a BAD experience with home mortgage refinancing! :(

  • rnch

    Posts: 11524

    Aug 24, 2010 6:10 PM GMT
    i have been TRYING for over 7 weeks to close on a home mortgage refi with Amerisave.com!

    their customer service is shaky and shady at best.

    it took them 3 tries (or so they say) and multiple phone calls and emails to receive the goof faith estimate of closing costs, as they are required by federal law to issue.

    their estimated out of pocket closing costs are have risen FOUR HUNDRED PERCENT from their initial estimate to today's date!!!

    i have made two requests, last wednesday and yesterday, for a revised good faith estimate of the closting costs, in a (so far vain) attempt to reconcile this increase of up fron, out of my pocket increase.

    i plan on filing complaints with the Federal Trade Comission and the Better Business Bureau in my home city and the city/state that amerisave is located in.

    anyone else have any suggestions of what agencies/orginations i can file complaints with?
  • HndsmKansan

    Posts: 16311

    Aug 24, 2010 7:54 PM GMT
    Thats crazy. They might be busy with such low interest rates, but the fact they apparently are so disorderly in light of times they knew would be demanding is itself a "red flag". It shouldn't have been any issue to get a "good faith" estimate and their claim of increases causes me alarm.
    You are right to take the action you are....

    Probably can't help you too much with where to complain, but I'd ask alot of questions with the state attorney's office and make them aware of what has happened. You might find there have been other complaints.
  • Posted by a hidden member.
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    Aug 24, 2010 8:25 PM GMT
    Up here we pitted one institution against the other. Hi cost to refinance? We went to another bank and offered them our existing mortgage.

    They said, "We are prepared to be very aggressive to obtain your mortgage."

    So the new bank waived fees left right and center. We ended up with a mortgage with them. A couple thousand to pay interest penalties at the old bank (our current term wasn't up with that bank) and got 4.8 percent over 7 years - fixed rate at the new bank.

    We did go back to bank 1 and advised them of the offer by bank 2, but in a rather officious way they said, 'prove it'.

    ...... so we did, by leaving. icon_wink.gif
    -Doug
  • Posted by a hidden member.
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    Aug 25, 2010 2:34 AM GMT
    We ended up refinancing just to get away from countrywide, who were awful. Now we're going through a local credit union, and we love 'em.

    I'm going to echo what another poster said, and contact the state attorney general's office.
  • ZacktheMan

    Posts: 340

    Aug 25, 2010 11:57 AM GMT
    zarin saidWe ended up refinancing just to get away from countrywide, who were awful. Now we're going through a local credit union, and we love 'em.

    I'm going to echo what another poster said, and contact the state attorney general's office.


    Countrywide is among the worst of companies to get a mortgage. Congrats on your switch.