Posted on: 24th Oct, 2010 10:51 pm
mr. ackerley, many people have been damaged by quicken loans. and their people doing pr damage control are at work too. 2 days ago i told my conplaints to a chase loan officer in person, who stated that this was a "mess" and we had fallen between the cracks. but no one is taking responsibility of correcting the wrongs. i am interested in your analysis of this situation.
we have our home mortgaged with chase mortgage. this past spring we saw that we were going to have difficulty paying our debts due to lack of work (employment). i am in construction.
trying to be responsible and not waiting until the last minute to work something out, we contacted chase to refinance our mortgage. we had enough equity to pay off all other debts and lower our mtg. payments. at that time our credit was good. and since the payment burden was more than we could meet at times, we knew that our credit score would go
down fast. they told us that it all would be done in 45 days. they referred us to quicken loans who was doing their mortgage applications due to the volume of applications. which we applied and started the process in may.
there are a lot of details, but this process took over 100 days, which consisted of them ok'ing our loan in the first 2 weeks, then after that continually requesting the same information over and over again, sometimes i sent the same information 5 times. then they began requesting information that did not pertain to this loan application at all.
after the 4th week they began to shift us around to different people and we would have to continue sending the information requested again, and we were told after this, that it was going to the underwriters. at one time we were also given a date of closing which was in july.
as we watched our scores fall in aug. and still quicken seemed to be stalling, i demanded to talk to a supervisor who also told me that everything looked good and that we would close in a few days. the statement was always being made that we would be closing by next week. this letter has been shortened of details, because there were several
conversations a week.
after the supervisor told us on thursday that we would close by monday, and when we called monday he then lowered the bomb and said that we were now denied. which was now september.
we have called and complained to chase, who seems to disregard quicken loans actions, whom chase recommended.
i don't know the legal ramifications, but this has got to be illegal.
now our credit is too low to obtain a loan to use our equity to pay our debts. because of quicken loans' abuse (for whatever reason), or negligence, we will not be able to do what is right.
i believe that we have become the victims of some sort of crazy scheme. there is no other explanation for it.
we have our home mortgaged with chase mortgage. this past spring we saw that we were going to have difficulty paying our debts due to lack of work (employment). i am in construction.
trying to be responsible and not waiting until the last minute to work something out, we contacted chase to refinance our mortgage. we had enough equity to pay off all other debts and lower our mtg. payments. at that time our credit was good. and since the payment burden was more than we could meet at times, we knew that our credit score would go
down fast. they told us that it all would be done in 45 days. they referred us to quicken loans who was doing their mortgage applications due to the volume of applications. which we applied and started the process in may.
there are a lot of details, but this process took over 100 days, which consisted of them ok'ing our loan in the first 2 weeks, then after that continually requesting the same information over and over again, sometimes i sent the same information 5 times. then they began requesting information that did not pertain to this loan application at all.
after the 4th week they began to shift us around to different people and we would have to continue sending the information requested again, and we were told after this, that it was going to the underwriters. at one time we were also given a date of closing which was in july.
as we watched our scores fall in aug. and still quicken seemed to be stalling, i demanded to talk to a supervisor who also told me that everything looked good and that we would close in a few days. the statement was always being made that we would be closing by next week. this letter has been shortened of details, because there were several
conversations a week.
after the supervisor told us on thursday that we would close by monday, and when we called monday he then lowered the bomb and said that we were now denied. which was now september.
we have called and complained to chase, who seems to disregard quicken loans actions, whom chase recommended.
i don't know the legal ramifications, but this has got to be illegal.
now our credit is too low to obtain a loan to use our equity to pay our debts. because of quicken loans' abuse (for whatever reason), or negligence, we will not be able to do what is right.
i believe that we have become the victims of some sort of crazy scheme. there is no other explanation for it.
Hmmm...my analysis...
I suppose I have to simply be in agreement with you that you've been screwed in this circumstance. Not necessarily because someone set out to do you in, but it's kind of a comedy of errors in that Chase is so inept that they cannot originate their own loans - an almost impossible thing to comprehend, frankly; and then they send you to Quicken, which has not impressed a whole lot of people. Their inaction, inability to communicate and lack of (apparent) intent to accommodate you now bring you to this situation.
A lender that's too busy to do its job is one I'd avoid like the plague. And if they're "smart" enough to suggest another lender to do their dirty work, then that's not a very good sign either.
I have never done business with either of these concerns; have limited knowledge of their workings; have seen comments posted by others that are contradictory in that some rave favorably while some rant in a most unfavorable manner.
It's likely a very, very long shot, but you could, I suppose, seek the assistance of your state's banking commission, to see if there's some sort of remedy you could obtain for this egregious result.
I'm afraid that's the best analysis I can provide at this stage - seek out help from an outside agency like the banking department and see if they can work on your behalf.
I suppose I have to simply be in agreement with you that you've been screwed in this circumstance. Not necessarily because someone set out to do you in, but it's kind of a comedy of errors in that Chase is so inept that they cannot originate their own loans - an almost impossible thing to comprehend, frankly; and then they send you to Quicken, which has not impressed a whole lot of people. Their inaction, inability to communicate and lack of (apparent) intent to accommodate you now bring you to this situation.
A lender that's too busy to do its job is one I'd avoid like the plague. And if they're "smart" enough to suggest another lender to do their dirty work, then that's not a very good sign either.
I have never done business with either of these concerns; have limited knowledge of their workings; have seen comments posted by others that are contradictory in that some rave favorably while some rant in a most unfavorable manner.
It's likely a very, very long shot, but you could, I suppose, seek the assistance of your state's banking commission, to see if there's some sort of remedy you could obtain for this egregious result.
I'm afraid that's the best analysis I can provide at this stage - seek out help from an outside agency like the banking department and see if they can work on your behalf.