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I recently got a loan through Home123. My first mistake was replying to the spam I got from then. I was called by a salesman named Jim. He told me he doesn't make a penny off the loan he works for an hourly rate. Which that may be true but I have heard it before. Overall Jim treated me pretty well besides the fact that two of my loans he proposed to pay off in the refinance I now still owe money on because it was miscalculated how much I actually owe on the loans. He kept telling me he was getting better deals on the loans because of who he was when in fact he was getting pretty much what the accounts were owed on. I now owe $500 on two of my loans that are supposed to be paid off.. I guess that might happen anywhere you get a loan from. The reason I think Home123 is unprofessional is more for the reason they sent me out the wrong loan it cost about $300 more a month then everything Jim and I discussed. I told them NO "I will not sign it". the girl that was doing the closing called her boss telling her I would not sign she then gives me the phone and she begs me to sign I say I cant its not the right loan. For the next few minutes they keep trying to tell me to sign the loan but I know I can not afford it. I thought this was very unprofessional. Jim calls me and tells me it's the wrong loan so they say they will bring out the right loan the next day and they do. I sign and get my loan then I find out I still owe money on two of my old loans. It just really sucks when you get a loan and have it spent to get you out of debt and it sinks you further. When I signed with Bank of America they were just as bad they didn't tell me much and it ended up being adjustable interest rate which went up very quickly. While I am glad I got out of that loan. I would suggest not using HOME123 they are a bunch of dirty spammers!

blue · Posted: Tue Apr 18, 2006 4:43 pm Post subject:

Hi,

That is a bad experience. Mad

How can they act so unprofessional? It's ridiculous to see that when you didn't sign the loan papers, they brought out the right one for you.

You shouldn't have dealt with them after that. I am surprised to see that you continued with them even after the first incident.

Anyways everyone learns from their mistakes. I hope this is not repeated with anybody else.

Blue

Guest

If that's the experience with the big companies, then I don't know where to go?

We depend upon our loan officers to calculate for us and if they miscalculate then we can be in trouble. We may not be aware of it before it is too late.

I hope that was a stray incident.

Guest

Hi,

The kind of experience you had will certainly help open up our eyes to the various types of things we should check while going for a loan.

jameshogg · Posted: Tue Apr 18, 2006 5:12 pm Post subject:

Hi,

Home 123 is a big concern in America and I am not clear how they could have made such a move. If that is the experience with you, then it's really an unfortunate incident.

Generally big companies have their specific strategies and working procedure and they don't work in the manner you faced. May be there is some procedure with their local branch. Have you checked with their head quarters? In such incidents you should have launched a complaint with their main branch.

This is the reason we suggest every time to the consumers not to agree to any offer that you don't understand clearly. Blue has raised a good question, when you saw some problems with them, why did you proceed further?

Now on their part, they should have opened up all the required documents to you and should have explained everything to you clearly. I don't know whether the calculations were done by any authorized person of the company. If he/she couldn't explain it clearly to you then it's really their fault and you shouldn't have fallen victims to their miscalculation.

James

Bill · Posted: Wed Apr 19, 2006 9:30 am Post subject:

Shell,

I am sorry to hear of your experience ... but I Thank You for sharing your experience so that others may understand the main issue in working with a lender that initially contacted you via online SPAM marketing.

There is no accountability for these companies. The loan officers are nothing less than cubicle sales people treating their sales leads as the potential income & bonuses that they are ... nothing personal, just business.

I highly recommend that consumers only seek the mortgage services of local/reputable mortgage brokers to acquire their mortgages. The financing will be custom fit for the specific borrowing needs of the applicant and the loan officer is a licensed professional that is a member of the same community - he/she will not do you wrong if they will be sitting next to you at the local Applebee's eating dinner sometime in the near future and depending on your referrals to earn a living for years to come Smile

Thanks again for sharing your story for the benefit of others!

adonis · Posted: Fri Apr 21, 2006 7:50 am Post subject: RE

Shell,

I really appreciate that you have come up with your problem to the community. Bill is absolutely right that most of the loan officers are nothing more than the cubicle sales people. They are simple interested in putting people into trouble.

Here people are very good and very supportive too. Please never fell shy in sharing anything or asking any help from the community. We all are with you.

Thanks

ckalvesmaki · Posted: Sat Apr 22, 2006 5:51 am Post subject:

Adonis,

That is a very broad based comment and probably not fair to any of the professionals that post here with correct and accurate information. There are very good loan officers and brokers all over the country that do a very good job all day long. If the loan for the above consumer was not a good loan they either
A. Didn't have to sign it
B. Had 3 days too rescind it.

Payoffs are based on the credit report but an experienced LO will have the processor also order an exact payoff so the numbers are more accurate. What the OP failed to mention is whether there was any cash in hand at closing and if there was additional cash then that could have been used to payoff the small remaining balance.

Having said that there are some companies that are poorly run to say the least and there are some very large companies that are run very well. There are good people in every profession and there are bad people. I disagree with Bill about the local vs out of state broker.......I deal primarily with people I have never met before and will either preform or not get the deal. The key is always communication, if you fail to communicate it doesn't matter where you are located.

adonis · Posted: Sat Apr 22, 2006 6:27 am Post subject: RE

Hi Cedric

My intention was not all all to hurt you nor anyone. I was just bit upset about the fact that some of the loan officers are taking undue advantage of others. I was try to point out to those people not all. Evan I have modified my comment also. Now its says "most of the loan officers instaed of all the officers"

Adonis

Guest

I appreciate everyone's comments. I just wanted people to know and be aware of what has happened. It could have been worse and like one person said I could have backed out. At that point I just wanted the loan I worked on over a month with these people. I got the loan and we will live so I guess it could have beeb much much worse. I always learn from my mistakes. I just hope someone else can learn from them as well.. Maybe next time I get a loan I will search on boards like this one for the best company. Good luck in your loan searchs Just please learn from my mistakes and before you sign make sure they have the right payoffs so you dont have to go into alternate funds to make your payoffs...

Good Luck

Barry
Pinellas Hosting

Link removed as per forum rules - Thanks.

Guest

Ditech, E Loan, Pac-west or which mortgage company is the best?

Guest

That will depend on the program offered by each of them. All the companies have their separate loan offers, for which they have their specialty and might be better than what is offered by the other company.

adonis · Posted: Thu Jan 25, 2007 9:09 pm Post subject:

Welcome Anno,

I am not aware of how they serve customners. You can ask them for the testimonials given by their clients. Also you can just find out if any of your friends or relatives have been serviced by these companies.

Guest

I thin I need to refinance this loan the payment is way to high. Anyone have any suggestions?

Guest

Check the current rates prevailing in the market before finalizing the refinance. Consult few lenders and see what offers they have for you.

Sally

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Home123 very Unprofessional..