- Report: #457937
Complaint Review: CLC Pitsgurg PA - Pitsburg Pennsylvania
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CLC Pitsgurg PA
2730 Liberty Avenue Pitsburg, 15222 Pennsylvania, U.S.A.
Phone:
877-290-7332
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CLC Pitsgurg PA Not allowing consumers to better there mortgage rates- subordinatiosn Denied Pitsburg Pennsylvania
This company recently robbed me of an opportunity to save a 156k in interst on my 1st mortgage. My rate is currently at a 7% on a 30 yr fixed and I was going to a 4.5% rate on a 15 year term. My Mortgage professional treid and tred to explain that this refinace did nothing but actually help CLC equity possssion by paying down the 1st mortgage balance faster. He and many others who contact CLC including myself, stated they have never dealt with a more unprofessional, ingnorant company, who are expected to know the ins and outs of the mortgage industy. My reifinace would have saved me a 156k , but the only thing that provented it was CLC's denial of a "suboirdination request" (CLC is in current 2nd lien posission -- so this would allow a new 1st mortgage to take the place my current 1st mortgage and keeping CLC in 2nd lien position, not putting them in a worse postion) Now I am sick, that these are the people I am forced to deal with, I wish I didn;t care and would just stop paying them.When asked repeatedly why??? They sounded like a broken record and keep repeating there is really nothing we can do for you anymore.
BOB
hundsonville, Michigan
U.S.A.
BOB
hundsonville, Michigan
U.S.A.
1 Updates & Rebuttals
Bankworker
PITTSBURGH,Pennsylvania,
U.S.A.
RESPONSE TO YOUR PROBLEM
#2Consumer Comment
Sun, June 14, 2009
First thing that you need to start off doing is using a spell checker when you want to say how IGNORANT or unprofessional a company is. Your claim kind of doesn't have any relevance if you're typos of SUBORDINATION, POSITION, IGNORANT, PROVENTED are what you stress. I think you need to first understand what it is you're requesting and why it is being declined. A subordination is a very sensitive thing for any company to engage in due to the financial industry and the distressed banks lending to people who 'DON'T UNDERSTAND OR DON'T CARE TO UNDERSTAND' what their loan terms are. When your first mortgage is refinanced, that moves CLC into first lien position and you're first morgage into 2nd position. This in essence means that if you were to be foreclosed on or short sell your property CLC would be paid from any proceeds FIRST. When you request a subordination, you are requesting for CLC to move back into 2nd lien position; this in turn means that if you lost the house, short sold it, or foreclosed on it, first mortgage gets paid, and CLC gets the leftovers which probably won't be much in a declining housing market. Before you start to talk about a company think of the economy in which we live, the situations that banks have previously put customers in, and then consider the nature of your request. You're asking CLC to basically trust that your home value will remain what it is now when you're ready to either sell it or let it go. Somehow I seriously doubt you'll understand this as you probably didn't understand it when several people tried to tell you. You can always roll your first mortgage and 2nd into one and just pay one bill but I seriously doubt your first mortgage company will take that type of chance on you seeing as how you're so intellectually gifted. That is your option though. If something is not offered or doesn't go your way, it doesn't classify it to be a rip off. Every company has their rules and if you don't like them, you take your business elsewhere. You don't get online and completely contradict yourself by making a failing attempt to disgrace a company, when you don't know or don't care to know what it is you're crying about. Get over it and try to somehow move on with your life!
