Topdot Sucks
Elmwood Park,#2UPDATE EX-employee responds
Sun, March 22, 2009
Topdot Mortgage is a SCAM and a RIPOFF! They advertise on T.V. with a make believe news cast that states mortgage rates are at 5.00%. What they don't tell you is that it will cost you 4.5 points on every loan (on a $200,000.00 loan you will pay $9,000.00). Understand that if you shop around you can find 5.00% with zero points. Do not do business with them; they are a SCAM and a RIPOFF. On top of the $9,000.00 fee, they will charge you a $1,795.00 application fee. Plus they will charge you a doc prep fee, credit report fee and so on. Add that up! You're paying over $12,000.00 to Topdot for what. And don't forget that 5.00% is paying about one point (this means that Topdot is making 1% of your loan amount you will not see). That means Topdot makes over $14,000.00 on your $200,000.00 loan. If your mortgage balance is $200,000.00 when Topdot is done with their fees you'll owe $225,000.00. Topdot was called BLS Funding. BLS Funding was a SUBPRIME lender. Now they are called Topdot. Now you know what the SUBPRIME lenders are doing. If you think I'm making this up call Topdot at 800.965.6897 and say I saw your ad on T.V. and I want to refinance my mortgage with the 5.00% rate I saw on T.V. Ask if there is an origination fee (Yes. One percent). Then ask if there is any discount fees (Yes. Three and one half percent). If they say there are no points then your rate is 6.5%. This means that because your rate is so high Topdot still makes 5.5 points on your loan. Try it call 800.965.6897 and say you want an FHA loan with 0 points no origination fee and no discount fee and see if the rate they quote you is not 6.50%. It's plain and simple. Topdot Mortgage is a SCAM and a RIPOFF! If you are reading this and think I am making this up and need more proof. When you get to the closing take a guess who owns the title company? Yes! Topdot. So if you thought you were done being ripped-off your wrong. Now Kensington Title starts padding on their fees. Kensington Title charges about $2,800.00 for title fees. Attorney fee $400.00, electronic documents $250.00, closing agent $795.00, document review $250.00 and so on. If you think I'm making this up ask to see a Good Faith Estimate. Call 800.965.6897 and ask them to send you a break down of all the fees they charge known as a Good Faith Estimate. They normally send one out about one day before you are going to close. So you never know about the fees until it's too late and by this point you have paid from $300.00 to $450.00 for an appraisal. Try it call 800.965.6897 and say you want an FHA loan with 0 points no origination fee and no discount fee and see if the rate they quote you is not 6.50%. Don't take my word! Call for yourself! Call 800.965.6897 and say you want an FHA loan with 0 points no origination fee and no discount fee and see if the rate they quote you is not 6.50%. Go to there website. The interest rate they qoute is 5.00%. The APR is 6.75%! Topdot Mortgage is a SCAM and a RIPOFF!
Topdot Sucks
Elmwood Park,#3UPDATE EX-employee responds
Sun, March 22, 2009
Topdot Mortgage is a SCAM and a RIPOFF! They advertise on T.V. with a make believe news cast that states mortgage rates are at 5.00%. What they don't tell you is that it will cost you 4.5 points on every loan (on a $200,000.00 loan you will pay $9,000.00). Understand that if you shop around you can find 5.00% with zero points. Do not do business with them; they are a SCAM and a RIPOFF. On top of the $9,000.00 fee, they will charge you a $1,795.00 application fee. Plus they will charge you a doc prep fee, credit report fee and so on. Add that up! You're paying over $12,000.00 to Topdot for what. And don't forget that 5.00% is paying about one point (this means that Topdot is making 1% of your loan amount you will not see). That means Topdot makes over $14,000.00 on your $200,000.00 loan. If your mortgage balance is $200,000.00 when Topdot is done with their fees you'll owe $225,000.00. Topdot was called BLS Funding. BLS Funding was a SUBPRIME lender. Now they are called Topdot. Now you know what the SUBPRIME lenders are doing. If you think I'm making this up call Topdot at 800.965.6897 and say I saw your ad on T.V. and I want to refinance my mortgage with the 5.00% rate I saw on T.V. Ask if there is an origination fee (Yes. One percent). Then ask if there is any discount fees (Yes. Three and one half percent). If they say there are no points then your rate is 6.5%. This means that because your rate is so high Topdot still makes 5.5 points on your loan. Try it call 800.965.6897 and say you want an FHA loan with 0 points no origination fee and no discount fee and see if the rate they quote you is not 6.50%. It's plain and simple. Topdot Mortgage is a SCAM and a RIPOFF! If you are reading this and think I am making this up and need more proof. When you get to the closing take a guess who owns the title company? Yes! Topdot. So if you thought you were done being ripped-off your wrong. Now Kensington Title starts padding on their fees. Kensington Title charges about $2,800.00 for title fees. Attorney fee $400.00, electronic documents $250.00, closing agent $795.00, document review $250.00 and so on. If you think I'm making this up ask to see a Good Faith Estimate. Call 800.965.6897 and ask them to send you a break down of all the fees they charge known as a Good Faith Estimate. They normally send one out about one day before you are going to close. So you never know about the fees until it's too late and by this point you have paid from $300.00 to $450.00 for an appraisal. Try it call 800.965.6897 and say you want an FHA loan with 0 points no origination fee and no discount fee and see if the rate they quote you is not 6.50%. Don't take my word! Call for yourself! Call 800.965.6897 and say you want an FHA loan with 0 points no origination fee and no discount fee and see if the rate they quote you is not 6.50%. Go to there website. The interest rate they qoute is 5.00%. The APR is 6.75%! Topdot Mortgage is a SCAM and a RIPOFF!
