Tribeca Lending ripoff of $450.00 for house appraisal New York New York
Well, I'm sure this happens all the time but it doesn't ease the sting! I wanted a home equity loan and went through Lending Tree because they advertise 'good credit not necessary'. Yeah, I'm SURE! Anyway, one of the four mortgage companies, Tribeca Lending, ASSURED me they could help me. I stated to their 'salesman' that I had lousy credit A NUMBER OF TIMES and he, again, assured me that was no problem.
He then advised me to have an appraisal done, at $450.00, to get the process 'rolling'. After tons of phone calls and plenty of time consuming 'hoop jumping' they informed me that the loan could NOT be completed. I never really got a straight answer as to why, just something about 'too many foreclosures in my region'whatever THAT means. But,I suspect, it was my poor credit score WHICH WAS PLAINLY STATED several times by me.
Just for a little backround, my house was assesed at $62,000.00 and the amount I was requesting was $30,000.00. The house is owned by me FREE AND CLEAR, no existing mortgage. It was left to me by my father, who passed away. I wouldn't be so upset at losing the $450.00 if their guy hadn't INSISTED to me, several times, that they could help me. Oh! And this gets better......see 'Castlepoint Mortgage'.
Tom
Amsterdam, New York
U.S.A.
3 Updates & Rebuttals
Jt
Va Beach,Virginia,
U.S.A.
So Long Tribeca Lending....
#4Consumer Comment
Sun, December 09, 2007
They have officially closed without warning. I feel bad for the brokers who were affected.
Milton
Mastic Beach,New York,
U.S.A.
To Theresa
#4Consumer Comment
Mon, July 17, 2006
Lending Tree (which is the crappiest site around), didnt set her appraisal up, it was Tribeca.
Tom tried to get a loan with Tribeca Lending and by the looks of it, they were looking for another investor. Which leads me to believe that the Tribeca Lending that he dealt with was not the Tribeca that brokers are used to dealing with.
Tom, I'm sorry you were ripped off. You should really have shopped around more. I'm not sure how bad your credit is, but you could try going to your local broker and having him look at banks like Delta Funding or Option One. They're pretty good banks.
Theresa
Round Lake,New York,
U.S.A.
Tribeca Ripoff??
#4Consumer Comment
Wed, July 12, 2006
I am a mortgage broker who is very familiar with Tribeca as a lender. As far as Tribeca goes, they are a great lender for people who have credit scores below 500. The problem you encountered is with Lending Tree, not Tribeca actually. It is part of Tribeca's prequalification that you must have a loan minimum of 100,000 and you can't go above 75 ltv.
Basically that means that you wouldn't qualify for a Tribeca loan in the first place because the value of your home, and the loan amount don't follow their lender guidelines. I think you should definately speak with the Lending Tree because if you're not even eligible for that loan, they certainly shouldn't have made you pay for an appraisal!