Complaint Review: GMAC dba Ditech.com - Costa Mesa California

Watching the commercial on TV for refinancing and how easy it would be if I called Ditech on May 13th 2003, I picked up the phone and talked with Joe, who was the loan officer. He took all the information and said we were approved in less than 5 minutes! We were so happy, and it was sooo easy!

OR SO WE THOUGHT! Next day I faxed $500 lock in fee for 5.5 % by credit card. That is when our nightmares began. We received our package the day after and I called Joe and asked him if it would be ok to withdraw an additional $5000 out of our equity line before we sign the papers for freezing it and would he adjust the loan amount? (my husband was sitting right beside me and heard it all). He said that would be fine.

We sent back the papers, and waited, and waited. Three weeks later the appraiser came out which was fine (everyone was swamped with all the re-fis going on). Then we waited, and waited.

Finally, I e-mailed Bernie the processor to find out if the appraisal came in since no one had bothered to update us yet. I e-mailed, faxed, and left messages 5 times for a week before I got any response. The appraisal finally came in 3 1/2 weeks. I was feeling better.

I asked Bernie specifically if our lock in expired, due to no fault of ours, what would happen, and we were reassured repeatedly that Ditech is giving extensions due to the volume of refis going on. Finally on July 8th we were going to closing! 5 days shy of our lock in expiring. Attorney shows up, the payoff on the documents were all wrong and he suggested we not close till they were corrected.

Called Bernie from the closing table 3 times. No answer, no return call. E-mailed Bernie, nothing. A WEEK later after e-mailing, faxing and calling, Bernie e-mails with an answer. We need to update the documents for correct payoff. I asked him what this time frame is going to do to our lock in. Once again he reassured us that it had been extended. I explained that if it is not honored I would like to know right then for I had a local loan officer I contacted ( documented phone calls to her, time, date, reason) during the week of no calls from him. I TOLD him I would just go with a local loan officer and get her to lock us in at 5.75 % if he couldn't honor our lock in ( and not worry about the $500). He reassured me vehemently that yes, the lock in will be honored and we will still close at the 5.5%.

Well, we got our NEW DOCUMENTS on July 30th, 2003 (with 5.5 rate on it) and signed them and sent them back. On July 31st we received our e-mail from Bernie with YOU'RE APPROVED! I asked when we can go to closing and he said about a week.

Well a week went by. Then 2 weeks, and now I am getting nervous because the rates are starting to move up fast and nothing from Bernie. I call Ditech and ask for Bernie, but no Bernie works there anymore is what I am told. Helllooo? What?? Pure panic!!

On August 18th 2003 I receive an e-mail from Tim. Please contact him about our loan. Whew, was worried there for a minute. I call Tim and low and behold, he goes on a tirade about how they cannot honor our loan committment (5.5%) anymore because WE changed the loan amount. "Excuse me?"

We were told it was all our fault that the loan commitment could not be honored anymore. Helloo?? Now I am totally confused. I have the new documents, e-mails and everything for approval and 2 weeks later they tell me this? When I could have been locked in over 6 weeks earlier at 5.75% with another company but for the fact that we were REASSURED numerous times that we would close?

It is August 25th 2003 and we just returned from the loan application for refinancing and we ended up paying over $1400 in discount point to buy down a loan rate of 6.5% and we ended up with a rate of 6.25 % I am SO ANGRY!

We lost 4 months, thousands of dollars (costing over $45,000 in additional interest) because they did not honor their committment and were not HONEST enough to admit that up front when we could have gotten a better rate if they were just HONEST when I asked instead of reassuring us and making false promises they didn't keep!!

We were promised our $500.00 dollars back but e-mailing Tim twice, I have had one response as to "who is this" question from him (you would think he knew who it was from my e-mail address) and sent back who it was but no response as of yet since HIS promise for refund.

And they call this business??

Rose

Portsmouth, Virginia
U.S.A.

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