Loanhelper
Costa Mesa, CA,#4Consumer Comment
Tue, December 02, 2008
I agree that you need to contact your loss mitigation department for help, in most cases when you deal with your lender directly it is very hard to get in touch with the right people and it takes a lot of patience if you dont know what you are doing. If you have tried working with them directly and have had no success, you need to get legal help, from a Real Estate Attorney who knows what they are doing. You have to remember any information that you provide to your lender can and will be held against you, so you need to know all the guidelines and what not to get a successful modification done. If you need help with your case please contact me and I can get you to the right people. Good luck! LoanHelper
Cat
Hendersonville,#5Consumer Suggestion
Sun, November 09, 2008
Alot of this could have been avoided had you understood what you were signing. Always KNOW the type of loan you are getting, have a lawyer check over the paperwork before hand, never be pressured into buying.....if you have to, say "NO". It is normal for mortgage companies to sell mortgages....happens all the time. That is why it is important to keep up with your payments. Electronic withdrawl would have helped you keep up with the payments. Also, interest only loans are a horrible product. It is no wonder you do not see any progress in your loan. There is help and I would contact CW to see what you can do. Remember though, you have signed a legal contract, so they do want to be paid. It is much better to have credit cards wait than a mortgage. It is not CW's fault that you have life happening right now. It is not like they are seeking you out to ruin your life. I know that this is a struggle for you right now, but they will work with you if at all possible. You will need to gather paperwork of your payments that the other mortgage companies lost to show them you were not behind and see what they can do. Be pleasant and ask for help, remember .........bees catch flies better with honey. I inspect forclosure, bankrupt and deliquent homes for a living, believe me, the last thing they WANT is another vacant house. I hope you can work it out! Good luck!
Butterfly
Phoenix,#6Consumer Suggestion
Sat, November 08, 2008
Call Countrywide Workout dept/Collections. Ask for a loan modification to freeze your introductory int rate. It may only be for 5 years but it may give you the time you need for the property to increase in value and your credit to improve.
Chris Meyer
Hicksville,#7UPDATE Employee
Fri, October 17, 2008
sorry andrew wouldnt help, but truth is he couldnt. there are guidelines and regulations we are required to follow and cant just refinance you cause your having trouble, thats why mortgage companys are falling like flies right now. i dont think topdot or any other of the random companys should be on this report because you cant be refinanced. also, about countrywide, its completly illegal for your loan specs to change when being sold bank to bank, but you should have read the papers you were signing, im sure it stated a 2/1 ARM witch means fixed for 2 and adjusts every 1 thereafter. you shouldnt let a shady salesperson get you to sign without reading and understanding it. otherwise look into taking up legal action.
Please Update Your Post
Charlotte,#8Consumer Comment
Wed, April 02, 2008
I'm very sorry that are going through this. I am in the mortgage business, and not all mortgage people are bad. Just for clarification, the program that you have is an adjustable rate mortgage, correct? This year, FHA came out with a new program to help all of these people that are facing foreclosure from these adjustable rate mortgages. When people have adjustable rate mortgages that they have paid on time (no more than 30 days late) up until the date of the interest rate reset, then because of the increase in payment fall behind on their mortage, they have a program called FHA secure. The credit requirements in this program are much more flexible than the regular FHA programs. They key to this program is the mortgage has to have been on time prior to the interest rate change, and the delinquency must have been a direct result of the payment increase. This could be a product that helps you considerably. Whether your credit score is 580 or 880, rates on these loans are as competitive or more competitive than almost anything you see out there. If you have any questions, or need more information, let me know and I'll be happy to point you in the right direction. I hope things get better for you soon. Good luck.
Audra Hornig
Jericho,#9UPDATE Employee
Tue, April 01, 2008
My Name is Audra Hornig. I am General Counsel for Topdot Mortgage. I am sorry to hear about your situation and I would like to investigate it further. Your complaint is signed "Raven" but I do not have a Raven in my system so I cannot determine that we actually closed a loan for you. Please contact me at 516-870-1124 or [email protected] for further assistance.
Raven
GARWOOD,#10Author of original report
Sun, March 30, 2008
This company also told us or should i say this guy andrew told my husband to pay off his credit card that he had because it would drop the interest rate to 6% on the loan somehow that was not true because we are now screwed into 8 percent and some change The principle of this whole thing is that we were told that we had a principle and interest 30 year fixed rate mortgage and because we did not read through all of the paper work at the closing (which if we did we would be there 2 weeks or more because there are so many papers!) We were promised one thing by phone but another thing at the closing!!! a 30 year fixed means your rate will not change for 30 years Somehow it changed!!!!I would hate to think what will happen if we do end up losing our home because of these dishonest companies that we trusted in to get us out of hard times... they ended up only placing us deeper in debt and they swore that would never happen You know what i think Payback is a b***h I think its about time that these companies pay for everything they have done to the people who trusted in them! I don't think that we should have to lose our home the home we have lived in forever because of their shady and unlawful practices!!!