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The liars cost me $ 400

I was contacted by Royal United Mortgage and a man who identified himself as a senior loan officer assured me that I was qualified for a loan and he had already talked to his underwriters and I had been approved. After I paid $ 400. for an appraisial I didn't hear back from them until I called them in the middle of Dec. and then I was told that I wasn't going to get my loan. The loan officer told me that he wanted to close the loan by Dec. 1st and I would also need a septic tank inspection ($325) and a well test ($ 45.00) so I ended up losing a total of $ 770.00
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1 comment
#662059

Lending tree has a "cannot beat their rates" deal, but when I beat their deal they refused to refund my $400 deposit. These people are robbers.

ID
#392140 Review #392140 is a subjective opinion of poster.
Location
Gainesville, Georgia
Service
Lendingtree Loan
Loss
$770

Lending Tree is a RIPOFF!!

I contacted Lending Tree about refinancing my house. The lady I spoke to was very nice and assured me that not only could we drop to a lower rate but we could also pull cash out and still keep out payment the same. I should have known something was fishy from yhe get go because everytime I tried to ask her questions, she just sidestepped them and kept talking about how great this deal would be. She then proceeds to tell me that she needs my credit card number for the $400 for the appraisal. I told he I would need to speakwith my husband and we would need time to think about it. She called me at least 4x a day for 3 days. Finally I called to ask her what happens if the appraisal comes in too low. She says, there is no way it should come in too low. We bought it only 3 years ago and it appraised for $158,000. However, I told her that there had been about 6 foreclosures in my subdivision, and I also looked on Zillow and they had my home valued at only $100,000. She then told me that she ha access to a database that was better than Zillow that I did not have access to and they were showing property values in my area still around $130k-$140k. She also said the appraiser was not supposed to use foreclosures as comps. So, like a fool, I gave her my credit card number, decided to go ahead with the refi, and sent in all the neccessary documentation. The appraiser came out, valued our house at $70,000?!?!?!?!?! and I have not heard from them since. I really did not hav $400 to just waste down the drain. Next time I will listen to my gut. STAY AWAY FROM LENDING TREE.
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6 comments
#1130979

LENDING ***(LENDING TREE) IS NOT A BANK LENDING TREE SENDS SUBLETS YOUR NAME AND ADDRESS AND YOUR HOUSE NEXT TIME GO TO A BANK OR A CREDIT UNION... STICK WITH YUR GUT ....

#1028103

Thank you, I will certainly stay away from them.

#662051

Lending tree has a "cannot beat their rates" deal, but when I beat their deal they refused to refund my $400 deposit. These people are robbers.

#475544

I am not scamming any one and I think that your comment is totally innappropriate. First of all, how was I supposed to know that my house wasn't worth enough?

I am not an appraiser. I don't know anything about the real estate market. I know what it appraised for when we bought it 3 years ago and thats it. Which is why I asked Lending Tree, who obviously knows more about the market than myself, over and over again for honest advice being that I was worried about foreclosures in my area.

Had she not assured me based on the "special" database that only they had access to that the market was still healthy in my neighborhood, I never would have went forth with the refinance. I am not not trying to scam anyone. I sucked up that $400. All I was saying was that I wish I would have been given sincere advice.

You know maybe if banks would start being a little more honest with themselvesand with consumers instead of always looking for the quick buck, then maybe this country wouldn't be in the situation that we are in. If a deal looks like it isn't going to work, and they see that, they should be upfront about it.

#475530

You knew going into this your house wasnt worth what the banker thought it may be worth. Its not Lending Tree's fault, its your fault.

People like you are what hurts this country, always scamming in your little innocent ways. And I hate banks, so Im not standing up for all of them, but this time, I am.

#690774
@PissedConsumer475530

You seem to be talking off the top of your head & aren't really reading what this guy did. He followed the entire process, but he was BAITED, then LT pulled a switch on him.

This is a common practice with unscrupulous mortgage lenders, or haven't you been paying attn to the news & actually reading peoples' stories? You're very quick to judge this person, who went thru HIS due diligence. Until you become familiar with the many ways homeowners are being scammed, you might want to reserve judgement. Meaning, until you can think critically with the information given, keep it to yourself.

These practices are precisely what Americans have been talking about for more than 10 yrs now. It is criminal, but do you think any of these scammers will go to jail? NO. The "non-refundable" part of this deal was most likely the fee to the appraisal firm, but NO GFE is a clear violation of regulations.

That's WHY GFEs were instituted in the first place, that's WHY they're called "good faith estimates" -because SO many borrowers were getting to their closing tables & being presented with completely different info than what they originally were given by the lender. Not only that, they were then threatened with legal action IF they didn't sign on the dotted line.

There were massive frauds perpetrated on unsuspecting homebuyers & refinancers. Get your facts straight.

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ID
#316429 Review #316429 is a subjective opinion of poster.
Location
Saint Louis, Missouri
I used Lending Tree for a refinance and feel their business practices are unethical at best. After speaking with a loan officer, I was given some numbers over the phone and was told I needed to lock in right away so as to not let this excellent rate slip away. I felt...
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3 comments
#897068

Thank you. Because of your post and the four others I just read before yours, I will go with a local lender.

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ID
#169812 Review #169812 is a subjective opinion of poster.
Location
Chicago, Illinois
Service
Lendingtree Refinance