- Report: #213234
Complaint Review: Home Loan Center - Lending Tree - Irvine California
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Author Confirmed
Why?
Home Loan Center - Lending Tree
163 Technology Drive, Irvine, 92618 California, U.S.A.
Phone:
800-942-3683
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Home Loan Center - Lending Tree Tree ripoff verbal way different from written will not refund money down when we are suppose to have a right to cancel without losing our money Irvine California
Home Loan Center, Inc,/dba Lending Tree ripped us off of our good faith deposit after they changed the terms of our loan, Which they say they can do because the appraisal did not come back as high as I thought it would. They sent their own appraisers by the way. We received a Right to Cancel form (with-in about 2 inches of paperwork)stating we could cancel with-in 3 days of signing the contract (which they never sent a notary to witness). Because nothing was signed, they are saying everything is null & void, except they do not have to refund our deposit. They are responsible for all the changes to the agreement, yet we have to pay for it?
Dana
Gladstone, Michigan
U.S.A.
Dana
Gladstone, Michigan
U.S.A.
1 Updates & Rebuttals
Kim
Seal Beach,California,
U.S.A.
Do you have all the necessary information?
#2Consumer Suggestion
Sun, March 18, 2007
In response to your complaint: Lenders do not have "their own" appraisers. Lending Tree is in Irvine, California and you live where? They likely sent an approved appraiser in your area. It is not their fault that your appraisal came in lower than expected. They are simply trying to get value in which they can lend. If the value came in low, then the terms could very well have changed. The LOAN TO VALUE issue is a big issue for all homeowners. Unfortunately there is nothing any bank/lender/investor can do. Be happy that your appraisal wasn't falsely inflated as many appraisers and companies have been doing. Meanwhile, they sent you loan documents which it sounds like you never signed. How did you receive those docments? By Fed Ex/UPS/US Mail? It should be trackable. Get your facts and explain this to the Department of Real Estate and send a complaint to the Better Business Bureau. When the loan started you should have received a Good Faith Estimate and Truth In Lending Disclosure. This is required by law within 3 days of application. After the appraisal came in, your loan officer should have explained what happened and came up with a revised offer for you. At that time, a new Good Faith Estimate and Truth In Lending should have been disclosed. Most likely what happened, was that there was not good communication with your loan officer, your documents were sent with the revised GFE/TIL. I am interested in how you received the documents however. Did you tell the officer you had a notary at your disposal? A bank typically sends documents with the Notary. If you received them and a Notary was to come when you received, then its a possibility but I dont know these details. You do. Be clear and concise in your explanation. Best way to document is date application started, date of approval, date of appraisal, date loan docs drawn/received. Why did you not sign the 3 day notice to cancel? By lack of response the loan would be null and void. What were you expecting? A refund of the Good Faith Deposit? What does the contract on your Good Faith Deposit say? Read the fine print. Is it non refundable if the loan is approved? dre.ca.gov corp.ca.gov bbb.org
