- Report: #77341
Complaint Review: Instafi.com - Irvine California
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Instafi.com
instafi.com Irvine, California, U.S.A.
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Instafi ripoff I am out $15,000 and have a loan against my house. Irvine California Internet
I used instafi to refinance my home and had no problem. Now I used them again...and I got screwed. They finalized the paperwork on a $50,000 home equity loan and sent me a check for $15,000 less $472 for fees (which we were not supposed to pay).
I deposited the check and they placed a stop payment on the check. Now the new bank that has taken over the loan said I owe the $15,000.
I faxed Gateway Bank all of the paperwork plus copies of the stop payment check. I am out $15,000 and have a loan against my house. Does anyone know what I can do about this??
Valli
el segundo, California
U.S.A.
I deposited the check and they placed a stop payment on the check. Now the new bank that has taken over the loan said I owe the $15,000.
I faxed Gateway Bank all of the paperwork plus copies of the stop payment check. I am out $15,000 and have a loan against my house. Does anyone know what I can do about this??
Valli
el segundo, California
U.S.A.
1 Updates & Rebuttals
Brian
Irvine,California,
U.S.A.
If it sounds too good to be true it probally is
#2Consumer Suggestion
Tue, February 03, 2004
I'm a mortgage broker and have been in the industry for almost eight years. People need to be careful of mortgage companies who promise the world in ads. Anytime a company can afford to advertise like instafi did and ditech does means they are charging their customers a high amount and paying less skilled workers to do the job. This equals bad loans and rip off situations. Many people have been stranded in this instafi debacle, and this insn't the first of this kind. Most of the time a consumer is best off dealing with someone who is licensed through the CA Department of Real Estate, www.dre.ca.gov, and has been doing business for over two years. The problem with direct lenders such as instafi and ditech are they don't hire licensed loan officers. Under the Department of Corporations charter they are allowed to hire non licensed individuals which means less compentant skill sets. This also equals higher profits for the bank because a skilled Loan Officer warrents a higher income then an order taker such as the ones employed by companies like this. Like an insurance broker, mortgage brokers are in it for the long haul and not the quick buck.
