwork. I kept sending them far more than I did Quicken. Then, on or about the 8th of April, I get a phone call from McAllister saying I need to send them $1,000 for the loan to be approved. He also said my monthly payment for 3.5% would be $920.00 I had already signed and submitted papers, the Truth in Lending paper, which clearly stated the payment of $890 would be the monthly payment. I said, "wait one minute, I signed papers saying the payment would b $890 per month, why the sudden increase?" McAllister said there was a suddn ncrease in the mortgage insurance rates.

McAllister told me after I balked at the $1,000 upfront payment and I reminded him of Shore's policy of never charging any upfront fees, said I could get a loan at 3.75% and I would get a $1,000 refund within 3 days of closing the loan, which closed on April 20th. Now, my monthly payment would be $940 per month!!!! A classic bait and switch tactic!

Now, I am stuck with a loan of 3.75% which will cost me about $20,000 more over the 30 year life of the mortgage, plus McAllister has cheated me out of the $1,000 he said I would get by April22nd.

So, the bottom line is: They lied about closing much faster than Quicken (this took about 8 weeks).

They lied about not having to put up any money upfront...they asked for $1,000 on or abouot the 8th of April.

They used a classic bait and switch tactic to get me to sin for a 3.75% loan which now costs me more than $50.00 per month over the original signed papers which cleaarly stated 3.5% interest and a payment of $890 per month.

They lied about the mortgage insurance going up by $30 per month on the loan which I signed on or about the 4th of March.

They have thus far never responded to any of my e-mails about this. All I have ever received from them is multiple lies, deception, fraud, a bait and switch tactic, and just plain illegal and deceptive business praactices.

They need to make this right for me by either sending me the $1,000 they promised me, or reverting back to the original paperwork I signed with the 3.5% interest rate and the $890 monthly payment. Nothing else will suffice, nor be acceptaable.