- Report: #1341112
Complaint Review: Loandepot - Nationwide
-
Author Confirmed
Why?
Loandepot
Nationwide, USA
Phone:
949-595-7115
Web:
loandepot.com
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Loandepot Loandpeot is a big scam to collect appraisal money Dearborn Michigan
I have a home in the best neighborhood in west Dearborn, MI, a corner house close to a major park and Divine Child prestigious school. This party of the city is very much in demand. I purchased the home last year September 2015 and made $40k in renovations--I changed every thing in the house from the roof to the finished basement to a new kitchen with new appliances. I wanted to get equity line but LoanDepot employee convinced me that a refi is much better plus I was looking to get $23k in cash to pay all my bills. I bought the house for $120k and prices have been astronomical since then so I valued it to be at $170k, at least. I used to get calls instantaneously when LoanDepot needed my business, but after I paid for the appraisal and did the application I barely got a response particularly when my loan was almost dead in the water since the appraisal guy apprised my house with all my renovations at $150! This meant no cash out for me and the payment got reduced to a whooping $40.00!!!!! Now who in his right mind would pay a closing cost of $3500 in order to refi with no benefit at all? The loan officer said I can skip a payment and get the paltry escrow money from the other mortgage company! Really!!! I went through all this trouble for a couple of thousand dollars? My goal was bill consolidation not refi per se so LoanDepot customer's goal was not met--only their employee's quota! And LoanDepot your quota. I paid $425.00 for unworthy shoddy appraisal. The appraiser even forgotten his own appointment so he showed up late and undervalued my house may be because I called him out on it. I am a realtor and I checked the CMA. It came up with $165/170k not $150k as the ripoff company appraiser estimated without regard to the renovations I made that was a total about face. Dismayed, the loan officer sent me a value form to list the renovations I made so I can appeal the appraisal value. I typed it with difficulty on my computer, scanned it, and sent it to him twice but he received it blank. It was defective and this is an indication of the company's dereliction. Also, there was no coordination between the company's offices. While I have not decided to go with the disappointing loan amount, a closer called and emailed me with instructions to close the loan!!!!! So, overall I wasted my time, shed my precious credit score, and lost $425.00, I don't have, for NOTHING. I would have been better off with Quicken Loans. I wrote a complain to LoanDepot and someone named Anthony Gonzalez from the so-called executive team called me back after I said I will go the Social Media. Gonzalez seemed interested to solve the problem but he was cold at the end when he delivered the bad news that the appeal was lost and he can' refund my money. So much for the Executive Team!!!They had me submit the appeal form and took their sweet time and came back to say they can't refund my appraisal because they deal with a third party. Bull s***. This is a real ripoff. I wasted my time from October 2016 till December and I threw away my money for a scam. Stay away from this con of a company.
